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US-based Venture Capital Fund Type One announced that the $50million fund will be used to invest in space and deep tech companies in Britain and Europe. The reasons for Type One picking Britain as its second hub were based on the exciting fast pace the UK’s space sector is growing, valued at around £14.8billion a year. A further aim is to help strengthen the collaboration between the UK and the US in space.
Type One’s General Partner, Sanjeev Gordhan, said the UK’s space sector is ahead of the EU’s.
He told Express.co.uk: “From space, our bigger deal flow is coming in from the UK as opposed to counterparts in Europe.
“What we are seeing a lot of in the UK is observation, that is anything from application within insurance, AgrioTech, right through to surveillance.
“There are a couple of companies in the US that we are helping to bring to the UK.
“The type of the innovation and the type of grant funding that enables research that enables us to get to the next stage makes the UK ahead of counterparts in Europe.”
Type One founder Tarek Waked said: “When you look at earth from space, you don’t see borders. We believe that a Type One civilisation 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.”
CEO of the UK Space Agency, Dr Paul Bate, 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.”
This comes after Type One led the UK company Space Forge.
The deep tech start-up is helping to transform products in space by harnessing the power of the cosmos by manufacturing high-performance materials impossible to produce on Earth, helping to decrease energy consumption and carbon dioxide emissions.
Speaking to Express.co.uk, co-founder Joshua Western said back in 2020: “All we are doing is taking simple manufacturing processes and we are exposing them to the space environment.”
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The UK space sector provided 46,995 jobs in 2020, up from 44,040 in 2019.
And the sector income soared in nominal terms from £16.4billion to £16.5billion, with exports counting for around a third 32 percent of this total, according to the UK Space Agency.
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