Space Forge Secures $30 Million Backing from NATO Innovation Fund
By Sudip Kar-Gupta
BRUSSELS (Reuters) -British space technology company Space Forge announced on Wednesday a 22.6 million pound ($29.8 million) fundraising led by the NATO Innovation Fund, highlighting the appeal of the fast-growing space technology sector for investors.
Space Forge, which was founded in 2018 and aims to make materials in space that could then be used in fields such as semiconductors, said the funds would help the development of its satellites.
Competition among the United States, China, Russia and others in Europe to stay ahead in space exploration and technology is fuelling the sector's growth.
A report this year by consultancy firm McKinsey estimated the value of the global space economy would rise to $1.8 trillion by 2035, from $630 billion in 2023.
"We are excited to be supporting Space Forge – a company that is innovating material manufacturing, while also advancing Europe's access to space, supply chain independence and long-term resiliency," said NATO Innovation Fund partner Chris O'Connor.
The NATO Innovation Fund is a standalone venture capital fund backed by 24 North Atlantic Treaty Organization member nations, though NATO is not involved in decision-making or investing financially.
Space Forge is headquartered in Cardiff and it also has operations in Florida.
($1 = 0.7575 pounds)
(Reporting by Sudip Kar-Gupta; Editing by Jamie Freed)
