Scottish space technology firms Bright Ascension and Craft Prospect secure funding deals

TWO Scottish space technology companies have concluded funding deals with Capital for Colleagues, which specialises in providing advice and financing for firms owned by their staff.

Scottish law firm Lindsays said yesterday it had advised Capital for Colleagues (C4C) on the conversion of an A-share investment into Ordinary shares valued at £1.75 million in Bright Ascension, a Dundee-based space software technology provider. This was alongside a £1m injection from other investors, Lindsays noted.

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Bright Ascension offers software products and solutions for use on spacecraft and on the ground, and the investment will back expansion plans, the law firm added.

Lindsays noted C4C had also invested £800,000 in Craft Prospect, a Glasgow space engineering business which develops enabling quantum and artificial intelligence-based products and mission applications for the small satellite market. It added the deal would allow Craft Prospect to recruit additional staff as well as develop new products and services.

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Douglas Roberts, who leads Lindsays’ employee ownership team, said: “Funding is often an issue for employee-owned (EO) businesses due to the focus on employees, something which C4C both understands and encourages.”

The Herald Scotland

The Herald Scotland

The Herald is a Scottish broadsheet newspaper founded in 1783. The Herald is the longest running national newspaper in the world and is the eighth oldest daily paper in the world. The title was simplified from The Glasgow Herald in 1992