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



Chicago-based Promus Ventures closed a € 120 million ($ 139 million) space fund, dubbed Orbital Ventures, focused on start-up space companies.

The new fund, which will be based in Luxembourg, was born from a mix of public and private investments. The European Investment Fund, the financing body of the European Investment Bank group of the European Union, has committed 40 million euros, with additional participation from the Luxembourg Ministry of the Economy and the National Institution credit and investment.

While Promus Ventures invests in a wide range of industries, its history in the space sector includes investments in Rocket Lab, Spire and Swift Navigation. Orbital Ventures, which first closed in January 2020, has also made several investments, including in satellite terminal developer Isotropic Systems, geospatial data company Ellipsis Drive and Danish company Fernride.

“We continue to witness tremendous growth and developments in the New Space industry, and we are delighted to deploy this new sector specific space fund,” said Pierre Festal, partner of Promus Ventures, in a statement. . “We thank our investors for their confidence and support in this venture. […] It is a pivotal period for global space players and the outlook is good. “

The new fund is just the latest industry-specific space fund to emerge in recent years, as investor interest in the burgeoning orbital market continues to grow. Last week, Space Capital reported that investors – including VCs, angel investors, private investors, private equity and others – invested $ 8.7 billion in the sector in the third quarter of 2021 alone. , positioning itself this year to break the 2020 investment record.

Much of the capital raised went to space companies that went public through mergers with blank check companies. These deals represented $ 1.2 billion of the $ 3.9 billion in venture capital funding during the third quarter of this year.


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