Guidance

Growth Pathway Advisory Scheme

Updated 22 October 2025

Raising growth capital is one of the toughest challenges for scale-ups. As businesses move beyond Series A towards larger rounds, the pool of potential investors narrows, diligence becomes more complex and associated transaction costs rise – all whilst leadership teams remain focused on delivering growth. Many promising firms struggle to convert early investor interest into committed capital, slowing their trajectory. ​ 

The UK Space Agency’s Growth Pathway Advisory Scheme has been established to support ambitious UK space businesses at Series A-D to strengthen investor readiness and unlock the capital required to catalyse their next phase of growth. The Scheme combines tailored, subsidised advisory support with exclusive investor engagement opportunities.​ 

1.1 What is involved?​  

The Growth Pathway Advisory Scheme is delivered by leading advisors and industry experts, including PwC, DLA Piper alongside experienced space founders and other fundraising specialists. The Scheme will consist of:  

*Eligibility and selection: UKSA will provide eligibility approval based on an eligibility assessment, marked against a scoring criteria. Businesses can apply through completing the form linked here.

• Relationship Manager: Approved businesses are assigned a dedicated Relationship Manager, who guides them through the Scheme, aligns objectives and helps businesses extract maximum value from the support being offered.​  

• Diagnostic: Under NDA, businesses receive a no-cost, no-obligation investor readiness diagnostic from professional advisors. Through a review of key materials and focused management interviews, businesses are benchmarked against six major investor readiness barriers and receive written feedback on fundraising strengths, potential gaps and priority areas investors are most likely to probe.   

• Advisory services selection: Using diagnostic insights, businesses can access subsidised and tailored advisory services across core disciplines: Strategy & Commercial, Financial, Legal & Risk and Leadership & Organisational Support is practical, focused and aligned to investor expectations. Each company can draw down up to £59k of services, with the UK Space Agency covering 80% (up to £47.2k) and businesses contributing 20% (up to £11.8k). Through competition and volume, UK Space Agency was able to secure rates from the suppliers significantly below what would be chargeable in the open market. 

• Exclusive investor engagement: Participating Advisory Scheme businesses will be invited to closed pitch events with curated investor panels and bespoke investor conversations. These opportunities help businesses refine their pitch and facilitate meaningful connections with growth-stage investors.​

1.2 Timelines​ 

 The application window for business eligibility runs from 6–24 October 2025, with assessment being carried out by the UK Space Agency. Businesses will be notified of the outcome no later than Friday 7 November 2025. A more detailed FAQ for the programme is available further below.

Advisory services must be formally requested before 1 January 2026, otherwise business eligibility will lapse.​ 

Depending on demand and available capacity, a further eligibility window may open in January 2026.​

All services must be delivered and funding utilised before 31 March 2026.

1.3 Who should apply?

The scheme is open to UK-registered space businesses preparing to raise capital between Series A and Series D within the next 18 months. Businesses in adjacent fields with strong relevance to the UK space ecosystem may also be considered.​

Applications will be assessed against the following eligibility criteria:

• Business opportunity & size - growth trajectory, commercial traction and evidence of scaling.​ 

• Contribution to the UK - relevance to UK sovereign capability, industrial base, jobs, innovation and exports.​ 

• Fundraising status - maturity of fundraising journey to-date, and ambition for the next 18 months.​ 

• Subsidy control status - businesses that have reached the Minimal Financial Assistance (MFA) subsidy limit over the past 3 years will not be eligible. See: Subsidy Control: a guide for beneficiaries - GOV.UK​ 

1.4 What are the expectations?​ 

Participation in the scheme begins with a free diagnostic subject to meeting eligibility criteria. There is no obligation to take up advisory services afterwards, but businesses are encouraged to do so where gaps are identified. All participating businesses are expected to attend pitch events and investor connection sessions where possible, and take part in UK Space Agency monitoring and evaluation activities such as completing short surveys.​ 

1.5 Terms & Conditions ​ 

By submitting an application, the business confirms it understands and agrees to the following criteria. 

They meet the eligibility criteria​ 

• Raising capital between Series A and Series D within 18 months.​ 

• UK-registered legal entity operating in or contributing to the UK space sector.​ 

• No enterprise or group of enterprises under common control can receive more than £315,000 of Minimal Financial Assistance (MFA) subsidy from any source or for any purpose within a three-year period – to qualify businesses must be eligible for MFA at the point of award
• Note: Businesses may be contacted if further information is required regarding their application

Engagement in the programme​ 

• Businesses must engage meaningfully with the programme, including attending pitch days and cohort events where possible, and providing information for monitoring and evaluation.​ 

Advisory services scope and financial contribution

• There is a broad range of advisory service options available however, the scope of the services must have some relevance to UK growth ambitions (e.g. UK sovereign capability, industrial base, jobs, innovation and exports).
• Businesses choosing to access advisory services contribute 20% of the contract value, with the balance being subsidised by the UK Space Agency. The maximum contract size is up to £59k (incl. VAT). ​ 

Confidentiality & contracts

• All parties will sign Non-Disclosure Agreements (NDAs) to protect confidentiality, with advisory engagements underpinned by Statements of Work agreed with the advisor(s). 

• The provisional offer of participation in the scheme is subject to the applicant and the supplier agreeing terms of engagement, to which the UK Space Agency is not a party.

1.6 Advisory Scheme – FAQs

Eligibility & Access

1. Who is eligible to apply for advisory services?

UK-registered space companies raising between Series A and Series D are eligible. Companies should expect to fundraise within the next 18 months. The focus is on space companies. However, adjacent businesses with strong relevance to the UK space ecosystem may be considered.

