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British Business Bank makes $20m cornerstone commitment into Seraphim’s latest early-stage fund

Press release 26 February 2026

The British Business Bank has made a $20m cornerstone commitment to Seraphim’s latest early-stage venture fund. The Bank previously backed Seraphim’s first dedicated SpaceTech fund in 2016 with a £40m cornerstone commitment. 

Seraphim Space is the investor dedicated to the SpaceTech sector, having launched both the first private and public venture capital funds focused exclusively on SpaceTech. To date, it has backed 149 companies across 33 countries, with its portfolio collectively raising over $10 billion, including nine companies that have reached unicorn status.

The British Business Bank is the largest investor in UK venture and venture growth capital funds. By making cornerstone commitments, the Bank helps a fund to achieve a first close and mobilises institutional capital by providing a signal of confidence in the fund. 

Seraphim will continue to focus on Seed and Series A investments in high growth businesses driving innovation and building mission-critical technology in the sector. It has already backed 17 companies from allied nations in the US and Europe, across a range of fields, including defence, climate monitoring, life sciences and next generation space infrastructure.

Christine Hockley, Managing Director & Co-Head of Funds, British Business Bank  said: 

The launch of this fund is another example of the long-term impact of the Bank’s cornerstone commitments. We backed Seraphim’s first fund space fund ten years ago, and the firm has successfully carved out a niche in the rapidly advancing space technology market. By making a cornerstone commitment to Seraphim, we are expanding the pool of capital available for the UK’s space entrepreneurs and helping a specialist UK fund manager to thrive.

Michael Laycock, Investment Director, Funds, British Business Bank said:

The UK has a growing cohort of space tech companies with applications across a range of Industrial Strategy sectors, including Advanced Manufacturing, Defence and Digital and Technology. This commitment backs the next phase of Seraphim’s space tech strategy, ensuring companies have the funding they need to scale at home and strengthening the UK’s position in space tech at a time of intensifying global competition.

Mark Bogget, CEO, Seraphim Space said:

This funding brings together investors who deeply understand defence, sovereignty, and what it takes to scale mission-critical technology. Their collective support enables us to accelerate delivery for the UK, the US, and allied partners at a time when operational readiness and technological advantage matter more than ever.

Further Information

If you are a journalist and have a media enquiry, please contact mediaenquiries@british-business-bank.co.uk.

Notes to editors

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.

The above transaction is operated by British Patient Capital Limited, a wholly owned commercial subsidiary of British Business Bank plc.

British Patient Capital Limited is registered in England and Wales with company number 11271076, and registered office at Steel City House, West Street, Sheffield, S1 2GQ. British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Seraphim or its products or services. 

About Seraphim Space

Established in 2016, Seraphim Space has emerged as the world’s preeminent investment group dedicated exclusively to the SpaceTech sector. The firm has set the benchmark by pioneering SpaceTech as a distinct investment category, launching both the world’s first private and public venture capital funds devoted to this field. Since its inception, Seraphim has supported 149 companies spanning 33 countries, with its portfolio companies collectively raising more than $10 billion and nine achieving coveted unicorn status.

Seraphim’s comprehensive ecosystem encompasses accelerators, dedicated venture funds, and the London Stock Exchange-listed Seraphim Space Investment Trust (SSIT), enabling unparalleled global support from seed stage through to late-stage growth. Supported by leading space corporations and international space agencies, Seraphim provides ambitious SpaceTech entrepreneurs with the backing and resources needed to scale their businesses from pre-incorporation through to pre-IPO, reinforcing its position at the forefront of global SpaceTech innovation.

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