Lift off: Newable doubles down on space-tech for Seraphim IPO
Newable has invested a further £1.4m in the Seraphim Space Investment Trust as part of the highly anticipated London IPO which took place last week.
Newable has had a longstanding relationship with Seraphim Capital, the Manager, since 2006. The Seraphim Space Fund was founded in 2016, with Newable as an original cornerstone investor.
Investing in the future of space tech
The Seraphim Space Fund remains the world’s first dedicated space VC fund. The mission is to invest in early and growth stage space related technology businesses, with a particular focus on satellites. It has a thriving portfolio of almost 20 companies including a stake in Arqit, a British-based quantum encryption company; Altitude Angel, a builder of next-gen cloud services and PlanetWatchers, a satellite data analytics provider. The Fund has performed extremely well, with three companies in the portfolio that have become unicorns (valued at £1bn+).
The latest £1.4m brings Newable’s total investment to £2 million. Newable has provided a wide range of additional support to Seraphim over the years including collaborating in delivering the Space Tech Angels programme, which has been building up investor understanding and confidence in the sector.
Chris Manson, CEO of Newable, comments: “Seraphim’s IPO represents a full circle moment for Newable, which initially seeded Seraphim back in 2006, and again in 2016 when we saw great potential in the burgeoning sector, which I am delighted to see has gone from strength to strength. The London IPO is a vote of confidence and the marking of a critical inflection point for investment in Space more broadly.
“Newable will continue to invest both directly and indirectly in innovative, high growth companies and structures, which we believe can make a real difference to the UK economy.”
Mark Boggett, Managing Director, Seraphim Capital, adds:
Newable put early faith in our vision, at a time when space-tech was truly in its infancy. The IPO represents the next chapter of growth for the sector and we are grateful to Newable for its continued support.