2. Is there a limit to the number of companies selected?

A fixed number of places are expected to be available, based on available funding and expectations of advisory services uptake. Selection will be made against eligibility criteria and alignment with programme objectives. Depending on demand realised and available capacity, a further application period may open in January 2026 for additional businesses. A waitlist will be maintained once the limit of participants has been reached with the intention to offer advisory services to this waitlist if capacity does become available.

3. How do I apply and what’s the selection process?

Apply through the online eligibility application form linked here. Applications will be assessed by the UK Space Agency. Successful applicants will be invited onto the pathway, starting with a no-cost, no-obligation investor readiness diagnostic under Non-Disclosure Agreement.

Scope & Content

4. What topics does the advisory cover?

The programme covers the areas frequently challenged by investors, for example 

• Strategic & Commercial: Business model, go-to-market, competitor positioning, investor deck narrative 

• Financial: Financial readiness, forecasting, valuation, capital strategy, tax optimisation 

• Legal & Risk: IP protection, regulatory readiness, legal structuring, cyber/data security 

• Leadership & Organisational: Corporate governance, board structure, executive team

5. Can we tailor the support to specific challenges rather than taking the full package?

Yes. The diagnostic can be broad or focused on specific areas of your choice. Advisory support is then targeted at your priority gaps, rather than delivered as a one-size-fits-all package.

6. Does the programme support both equity and debt fundraising readiness?

Yes. While the main focus is equity fundraising, the programme also covers debt and alternative funding options where relevant.

7. What is the aim of the Growth Pathway Advisory scheme?

The UK Space Agency’s Growth Pathway Advisory Scheme has been established to support ambitious UK space businesses at Series A-D to strengthen investor readiness and unlock the capital required to catalyse their next phase of growth. The Scheme combines tailored, subsidised advisory support with exclusive investor engagement opportunities.

8. How does this advisory programme differ to other UK Space Agency initiatives?

Unlike other existing accelerators or grant schemes, the Growth Pathway focuses specifically on investor readiness for scale-stage businesses. It combines tailored 1:1 advisory services with investor networking and curated events.

Process & Delivery

9. What happens at the diagnostic stage, and what preparation is required?

Under NDA, businesses receive a no-cost, no-obligation investor readiness diagnostic from professional advisors. Through are view of key materials and focused management interviews, businesses are benchmarked against six major investor readiness barriers and receive written feedback on fundraising strengths, potential gaps and priority areas investors are most likely to probe. You’ll receive written feedback and a feedback session with advisors to discuss the findings and implications.

10. Who is running the programme and delivers the advisory support?

The Growth Pathway Advisory Scheme is delivered by leading advisors and industry experts, including PwC, DLA Piper alongside experienced space founders and other fundraising specialists. The tailored advisory support is focused, practical, and aligned with investor expectations.

11. Can sessions be delivered virtually, or do I need to attend in person?

Advisory sessions can be delivered virtually or in-person. In-person participation may be encouraged for wider programme events such as pitch days.

12. Is the process confidential, and how do you manage potential conflicts of interest?

All engagements are covered by NDAs and mutually agreed statements of work, with advisors required to maintain strict confidentiality. Conflicts will be managed transparently with the businesses. UKSA will have visibility of monitoring & evaluation information (e.g. purpose of support, and evaluation of outcomes), but will have no visibility of any commercially sensitive documentation exchanged as part of any advisory services conducted.

Value & Cost

13. What will it cost my business, and how much is subsidised by the UK Space Agency?

Each company can draw down up to £59k of services, with UKSA covering 80% (up to £47.2k) and businesses contributing 20% (up to £11.8k). Through competition and volume, UK Space Agency was able to secure rates from the suppliers significantly below what would be chargeable in the open market.

14. How does this fit in with other subsidies I have received from the UK Government?

This programme will be subsidised by the UK Space Agency a part of the Department for Science, Innovation and Technology within the UK Government and therefore will contribute to your subsidy allowance. For more information follow this link – Subsidy Control: a guide for beneficiaries - GOV.UK.

Investor Relevance

15. Will this programme connect me directly with investors, or is it focused on preparation?

Both. The advisory support is seeking to improve business investor-readiness, and the programme also includes curated pitch days and several engagement opportunities with investors, including those on the USI Investor Pathway running concurrently.

16. Why is the UK Space Agency investing in this programme?

The Growth Pathway Advisory Scheme has been established by the UK Space Agency to support ambitious UK space businesses at Series A-D to strengthen investor readiness and unlock the capital required to catalyse their next phase of growth. This will contribute to strengthen the UK space sector’s ability to raise private capital, scale globally, and contribute to national growth and sovereign capability.

Outcomes & Next Steps

17. What happens after the diagnostic – do I need to commit to the advisory services?

No. The diagnostic is free and non-binding. As part of the diagnostic, investor-readiness needs will be identified, and you then choose whether to proceed with advisory support. If you do, a statement of work (covering advisors, outputs, fees, and timeframe) will be mutually agreed.

18. Can the advisory support team work alongside us during an active fundraising process?

Yes. Advisors can support you during live fundraising, including preparation for due diligence. However, any scope beyond the £59k programme limit would need to be agreed separately with the advisors outside of this programme.

19. How will success be measured, and what follow-up happens after the programme?

Success will be measured through business feedback, investor engagement, and fundraising outcomes. As part of signing up to the Advisory Scheme you will agree to take part in monitoring and evaluation activities such as, completing short surveys and providing follow-up feedback on the services received. Insights from the programme will also inform the UK Space Agency’s future access-to-finance strategy.

Clarification Questions

20. I have received funding from the European Space Agency, does this count towards MFA or subsidies?

Funding from ESA, unless you’ve been informed otherwise, does not constitute a subsidy.