British Business Bank has invested £2m in Wales-based Space Forge, marking the first deal under the Regional Angels Programme’s new co-investment strategy.
The £22.6m series A round was led by the NATO Innovation Fund.
The programme is part of a wider £285m pot aimed at supporting early-stage firms across the UK.
The new co-investment strategy is set to invest an average of £3m in follow-on funding to around four or five top-performing companies from the existing portfolio each year.
The Space Forge deal is the first of four direct investments under the new approach.
Mark Barry, senior investment director at British Business Bank, said: “We are delighted to make this first investment under the new co-investment strategy as part of the Regional Angels Programme.
“The investment into Space Forge aligns with our overall programme goal to strengthen the UK’s regional economy by supporting high-growth businesses, and to leverage the commercial potential from our existing portfolio.
“We first backed Space Forge through a partner back in 2021 and under Josh’s leadership, the company is delivering on its mission to be the in-space manufacturer of choice.”
Josh Western, CEO and co-founder at Space Forge, said: “It’s great to have this support from the Regional Angels Programme through its new co-investment strategy.
“We see it as a real vote of confidence in our company, as well as the Welsh region as a centre of excellence for engineering.
“We look forward to continuing working with the British Business Bank; it’s incredibly valuable to have its support for an industry that is as nationally strategic as semiconductor production.”
