Investment Company Hails Orbex Space as “Amazing Innovators”26th Jun 2021
The investment group BGF is embarking on a new program to fund the next generation of up-and-coming Scottish technology firms, including the rocket company Orbex Space. BGF investor Keith Barclay discussed the £4.5 million support for the Forres-based firm as a key player in its new investment strategy. BGF hopes that this support can contribute to the company’s first planned launch of its Prime rocket from the Space Hub Sutherland located in the Scottish Highlands.
Orbex Space Helps Lead Scottish Innovation
Barclay described Orbex Space as “incredibly exciting technology and obviously high growth potential.” He went on to suggest that the Scottish space industry is setting an example that the rest of Europe will one day struggle to catch up with. He stated, “It would be great to have such an advanced industry as that headquartered and based out of Scotland – and, with the weight of political support behind it, that is the plan.”
New Funding Model Empowers Small Firms
Barclay argues for a new model of funding for emerging Scottish technology firms, which keeps them in control of their business while offering opportunities to bring their plans to life on a scale they might not have previously considered possible. Formerly known as the Business Growth Fund, BGF has put £37 million into over a dozen high-potential companies across Northern Ireland and Scotland in the last year. This figure is almost double the £20 million they invested in 2019, suggesting that the coronavirus pandemic posed no obstacle to the firm’s growth strategy.
Since the BGF investment, Orbex Space has acquired a workforce of over twice its former size while looking into building a new factory to conduct manufacturing operations in Forres. With a powerful investment partner eager to help the company take its place on Europe’s rocket market, it looks as if the sky’s the limit for Orbex Space.