SmallSpark Space Systems, the award-winning rocket propulsion innovation company, is set to reach new heights as they announce a £500,000 scale-up investment from Deepbridge Capital, in a deal advised on by the GS Verde Group.
With their new generation of safer engines and propulsion systems, SmallSpark are redefining the UK space sector by making cost-effective and environmentally friendly access to space more readily available and lowering the barriers to space entry for UK groups seeking space access.
This latest capital raise from Deepbridge Capital's Technology Growth EIS fund will enable SmallSpark to continue their commercialisation journey and take advantage of the increasing demand for agile, low-cost, dedicated launches to space for low mass satellites.
Speaking on the investment, Joseph Ward, CEO and Founder at SmallSpark Space Systems Limited, commented: "We are delighted to have secured this latest funding round via Deepbridge. Being at the cutting-edge of space and propulsion technology requires significant capital but offers endless possibilities. We have been delighted with our progress to date and the significant interest in our technologies from major players in our sector. This next stage of development will see the Company expand on these exciting relationships whilst continuing our product development."
The investment follows a period of exceptional progress at SmallSpark, with the team growing from a total of 4 people to 7. There are plans to continue hiring; applications for Graduate and Senior engineer roles are currently open, as SmallSpark aim to double in number throughout 2022.
Adrian Neilan, Investment Director, Technology at Deepbridge Capital, added: "SmallSpark represents cutting edge innovation which has the potential to be at the heart of the global demand for cost-efficient technologies to enable the safe delivery of commercial launches. It is expected that the current generation of launch vehicle won't be able to keep up with the impending boom of commercial launches, and we look forward to SmallSpark leading the way.
"When seeking investment opportunities, on behalf of our investors, we look for three key factors: great innovative technology, global scalability and a great team. SmallSpark absolutely ticks all of these boxes and is a great example of why the UK Government's Enterprise Investment Scheme exists."
During this round of seed funding, Joseph Ward was advised by the GS Verde Group. SmallSpark has previously secured seed-stage funding from the Deepbridge Innovation SEIS fund as well as grant funding from Research England, the European Regional Development Fund and the Space Research and Innovation Network for Technology.
The GS Verde Group are business focused experts in getting deals done. The group combines multiple disciplines including law, tax, finance and communications, to provide end-to-end support as a complete advisory team.