close
close

UK Space Agency announces million£s for space startups with UKI2S – SatNews

To help accelerate the delivery of the National Space Strategy, this joint initiative is part of strategic efforts to channel investment into the space sector, advancing and strengthening the UK’s position within the space industry.

The Space Portfolio aims to address a crucial funding gap that early-stage space companies encounter. 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 strategically invest in early-stage opportunities across the breadth of the space sector fostering innovation and propelling the UK’s space industry forward.

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 play a pivotal role in enabling startups to scale and thrive in the competitive space industry landscape.

The Portfolio will also actively seek collaboration opportunities to maximize its impact, aligning with existing UK Space Agency programs and initiatives, as well as European Space Agency initiatives, to ensure comprehensive support for budding space enterprises.

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 purpose of today’s new space investment fund is to ensure we capitalize on the potential of home-grown talent, offering backing to get them onto the global space market and reaping the rewards for our economy.

Shruti Iyengar, Investment Lead for the Space Portfolio within UKI2S and Investment Manager at Future Planet Capital saidCollaborating with the UK Space Agency enables us to be at the forefront of building UKI2S’s Space Portfolio, helping us to significantly contribute to the development of the space industry. Having nurtured startups from pre-seed to exit over the years across many sectors, the team is thrilled to be supporting the UK’s space-tech entrepreneurs to scale their ideas from the earliest stages of company development through crucial stages of growth, so as to deliver globally impactful innovations.

Dr. Barbara Ghinelli, Director, Innovation Clusters and Harwell Campus, said, “Seed investment for early-stage space companies is critical to the economic growth of our space industry and its role in the global sector. We are delighted to see this progress and we look forward to further supporting the founders and companies as they progress from early-stage through to scale-up – continuing to enhance our next generation cluster pipeline across the UK driving opportunity and innovation every step of the way.”   

Startups interested in pitching for funds from the Space Portfolio are encouraged to access this link…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *