British Business Bank invests in Space Forge

The British Business Bank has today (May 14 2025) announced the first investment under its new co-investment strategy as part of its £285m Regional Angels Programme.

The investment, it explains, is in Wales-based Space Forge, a company that utilises the space environment to manufacture advanced semiconductor materials for critical infrastructure, ensuring more powerful and resilient capabilities across telecommunications, aerospace, and quantum. Space Forge’s £22.6m series A round was led by NATO Innovation Fund. 

BBB says this milestone £2m investment to Space Forge demonstrates the Regional Angels Programme's commitment to supporting early-stage companies across the UK, and provides additional funding needed to drive growth and innovation. It adds that the Programme typically commits £5m-£15m to partners who then invest capital from the British Business Bank alongside their own capital and from other investors.

Since launch, the Programme has made 31 commitments totalling more than £280m to partners, who have invested £160m into more than 800 companies over five years on behalf of the British Business Bank with positive returns.

The Regional Angels Programme, launched in 2019 with the objective of addressing regional imbalances in access to early-stage equity finance, targets angel networks and other early-stage investors outside London.