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British Business Bank partner Seraphim Capital launches pioneering space tech fund
- Seraphim Space Fund to be largest ever space sector venture fund
- Targeting £80m final close by Q2 2017
- Reaches £50m first close
- British Business Bank investing £30m under its Enterprise Capital Funds programme
- Founder of Google Earth and former Chief Technology Advocate of Google Michael Jones joins as Managing Partner.
Seraphim Capital today launched the world’s largest ever, early-stage, space-sector, venture fund. The fund – focussed on early stage space-related technology businesses – is targeting an £80m final close during the next two quarters and is backed by a £30m investment from the British Business Bank (made under its Enterprise Capital Funds (ECF) programme) alongside smart capital from leading international space companies, family offices and individual investors.
The Seraphim Space Fund will be the first fund of its size anywhere in the world to focus on investing in early-stage technology companies emerging from the ‘new space’ revolution.
The Fund will invest in commercial applications in both downstream (software), and upstream (hardware) opportunities, as well as in technologies that have potential space applications such as artificial intelligence, robotics and nanomaterials.
In particular the Fund will focus on companies that use digital data from satellites that is already delivering commercial advantage and social innovations ranging from intelligent transport and smart cities through to sectors such as insurance, maritime, agriculture or oil and gas.
Commenting on the Seraphim Space Fund, Mark Boggett, Managing Director of Seraphim Capital said: “As satellites get smaller, smarter and less expensive to launch, our reliance on them is growing exponentially. Many of the emerging new technologies that are moulding the future – from drones and autonomous vehicles to the Internet of Things – are ultimately underpinned by digital data from satellites. Read more