Space Forge Secures Series A Funding with Backing from Cardiff Capital Region
16 May, 2025
Cardiff Capital Region Backs Space Forge to Lead the Next Industrial Revolution in Space
Cardiff Capital Region’s (CCR) Innovation Investment Capital Limited Partnership (IIC) has announced a Series A equity investment in Cardiff-based Space Forge Limited, a cutting-edge company pioneering in-space manufacturing of semiconductors and super materials. The investment, made alongside international backers, is the fourth for IIC and highlights CCR’s strategic focus on transformative industries.
Space Forge, based at Eastgate Business Park in Cardiff, is leading global efforts to use space as a platform for producing materials that are difficult or impossible to manufacture on Earth. With fully returnable satellites, the company offers a scalable, sustainable approach to creating next-generation components with higher efficiency and lower power consumption—key factors in achieving net zero targets.
Semiconductors are a recognised priority growth sector within CCR, and Space Forge’s innovation directly supports the region’s economic and technological ambitions. With operations in both the UK and US, the company is advancing sovereign capabilities and positioning Wales as a leader in the global space economy.
Launched in 2022, Innovation Investment Capital was established with £50 million from the UK Government and CCR to support long-term, sustainable innovation across the region’s ten local authorities. The fund is managed by Capricorn Fund Managers (CFM), with PwC advising on investment research and sourcing. Other portfolio investments include AMPLYFI, Mazuma, and Transcend.
Josh Western, CEO and Co-Founder of Space Forge, commented:
“Innovation Investment Capital’s support is a testament to the exciting possibilities our work holds. This investment will accelerate our product development and keep us at the forefront of the sector’s developments. Together, we are pushing the boundaries of what’s possible and paving the way for a new industrial revolution in space.”
Cllr Huw Thomas, Leader of Cardiff Council and Deputy Chair of CCR, added:
“CCR is proud to help fund Space Forge’s next steps in on-earth and in-orbit advanced manufacturing. Their trailblazing approach in the space industry is gaining interest and investment in a highly competitive tech sector and it’s very encouraging to see a local pioneering company on a global stage.”
Additional commentary from PwC Partner Rob Asplin and CFM COO Lynda Stoelker underscored the significance of the deal for the regional innovation ecosystem and its alignment with IIC’s mission to drive sustainability and open new markets.
Legal advice for the transaction was provided by Hugh James.
For more information about Innovation Investment Capital, visit www.innovationinvestmentcapital.com.