Futuregrowth leads $3m funding round to fuel CubeSpace expansion

Futuregrowth Asset Management has spearheaded a $3 million funding round in CubeSpace, a global leader in satellite Attitude Determination and Control Systems (ADCS). The Stellenbosch-based company has established itself as a dominant player in the SmallSat market.  

ADCS technology plays a crucial role in the space value chain by helping satellites maintain precise orientation in orbit, making them indispensable for a wide range of applications, from Earth observation for climate monitoring to scientific missions, radiation detection, optical images, communication and connectivity. 

The capital deployment, made via Futuregrowth's High Growth Development Equity Fund (HGDEF), will support CubeSpace’s growth strategy of extending its flight-proven solutions beyond nanosatellites to include spacecraft in the 50 – 1 000 kg class. 

“With the space economy projected to exceed $1 trillion by 2040 (driven by innovations in satellite technology, reusable launch vehicles and increased private sector participation), the outlook for highly innovative companies like CubeSpace is exceptionally promising,” said Brian Masondo, Principal: Private Equity & Venture Capital at Futuregrowth.   

In the rapidly evolving space industry, which is characterised by heightened competition and lead times, CubeSpace holds a competitive edge. Its affordable, reliable and user-friendly solutions speed up time-to-orbit and streamline production, which are essential for satellite programmes looking for high-quality and rapid deployment.   

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Amrish Narrandes, Head of Private Equity & Venture Capital at Futuregrowth, emphasised the strategic value of the investment. "Our investment in CubeSpace aligns seamlessly with our broader strategic objectives," he said. "Their strong leadership team, driven by a passion for innovation in satellite technology, complements Futuregrowth's focus on supporting intellectual property-rich businesses within expanding sectors like the SmallSat market." 

Mike-Alec Kearney, CEO & Co-Founder of CubeSpace, said: “This investment from Futuregrowth, with its ambitions that are aligned with ours, will provide us with all the firepower we need to grow aggressively and provide our customers with unapparelled solutions. We aim to become the gold standard for satellite control systems, enabling high reliability satellites to be built on shorter lead times, and at lower cost, ushering in a new era in the space industry.” 

This investment reflects Futuregrowth’s commitment to supporting innovative South African businesses like CubeSpace that are making a positive societal impact through job creation, contributing to global sustainability goals and enhancing the country’s competitiveness internationally. 

About Futuregrowth's Private Equity and Venture Capital Division 

Futuregrowth Asset Management's Private Equity and Venture Capital business is a leading alternative investor in early-stage, high-growth businesses across Southern Africa. The division, which is part of Futuregrowth's R202 billion asset management business, focuses on delivering both commercial returns and meaningful developmental impact through its various investment mandates. The business manages specialist funds, including the Development Equity Fund and the High Growth Development Equity Fund (HGDEF), which target investments in sectors critical to South Africa's economic development.

With a 25-year track record in developmental investments, the team has built a strong portfolio of successful investments across fintech, Insurtech, medtech and other high-growth sectors. Through active partnership with portfolio companies, the business provides not just capital, but strategic guidance, operational support, and access to a broad network of industry expertise. This approach has resulted in successful investments in companies like Yoco, Pineapple, Cash Connect, and Retail Capital demonstrating the team's ability to identify, support, and scale innovative businesses that drive both financial returns and societal impact. 

About CubeSpace 

CubeSpace (CS) is a globally recognised leader in Attitude Determination and Control Systems (ADCS), supporting over 250 customers in more than 30 countries. Leading in ADCS innovation and cutting-edge solutions, CS is a trusted supplier to major space agencies like NASA and ESA, as well as a majority of constellation primes and ambitious commercial satellite builders. Supporting customers from design through to commissioning, CS is setting a new gold standard for control systems globally.