Photo: Orbex

Orbex, the U.K. rocket company, received 16.7 million pounds ($20.8 million) in funding from a group of six significant investors in an update to its Series C funding round. Investors involved in the deal include 10.5 million pounds ($13 million) of follow-on investment from the Scottish National Investment Bank, venture capital firms Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark (EIFO) and corporate and angel investors. Orbex announced the financing update on April 18.

Orbex has now raised more 100 million pounds ($124.5 million) total as it continues to accelerate it plans to develop launch services and provide a low carbon, high-performance micro-launch vehicle.

With pre-launch testing underway, the funding will help Orbex ramp up the development of Prime, its 19-meter long, two-stage rocket designed to transport small satellites into Low-Earth Orbit (LEO).  The aim is to ensure full readiness and scalability for its launch period. Orbex now has two active patents in a number of European countries and the United States covering various parts of its rocket technology. It is powered by a renewable biofuel, which the company says allows the rocket to reduce carbon emissions compared to other similarly sized rockets being developed elsewhere around the world.

With testing and launch now in its sights, Orbex will soon enter a new phase of growth with a Series D funding round, which will aim to secure its long-term prospects as the leading orbital launch business in Europe.

“The Bank recognizes the unique potential the space industry offers for Scotland. We are perfectly placed to leverage our geographical location, vibrant business and innovation landscape, and our skilled workers to be one of the most significant global players in this growing industry,” Nicola Douglas, executive director of Innovation at the Scottish National Investment Bank, said in a statement.