Spacetech investor Seraphim Space is looking to raise up to £350m, it said today, as it seeks to tap into the current fervour around the spacetech sector.
The London-listed investment trust heralded the raise as “one of the most significant equity raises by a UK‑listed investment trust” and “one of the very few sizeable fundraisings in the listed growth and technology space”.
Its plans come ahead of the expected bumper IPO of Elon Musk’s SpaceX and growing excitement around the spacetech sector.
The investment trust, which listed on the London Stock Exchange in 2021 and is managed by Seraphim Space, said: “Spacetech is the backbone of the next wave of global megatrends, offering a compelling investment opportunity. The spacetech market is now at a critical inflection point. Recent developments have caused a significant cost reduction in access to space, with lower satellite and launch costs – there are few parts of the global economy that will be unaffected by space.”
The investor will look to raise the funds by issuing a new set of shares, which will allow it to raise funds without diluting the value of shares of existing shareholders. Seraphim Space has invested in 45 Spacetech companies, including nine unicorns, 5 IPOs and one trade sale.
Seraphim Space said it intends to invest in companies that have come through its accelerator programme or venture fund, existing portfolio startups, and new spacetech startups. Earlier this year, Seraphim Space exceeded $100m at the close of its latest fund.
Image: NASA on Unsplash.
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