Seraphim Space Investment Trust PLC on Monday said that Europe overtook US investment for the first time in the first quarter of 2023, as it was the first region to show recovery.

The London-based space technology investment firm said total private funding in the 12 months to June 30 more than halved to $4.5 billion from $9.2 billion a year prior, but highlighted that the figures for the year prior were skewed by large funding rounds such as from California-based Space Exploration Technologies Corp, known as SpaceX, and Colorado-based Sierra Space Corp.

Seraphim Space said it returned to growth in the first half of 2023 with several larger deals in the range of $100 million to $200 million.

The company said that the fair value weighted average revenue for private companies in the top 10 holdings in the 12 months to June 30 jumped 32% year-on-year, with bookings nearly trebling.

It emphasised that quarterly investment in dollars in the first half of 2023 surged 57% compared to the second half of 2022.

Notably, Europe overtook US investment for the first time in the first quarter of 2023 due to it being the first region to recover. The US meanwhile recovered slower, with its performance in the second quarter reclaiming its position as the top region for space investment, the company said.

Chief Executive Officer Mark Boggett said: ‘Given the SSIT portfolio is largely well capitalised, we are confident SSIT has sufficient cash reserves to support the anticipated capital needs of these businesses through to the end of 2024 as well as selectively continuing to make new investments.’

Seraphim Space shares were 0.8% higher at 47.01 pence each on Monday afternoon in London.

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