Seraphim Space Investment Trust PLC on Tuesday reported an increase in its net asset value, with fundraising rounds ensuring its investees remain well capitalised.

In its full year results, the London-listed space technology investor said that its portfolio valuation increased by 7.5% to £201.5 million at its June 30 financial year end, from £187.4 million 12 months earlier. Seraphim attributed this growth to a combination of additional investments coupled with an increase in fair value net gains, but with foreign exchange gains also contributing.

Its net asset value per share rose 3.5% to 96.18 pence from 92.90p.

Seraphim shares ended down 2.7% at 49.30 pence on Tuesday afternoon in London.

In a positive sign for the sector, the investment firm saw its private portfolio, which makes up 82% of the overall portfolio, raise $540 million. ICEYES’s oversubscribed $93 million series E round and D-Orbit’s €100 million series C round represented a sizeable portion of this.

Other key developments included the success of SatVu’s infrared satellite launch and Tomorrow.io’s ‘unprecedented accuracy of weather data’.

Overall, Seraphim stated that its whole portfolio has raised $900 million in additional funding for the period through the public and private markets.

The business added that it deployed £11.0 million throughout the financial year across four new and six existing investments.

Seraphim noted the discount its shares trade at compared to its NAV narrowed to 43% as at the end of June, from 71% the prior year, owed in part to a share buyback programme undertaken in July 2023.

Chief Executive Officer Mark Boggett said: ‘Besides these high levels of fundraising activity, the underlying performance of the portfolio was also encouraging. Buoyed by increasing demand from government customers, the private companies within the top 10 holdings.’

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