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Ibadan, 18 April 2024.- The UK Space Agency (UKSA), in collaboration with the UK Innovation and Science Seed Fund (UKI2S), has announced an initiative to support early-stage space startups. With £8 million allocated for investment, this initiative aims to address the critical funding gap that many early-stage space companies face at the pre-seed and seed stages. UKI2S will consequently lead the Space Portfolio, while Future Planet Capital is responsible for managing it.
The Space Portfolio aims to address a crucial funding gap that early-stage space companies encounter, which is characterized by a scarcity of investment at the high-risk pre-seed and seed stages. This gap poses a significant challenge for companies striving to prove their technologies and business models. Without adequate support, many promising businesses falter, hindering innovation and economic growth. Recognizing the imperative to bridge this funding gap, the Space Portfolio will invest in early-stage opportunities across the space sector, fostering innovation and propelling the UK’s space industry forward.
Furthermore, the Space Portfolio will leverage UKI2S’s extensive expertise and track record in supporting early-stage businesses, providing funding, mentorship, and access to a robust network of public entities and research centers. With investments typically ranging from £100,000 to £500,000, the funding will consequently play a pivotal role in enabling startups to scale and thrive in the competitive space industry landscape.
Speaking on the initiative, Andrew Griffith MP, Minister for Space at the Department for Science, Innovation and Technology, said, “This Government is on the side of innovators and risk-takers in fast-changing domains like space.” The Minister also added, “The purpose of today’s new space investment fund is to ensure we capitalise on the potential of home-grown talent, offering backing to get them onto the global space market and reaping the rewards for our economy.”
