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UK Space Agency Brings Financial Boost to Startups

By Mark Holmes | April 17, 2024
Photo: UKI2S Space Portfolio

Photo: UKI2S Space Portfolio

The UK Space Agency (UKSA) is going to bring further financial assistance to U.K- based space startups. It is launching a 8 million pound ($9.95 million) Space Portfolio within the UK Innovation and Science Seed Fund (UKI2S), managed by Future Planet Capital. The Space Portfolio aims to address a crucial funding gap that early-stage space companies encounter. The Space Portfolio was announced on April 17.

The Space Portfolio will leverage UKI2S’s extensive expertise and track record in supporting early-stage businesses, providing funding, mentorship, and access to a robust network of public entities and research centers. With investments typically ranging from 100,000 pounds ($124,000) to 500,000 pounds ($622,000), the funding will play a pivotal role in enabling startups to scale and thrive in the competitive space industry landscape.

“The purpose of today’s new space investment fund is to ensure we capitalize on the potential of home-grown talent, offering backing to get them onto the global space market and reaping the rewards for our economy. Collaborating with the UK Space Agency enables us to be at the forefront of building UKI2S’s Space Portfolio, helping us to significantly contribute to the development of the space industry,” Shruti Iyengar, Investment Lead for the Space Portfolio within UKI2S and Investment Manager at Future Planet Capital, said in a statement.