By Kristy Dorsey

Space engineer Craft Prospect has raised £800,000 from Capital for Colleagues (C4C), a specialist provider of advice and financial backing to employee-owned businesses.

Based in Glasgow, Craft Prospect employs 20 people in the development of products for the small satellite market. The fresh funding will allow it to recruit additional members of staff while developing new products and services.

Scottish Enterprise has also become a shareholder following the conversion of an earlier loan to the company into new ordinary shares.

READ MORE: Alba Orbital fuels up for record satellite launch with Silicon Valley funding

“This is an exciting time for Craft Prospect and we are delighted to have secured over £1 million in investment support from C4C and Scottish Enterprise,” founder and managing director Steven Greenland said.

“This funding will enable us to implement our smart secure space strategy to deploy onboard intelligence and quantum technology-based products and services to the sector. We are pleased to have Capital for Colleagues as our investment partner and look forward to working with them to grow our business and develop as an employee-owned business.”