Deep tech venture capital firm Promus Ventures has announced that the space-oriented Orbital Ventures fund has closed on several investments and now counts the European Investment Fund among its investors. The Luxembourg-based fund focuses on early-stage companies in the space sector.
The Orbital Ventures fund was created in 2020 and is managed by Promus Ventures, a specialised VC company with a strong track record of investing in geospatial companies such as Rocket Lab, Spire and ICEYE.
Orbital Ventures targets early-stage investment opportunities in areas such as space-based telecommunications network and services, geospatial location-based services, applications and space-related technologies and innovation (robotics, sensors, data), Earth observation and environmental monitoring, transportation and logistics, and space resources utilisation and exploration.
Encouraging innovation and entrepreneurship through funding is one of the pillars of Luxembourg’s space strategy.”
The European Investment Fund has now committed €40 million to the fund, thereby adding to the fund’s international exposure. Other investors in Orbital Ventures include international corporate, institutional and private investors, as well as public bodies such as the Luxembourg Ministry of the Economy and the state investment bank SNCI.
“Encouraging innovation and entrepreneurship through funding is one of the pillars of Luxembourg’s space strategy,” said Minister of the Economy Franz Fayot. “By investing directly into promising space tech ventures, the Orbital Ventures fund is an excellent example of a dedicated funding tool to support the development of the commercial space industry.”
Space fund investments
Orbital Ventures has already invested in several companies since its first close in January 2020, including Isotropic Systems, Ellipsis Drive, Fernride, Akasha Imaging, Recycleye and Wakeo.
“We continue to witness terrific growth and developments in the New Space industry, and we are excited to deploy this new sector-specific space fund,” said Promeus Ventures partner Pierre Festal.
“We are thankful to our investors for their trust and support in this endeavour. Since 2014, we have had a strong track record investing in successful space start-ups, including industry leaders such as Rocket Lab, Spire, ICEYE and others. It’s a pivotal time for global space players and the outlook is strong.”