Tech

Promus Ventures closes €120 million ($139 million) space fund amid investment boom – TechCrunch

Chicago-based Promus Ventures has closed a € 120 million ($ 139 million) space fund called Orbital Ventures, which focuses on early-stage space companies.

The new Luxembourg-based fund is the result of a combination of public and private investment. The European Investment Fund, the financing arm of the European Investment Bank Group of the European Union, has committed € 40 million with the additional participation of the Ministry of Economy of Luxemburg and the State Credit Investment Authority.

Promus Ventures has invested in a variety of industries, but its track record in the space sector includes investments in Rocket Lab, Spire and Swift Navigation. With its first closure in January 2020, Orbital Ventures has also invested in satellite terminal developer Isotropic Systems, geospatial data company Ellipsis Drive, and Danish Fernride.

In a statement, Proms Ventures partner Pierre Festal said, “We continue to witness the tremendous growth and development of the new space industry and are excited to develop this new sector-specific space fund. I am. ” “We are grateful to investors for their trust and support in this effort. […] This is a crucial time for space players around the world, and the outlook is bright. “

The new fund is just the latest sector-specific space fund that has emerged in recent years, as investors continue to be more interested in the fast-growing orbital market. Last week, Space Capital said VCs, angel investors, corporate investors, private equity and other investors poured $ 8.7 billion into the industry in the third quarter of 2021 alone, surpassing the 2020 investment record this year. I reported that.

Much of the money raised went to a space company that was released through a merger with a blank check company. These transactions accounted for $ 1.2 billion of the $ 3.9 billion in venture funding in the third quarter of this year.

Promus Ventures closes €120 million ($139 million) space fund amid investment boom – TechCrunch Source link Promus Ventures closes €120 million ($139 million) space fund amid investment boom – TechCrunch

Related Articles

Back to top button