Startup Funding Club Invests £570k into Blue Skies Space LTD
Startup Funding Club (SFC) has invested in Blue Skies Space Ltd, a pioneering UK company providing access to space science data from low-cost space missions.
Blue Skies Space is taking a private-sector approach to a traditionally government driven area and will provide a commercial service worldwide. The deal marks the 100th investment made by a fund operated by SFC since the launch of the organisation’s first Seed Enterprise Investment Scheme Fund in 2014.
The round of £570,000 has been co-invested by the SFC Angel Fund and the tech-focused London Co-Investment Fund (LCIF) as well as a group of Angel Investors. LCIF, which is delivered by Funding London was establish by the London Economic Action plan Partnership, which contributed £25 million to the fund, and is supported by the Mayor of London.
The funding will enable the space technology company to expand its team and start the process of contracting suppliers for its first mission, Twinkle, which will provide data on planets orbiting distant stars and asteroids – among the fastest-growing fields of research world-wide.
The raise was sparked by interest from the European Space Agency (ESA) and UK Space Agency (UKSA) in exploring the commercial potential for astronomy and astrophysics missions. The success of the funding round, which resulted in more than double the initial investment target, has enabled Blue Skies Space Ltd to apply for additional ESA funding.
Joseph Zipfel, Investment Manager at SFC, said: “We are very pleased to achieve this important milestone by investing in such an exciting venture as Blue Skies Space Ltd. In many ways, this investment is a great illustration of the progress we’ve made since we started and we are looking forward to continuing to support great British startups.”
Dr Graham Turnock, CEO of UK Space Agency, said: “The UK Space Agency works with industry to help ensure Britain thrives in the commercial space age, as part of the Government’s Industrial Strategy. Blue Skies Space Ltd has shown that space science missions like Twinkle can attract venture capital, creating new opportunities for researchers and investors alike.”