London chosen by American VC to launch international space and deep tech investment spree

US-based Venture Capital Fund Type One is blasting off on a new venture into the UK and European markets. Today they are announcing the launch of a $50m fund for space and deep tech companies which, headquartered in the US, with an office in the UK, will invest globally. 

Following huge success at the end of 2021, where they led the largest ever seed round for a space tech company - Space Forge - in Europe, Type One are committed to helping the UK, and European and international markets thrive in this area; creating brilliant opportunities for the space industry and demonstrating R&D strengths on a global stage. 

With the market in the UK in a period of rapid growth and set for further expansion - deep tech investment rose by 17% in 2020, the highest rate of growth globally, and the space industry is one of the UK's fastest growing sectors, worth £14.8bn a year - Type One have recognised the opportunity to spearhead the development of the UK and European markets to meet global demand. At the forefront of this ambition is the strength of collaboration across the UK and the US that Type One delivers; bringing with them their deep domain of knowledge in the new era of global space and deep tech.

This new office will supercharge and support early-stage businesses across UK and European space and deep-tech verticals, by not only providing much needed capital but access to a global network of operators and agencies within the space industry. 

Tarek Waked, Founder, Type One: “When you look at earth from space, you don’t see borders. We believe that a Type One civilization will be a global and interconnected society so for us it’s a no-brainer to have a global footprint beginning in London. We feel privileged to have Sanjeev Gordhan and Avantika Gupta join our team in the UK. We are incredibly excited to support the UK space ecosystem and be able to support our portfolio more effectively through this new team.”

Dr Paul Bate, CEO of the UK Space Agency, said: “We’re on a mission to catalyse investment into the UK space sector and I’m delighted to welcome Type One to London, following their hugely successful seed round for Space Forge.

“There is an incredible opportunity for global investors in British space entrepreneurs and SMEs. By drawing on the expertise of firms like Type One, we are turning the UK into one of the most innovative and attractive space economies in the world.”

Stuart Martin, CEO of the Satellite Applications Catapult said: “Innovation in the UK space sector is thriving, and new sources of investment like the fund announced today by Type One will accelerate the progress of pioneering UK companies, and bring their remarkable work to global prominence.

Type One’s commitment today shows how important the space sector is becoming to future-focussed investors, and will make a huge contribution to the pace of commercialisation of space in the UK, and the value that this will bring to the economy.” 

Type One’s vision of the future is inspired by the Kardashev Scale, which defines a Type 1 civilization as having developed technologies that enable it to harness all the energy available for use on earth, including solar, wind, nuclear and geothermal. Achieving a Type 1 status, opens the door to interplanetary exploration and travel

Enabling the acceleration of this innovation is Type One’s mission, and their success to date has pioneered the rapid growth of Type 1 technologies across the US and beyond. Type One are already working with companies in the US who have recognised the opportunities within the UK market and are now looking to expand into Europe as a result. 

US-based Gravitics, who is developing humanity's first artificial gravity systems for people in space, and Orbit Fab who is leading the way in cutting edge space technologies, are actively pursuing expansion into the UK with the intent of boosting growth and employing talent.    

Colin Doughan, Founder, Gravitics: “The UK and European markets are at a key moment of acceleration as new space becomes more of a commercial opportunity. We are excited to create new opportunities and grow our company within this ecosystem of support being spearheaded by Type One.”