Seraphim Capital Research
Investment Thesis
Seraphim Capital is the global leader in SpaceTech investment, dedicated exclusively to the space technology sector. The firm believes that space has a unique role in addressing the world's most pressing problems and represents a $trillion investment opportunity with infinite growth potential. Seraphim focuses on backing visionary entrepreneurs using space-based technologies and data to solve challenges in sustainability, connectivity, and digitalization on a global scale.
The firm's mission is to support the next generation of SpaceTech leaders driving the giant leaps needed to protect our planet, defend critical systems, and unlock new frontiers. Seraphim invests across the full spectrum of space technologies, from satellite manufacturing and launch systems to earth observation, connectivity, and in-orbit services.
Sector Focus
Seraphim invests exclusively in SpaceTech companies, defined as technologies that operate in space (satellites, launch systems) or those using space-based data and infrastructure to deliver insights and services on Earth. Key investment areas include:
- Earth Observation & Environmental Analytics - Satellite imagery and data for agriculture, climate monitoring, disaster response, and environmental intelligence
- Satellite Connectivity & IoT - Global broadband and low-bandwidth IoT connectivity for remote regions and underserved markets
- Navigation & Timing - Precise geolocation and timing services independent of traditional infrastructure
- In-Orbit Logistics & Servicing - Satellite refurbishment, upgrading, repair, and orbital transfer services
- Space Situational Awareness (SSA) - Tracking space debris, monitoring orbital objects, and space traffic management
- Defence & Geospatial Intelligence - Advanced imaging and intelligence for national security and geopolitical analysis
- Space Infrastructure - Launch systems, satellite manufacturing, spacecraft components, and deep-tech enabling technologies
Stage Focus
Seraphim operates across all stages of company development:
- Pre-Seed to Seed - Early-stage validation and prototype development through Seraphim Space Accelerator
- Series A - Product-market fit validation and early revenue traction
- Growth Stage - Scaling operations and market expansion through Seraphim Space Investment Trust (SSIT, publicly listed)
- Pre-IPO/Exit - Supporting companies through to public markets or acquisition
This full-spectrum approach is unique among SpaceTech investors. The firm explicitly invests from inception to exit.
Check Size
Seraphim's investment range is $250K - $25M across all stages:
- Seed & Accelerator - $250K-$2M for early-stage validation
- Series A - $2M-$10M for growth acceleration
- Growth Stage (SSIT) - $5M-$25M+ for scaling and pre-exit
The firm is comfortable acting as either lead investor or strategic co-investor, with a stated priority to work alongside partners who align with long-term vision for transformative space infrastructure.
Lead Tendency
Seraphim is comfortable acting as both lead and co-investor depending on the opportunity and strategic alignment. The firm explicitly states: "Seraphim is comfortable acting as either lead investor or as a strategic co-investor. Our priority is to work alongside partners who align with our long-term vision for transformative space infrastructure and applications."
Based on portfolio evidence, Seraphim leads early-stage investments through its venture fund while co-leads and participates in larger growth-stage rounds through SSIT.
