Cardiff-based space tech group Space Forge has closed a £22.6m investment round in the largest Series A secured by a British space tech startup.
Led by the NATO Innovation Fund, the round will accelerate the development of the company’s returnable manufacturing satellite and support its first in-orbit demonstration mission later this year.
Founded in 2018, the Welsh firm is developing technology to use space as a manufacturing platform for advanced materials and semiconductors.
The unique conditions of space, including microgravity, vacuums and extreme temperature differentials, mean with the right facilities, certain products can be manufactured there with greater efficiency.
Space Forge is building satellites that can host this advanced manufacturing and return from orbit.
“This funding marks a significant milestone-not just for Space Forge, but for the entire space economy,” said co-founder and chief executive Joshua Western.
“Our upcoming launches will prove that the future of materials innovation lies beyond Earth, helping us build a more secure, sustainable, and technologically advanced world.”
As well as the NATO Innovation Fund, Space Forge has received investment from the British Business Bank, the World Fund and the National Security Strategic Investment Fund.
“We are excited to be supporting Space Forge – a company that is innovating material manufacturing, while also advancing Europe’s access to space, supply chain independence and long-term resiliency,” said NATO Innovation Fund partner Chris O’Connor.
“We look forward to working with the Space Forge team to leverage their technological breakthroughs in order to secure the future of NATO nations.”
The fundraise follows a record quarter for the British space tech sector at the start of 2025.
“This is great news for the UK’s space industry, and a vote of confidence in the cutting-edge advanced manufacturing technology Space Forge is pioneering in Wales,” said Industry Minister Sarah Jones.
“Our modern Industrial Strategy will drive growth in these sectors even further, giving businesses the confidence they need to commit to investing in the UK and ensuring we remain a partner of choice for space agencies around the world.”
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