Orbex, the UK-based spaceflight company, has announced the conclusion of a £40 million Series C funding round.

The company said the funding will allow it to scale up its resources as it counts down to the first vertical launch from UK soil, as well as unlocking additional funding to support future projects.

Orbex recently revealed that its Prime rocket is in its final form. Prime is a 19-metre long, two-stage rocket designed to transport small satellites weighing up to 180kg into low Earth orbit.

Orbex´s rocket will launch from the Space Hub Sutherland spaceport near Tongue on the North coast of mainland Scotland, which is expected to be the UK´s first operational spaceport.

The latest funding round was led by new investor the Scottish National Investment Bank and was joined by existing investors, BGF, Heartcore Capital, and Octopus Ventures.

Commenting on the latest funding, Chris Larmour, chief executive of Orbex, said: “This significant new funding round is testament to the work of that team and will allow us to continue to build Orbex towards our long-term goal of establishing a reliable, economically successful and environmentally sustainable European space launch business.”

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