Seraphim Space Investment Trust PLC said on Monday that Europe surpassed U.S. investment for the first time in the first quarter of 2023 as it was the first region to show a recovery.

The London-based space technology investment firm said total private funding in the 12 months to June 30 more than halved, from $9.2 billion to $4.5 billion a year ago, but pointed out that the previous year’s figures were skewed by large funding rounds such as those from California-based Space Exploration Technologies Corp, known as SpaceX, and Sierra Space Corp, based in Colorado.

Seraphim Space said it returned to growth in the first half of 2023 with several larger transactions ranging from $100 million to $200 million.

The company said private company fair value-weighted average revenue of the top 10 stocks in the 12 months to June 30 jumped 32% year-over-year as bookings nearly tripled.

He highlights that quarterly investments in dollars in the first half of 2023 jumped 57% compared to the second half of 2022.

Notably, Europe surpassed US investment for the first time in the first quarter of 2023, as it is the first region to recover. At the same time, the United States recovered more slowly, with its second-quarter performance regaining its position as the top region for space investment, the company said.

CEO Mark Boggett said: “Given that SSIT’s portfolio is largely well capitalized, we are confident that SSIT has sufficient liquidity reserves to meet the anticipated capital needs of these businesses through the end of 2024 and for selectively continue to make new investments. ‘

Seraphim Space shares were up 0.8% at 47.01 pence each on Monday afternoon in London.

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