Recent Activity
Seraphim has been consistently active in deploying capital across all market conditions:
Recent Notable Investments & Exits:
- Nu Quantum Series A (€51M, 2025) - Quantum networking
- Tomorrow.io $175M equity financing (2025) - AI-native weather satellites
- Pixxel strategic deal with Indian government (2025) - Earth observation constellation
- D-Orbit Series D ($53M first tranche, 2025) - In-orbit servicing
- ICEYE partnership with AXA (2025) - Satellite risk insurance
- Astroscale ESA contract (2024) - In-orbit refurbishment
- 5 IPO exits (historical, portfolio includes Spire Global, AST SpaceMobile, Voyager, Astroscale)
- Portfolio company exits including ArQit (acquired)
Fund Status: Multiple funds actively deploying:
- Seraphim Space Ventures II - Seed/Series A focused
- Seraphim Space Investment Trust (SSIT) - Growth stage, listed on London Stock Exchange
- Seraphim Space Accelerator - Pre-seed acceleration
Portfolio Highlights
Seraphim has invested in 145+ SpaceTech companies, with 130+ companies supported through fund and accelerator activities. The portfolio is one of the most accomplished in the space sector, including:
Top 10 Holdings:
- ICEYE - Synthetic aperture radar (SAR) microsatellite constellation for disaster response and insurance
- D-Orbit - In-orbit logistics and satellite servicing (largest SSIT holding)
- ALL.SPACE (formerly Isotropic Systems) - Satellite IoT connectivity
- Hawkeye 360 - RF geospatial intelligence via satellite constellation
- LeoLabs - Space debris tracking and conjunction assessment
- SatVu - High-resolution Earth observation satellite operator
- AST SpaceMobile - Cellular broadband from space (NASDAQ IPO)
- Xona Space Systems - Independent GPS alternative (timing & navigation)
- Skylo Technologies - Satellite IoT connectivity
- Zeno Power - Nuclear power systems for space applications
Notable Successes:
- Spire Global (IPO exit) - Weather and AIS data from space
- AST SpaceMobile (NASDAQ IPO) - Direct-to-device cellular from satellites
- Astroscale (IPO, Japan) - In-orbit debris removal and satellite servicing
- Voyager Space (acquired + restructured) - Commercial space stations and orbital services
- ArQit (exit) - Quantum-secure satellite communications
Portfolio Breadth: The portfolio spans the entire space ecosystem including Earth observation (Pixxel, Constellr, SatVu), connectivity (Skylo, Hubble Network, ALL.SPACE), in-orbit services (D-Orbit, Astroscale, ReOrbit), launch (Skyrora), propulsion (Zeno Power), AI/analytics (Deep Planet, PiLogic), insurance (Delos Insurance, Adaptive Insurance), and ground infrastructure (Nominal Systems, Ubotica).
Team
Seraphim has built one of the most experienced SpaceTech investment teams globally:
Leadership:
- Mark Boggett, CEO & General Partner - Founder and CEO since 2016. Built Seraphim from world's first SpaceTech VC fund to global platform. Portfolio of 145+ companies with $830M+ raised by alumni and multiple IPO exits.
- James Bruegger, CIO & General Partner - Co-founder and Chief Investment Officer. Early investor in Arqit, ICEYE, LeoLabs, D-Orbit; led investments in companies that went public (Spire Global, AST SpaceMobile). Background at YFM Equity Partners and Deloitte strategy.
- Rob Desborough, General Partner - Co-founder and Chair of Seraphim Space Accelerator. Previously Investment Director at YFM Equity Partners. Overseen graduation of 100+ SpaceTech startups through accelerator, which raised $885M+ in follow-on capital from 200+ venture investors.
- Sarah Shackleton, COO & Partner - 25 years finance experience. Previously partner at Development Partners International (development finance). Responsible for fund operations, legal, compliance, HR, and ESG.
- Andre Ronsoehr, Investment Partner - Former career in space sector, nearly decade at Virgin Management (Branson family office). Co-led seed investment in OneWeb (2015), instrumental in Virgin Galactic and Virgin Orbit investments. Board representative on Astroscale, PlanetWatchers.
- Kenny Mumford, General Counsel & Partner - 25 years legal experience with growth companies and VCs. Previously partner at MBM Commercial (15 years). Solicitor and notary public in Scotland.
Operating Partners & Advisors: Include industry leaders such as:
- Marco Fuchs (CEO OHB SE, €1B+ European satellite manufacturer)
- Hans Steininger (Former CEO MT Aerospace, aerospace expert)
- Christoph Keese (Former CEO Axel Springer, digital strategy)
- Dylan Taylor (CEO Voyager Space, active early-stage investor in 50+ space ventures)
- Matt O'Connell (Former CEO OneWeb, geospatial intelligence expert, board seat at Planet and Capella)
- Ann Winblad (Managing Director Hummer Winblad, software industry expertise)
Geographic Focus
Seraphim operates globally with headquarters in London and expansion across three continents:
- Primary: UK and Europe (London-based)
- Secondary: North America (US presence)
- Emerging: Asia (accelerator expansion)
The firm explicitly markets itself as "the global leader in SpaceTech investment" with international portfolio spanning Europe, North America, and emerging markets.
