Guidance

Track 2: Milestone Ladder

Published 2 December 2025

STRENGTHENING LEADERSHIP AND GOVERNANCE 

MILESTONE LADDER 

This Milestone Ladder Template provides a structured overview of typical investment rounds, funding amounts, key milestones, use of funds, next round targets and expected dilution ranges for space sector startups. 

It serves as a strategic roadmap aligning fundraising asks with concrete business development objectives, such as technology readiness levels (TRLs), regulatory approvals, customer acquisition and operational scaling. By clearly mapping milestones to funding requirements and future goals, this tool helps founders plan capital raises more effectively, communicate progress transparently to investors and manage dilution thoughtfully. 

Using this template enables companies to demonstrate discipline and foresight during fundraising, building investor confidence and increasing the likelihood of successful capital deployment and business growth. 

Explanation of each column: 

• Round:   

The name of the fundraising stage, from very early “Pre-Seed” to later rounds like “Series C+”. Each stage reflects a different phase of company growth and maturity. 

• Round Size (£m):   

Typical amount of capital raised during the round, expressed in millions of British pounds. This helps founders gauge the scale of funding generally expected at each stage. 

• Funding Ask (£m):   

Specific amount the company is seeking in the current fundraising round. This may vary depending on business needs and strategy; shown here as a placeholder (“/”) for you to fill based on your plans. 

• Round Objectives / Milestones:   

Key achievements investors expect you to deliver with the funds raised. This ranges from early technical proofs and team building in Pre-Seed rounds to revenue growth and operational scaling in later rounds. These milestones guide your business focus and investor discussions. 

• Use of Funds:   

How the capital raised is typically allocated, examples include technology development, regulatory approvals, pilot projects, hiring, commercial expansion and preparing for future exits. This column informs internal budgeting and investor transparency. 

• Next Round Target & Milestones:   

The expected benchmarks and goals that set you up for success in the subsequent funding round. This outlines your growth path and helps investors understand future funding needs and business trajectory. 

• Approximate Dilution This Round:   

The percentage of ownership you can expect to give up during this round of funding. Awareness of dilution helps founders manage equity wisely and negotiate with investors effectively. 

Round	Round Size (£m)	Funding Ask (£m)	Round Objectives / Milestones	Use of Funds	Next Round Target & Milestones	Approximate Dilution This Round
Pre-Seed	0.25 – 2+	/	Proof of concept & early prototype development Founding team formation Preliminary IP filings	Build early demos, IP protection, initial team hires	Seed: Reach TRL 4–5, initial regulatory engagement, key advisor signup	10–20%
Seed	1 – 5+	/	TRL 4–5 achieved (lab validation) Early regulatory roadmap initiated First partnerships agreed	Subsystem development, regulatory pre-clearance, pilot sales groundwork	Series A: Achieve TRL 7, obtain critical licenses, first paying customers	15–25%
Series A	6 – 30+	/	TRL 7 (system prototype in operational environment) Launch & export licenses secured Signed 3+ pilot customers	Final system development, licensing fees, scale pilot programs	Series B: Full commercial launch, sustained operations, expanded contracts	20–30%
Series B	15 – 40+	/	Operational system commissioned Several paying customers Expanded operations team	Scale manufacturing, sales, marketing, regulatory renewals	Series C: Scale internationally, IPO or M&A preparation	15–25%
Series C+	40+	/	Solid revenue growth International licensing compliance IPO readiness or strategic sale	Market expansion, product diversification, legal & financial prep	Exit or large-scale capital raise	10–15%

This information is a non-exhaustive summary of some of the factors which may be relevant to seeking investment in the space sector. Persons should take independent legal and professional advice before seeking any such investment.