Seraphim deploys £135m in space-tech capital since London float
Seraphim Space Investment Trust has deployed an eyewatering £135m in capital to space-tech companies since its float last summer – signalling the growing investment in the sector.
The space-tech fund, which was oversubscribed in its initial public offering (IPO) in July last year, said that the capital injection was in line with expectations.
Seraphim’s investment division, established in mid-May, has seen its net asset value swell more than 43 per cent to £250.6m since its incorporation.
“Through a combination of our deal-flow and associated accelerator programmes, we are confident that the company is well placed to continue to support the most promising space-tech companies and continue to drive value for shareholders,” CEO Mark Boggett said.
“We see continued positive momentum through revenue growth, sizeable financing rounds and preparations for exits/IPOs. Alongside our robust pipeline of new investment opportunities, we anticipate maintaining a strong pace of investment throughout 2022.”
The London-listed fund currently invests in around 10 industry players, such as ICEYE, Satellite Vu and Spire Global.
Primarily investing in the UK and across Europe, Seraphim has injected cash into two new companies further afield.
Tokyo-based Astroscale, which aims to tackle space debris, and the US’ HawkEye 360 both received new investment from the fund – some £9.4m and £18.6m respectively.
“The board is very pleased with the progress made to date,” said chairman Will Whitehorn, adding “Our investment manager is actively pursuing an extensive pipeline of investment opportunities, taking a discerning approach to progressing those opportunities that offer the best risk adjusted returns for our shareholders, with quality of the investment thesis paramount.
“Overall, the board remains very positive about the scale of opportunity for the company and is confident SSIT is well placed to achieve its investment objective.”