Decision Process
Seraphim operates as a partnership with investment committee oversight for fund decisions. The firm has:
- Investment Committee Members: Including independent external advisors (Matt O'Connell, Ann Winblad, Dylan Taylor, Rafferty Jackson, Candace Johnson)
- Fund Managers: Mark Boggett (CEO), James Bruegger (CIO), and investment team execute deals
- Accelerator: Rob Desborough (Chair) oversees Seraphim Space Accelerator operations
The firm emphasizes "partnership" decision-making with stated comfort in both leading and co-investing rounds.
Founder Preferences
Seraphim backs "visionary entrepreneurs" with deep expertise in solving space-sector challenges. The firm explicitly states focus on:
- Founders solving "the world's greatest problems" using space technology
- Technical/scientific founders with deep domain expertise (many have aerospace engineering, space industry backgrounds)
- Teams that understand both space technologies and terrestrial applications of space data
- Experienced operators capable of scaling to large markets
- Mission-driven entrepreneurs committed to "transforming science fiction into science fact"
Competitive Advantages & Differentiation
- Only Full-Spectrum Platform: Only global SpaceTech investor offering capital, acceleration, and public market access (inception to exit)
- Track Record: 145+ company portfolio, 5 IPO exits, significant exits, top-performing fund for vintage
- Ecosystem Access: Deep relationships with space agencies, space corporates (Airbus, SES, Teledyne, Telespazio, SSTL, MDA), and 200+ co-investors
- Operating Partnership: Industry leaders on operating partner team provide strategic guidance beyond capital
- Accelerator: World's first and largest SpaceTech accelerator (100+ alumni, $885M+ follow-on capital)
- Public Vehicle: SSIT listed on London Stock Exchange provides exit pathway and growth capital
- Global Reach: Three continents, local expertise in UK, US, and emerging markets
Anti-Thesis
Based on exclusive SpaceTech focus and stated investment areas, Seraphim likely does NOT invest in:
- Non-space applications or traditional terrestrial software
- Consumer social media or entertainment (unless space-enabling)
- Healthcare or biotech (unless space-based)
- Traditional finance, enterprise software without space application
- Companies not leveraging space technology or space-based data
Strategic Context
Seraphim positioned at sweet spot of space sector inflection:
- Access to space costs falling dramatically (new launch providers)
- Demand for space data/connectivity rising exponentially
- Shift from traditional aerospace to commercial space economy
- Government spend increasing (NASA, ESA, national programs)
- Trillion-dollar TAM opportunity emerging as space applications proliferate
The firm's strategy of backing the full value chain (launch, satellites, services, applications) positions portfolio to capture value across this transformation.
Notable Recent Strategic Moves
- Seraphim Space Ventures II - New early-stage focused fund launched (Seed/Series A)
- Seraphim Space Enterprise - New division (Alexander Holt, MD) providing acceleration and government/corporate advisory
- SSIT Expansion - Growth-stage fund continues to support portfolio companies through scaling
- International Accelerators - Generation Space accelerators in UK and US (operating partner model)
- Strategic Partnerships - Deepening relationships with space corporates (Airbus, SES) and agencies (UK Space Agency, ESA)
Investment Approach Summary
Seraphim's investment philosophy combines:
- Focused thesis: SpaceTech only, full ecosystem coverage
- Patient capital: Support from inception to exit, multiple entry points
- Operational support: Beyond capital, advisory from industry leaders
- Global network: Access to space ecosystem (agencies, corporates, co-investors)
- Multiple products: Venture fund, growth fund, accelerator, public vehicle
This positions Seraphim as the category leader in SpaceTech venture capital with unmatched ecosystem access and platform capabilities.