Whitehorn’s Seraphim Space raising £350m – Daily Business

Will Whitehorn chairs the trust

Seraphim Space Investment Trust, chaired by Edinburgh businessman and academic Will Whitehorn, has launched plans to raise up to £350 million in new shares to back opportunities in the sector.

The fund raising is through a placing and retail offer of new C shares at 100p per share, subject to shareholder approval at a general meeting on 6 May.

Seraphim Space describes itself as the world’s leading SpaceTech investor, with around $550 million in assets under management.

Led by Mark Boggett, James Bruegger and Rob Desborough, it backs private, growth-stage companies across the space sector, from satellite navigation to Earth observation.

The trust’s current portfolio holds 24 companies. The top ten have delivered average annual revenue growth of 79%, and more than 85% of the portfolio is expected to reach EBITDA profitability in 2026. Six holdings have achieved unicorn status since SSIT made its initial investments.

The trust’s shares, down around 9% on Monday, were trading at 219.5p ahead of the raise, up from around 120p at the start of the year, a rise of almost 83%.

Mr Whitehorn is Chancellor Edinburgh Napier University and a former president of Virgin Atlantic. He also chairs the Edinburgh software company Craneware and the Scottish Event Campus.

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