Orbex raises $24 million in new funding, can now scale up for orbital launch

Enlarge / The upper stage of the Orbex Prime rocket will have a single engine. (credit: Orbex)

United Kingdom-based launch company Orbex says it has raised an additional $24 million in venture capital funding as it continues development of its small satellite launcher. This booster is planned to be similar in size and performance to Rocket Lab's Electron vehicle.

Orbex CEO Chris Larmour said this brings the total amount of money raised by the company to $69 million. It presently has 55 employees, but Larmour said the plan is to expand to around 90 by the middle of 2021 with this new round of funding. This staffing level, he said, should be enough employees to reach orbit with.

"We're very focused on being capital efficient, which is another word for cheap," Larmour said in an interview. "We're raising money as we need it, and not too much, and not too aggressively. This is quite adequate for what we need to do."

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