The latest news in investment offerings, financial products and other services relevant to wealth advisors and their clients.

Seraphim
Seraphim, a space technology firm, has held the latest closing of its early-stage venture fund, exceeding its previous $100 million target.

The fund’s investors include the British Business Bank, the National Security Strategic Investment Fund, and new corporate backers such as Arabsat. Other partners include Eutelsat, NEC and SKY Perfect JSAT.

The fund, which has backed 17 pioneering companies from allied nations in the US and Europe, targets areas such as defence, climate, life sciences, next-generation space infrastructure, space-based sensing, and communication and computation capabilities.

The fund’s most recent investment is Mutable Tactics, a Cambridge, UK-based deep-tech defence startup that enables unmanned systems, such as aerial, maritime or ground drones, to operate and make decisions even when communications are lost or unreliable.

Portfolio companies have raised more than £10 billion, and nine have achieved “unicorn” status, meaning they are valued at more than $1 billion.

Seraphim Space was established in 2016 and has supported 149 companies. The firm manages more than $550 million in assets under management across its private and public active funds. Headquartered in the UK, it has offices in the US and Germany.

Commercial space technology is a major sector. According to a report published on 22 July by the Space Foundation, a non-profit organisation, the global sector reached a record $613 billion in 2024, representing 7.8 per cent year-on-year growth. The commercial segment accounted for 78 per cent of the total. (See an article here from 2023 about the commercial spacetech sector.)