Promus Ventures, located in Chicago, has closed Orbital Ventures, a $139 million (€120 million) space fund focusing on early-stage space enterprises. The new Luxembourg-based fund is the result of a combination of both private and public investment. The European Investment Fund, the European Union’s European Investment Bank Group’s financing arm, contributed €40 million, with Luxembourg’s Ministry of Economy as well as National Credit and Investment Institution also contributing.

National Credit and Investment Corporation (SNCI) is a Luxembourg-based bank specialising in medium and long-term financing of Luxembourg-based enterprises’ investments. SNCI’s funding tools include fixed asset investments, innovation, and exports. Newly formed SME’s can also apply for startup loans from SNCI. It may also be used to fund Luxembourg enterprises’ international investments. SNCI may invest in the stock market directly or via its subsidiary CD-PME S.A., as well as through connected financial firms. 

While Promus Ventures invests in various businesses, it has a track record in the space sector, including Rocket Lab, Spire, and Swift Navigation. Orbital Ventures has made multiple investments, including satellite terminal maker Isotropic Systems, geospatial data provider Ellipsis Drive, and Denmark’s Fernride, since its first closure in January 2020.

In a statement, Promus Ventures company partner Pierre Festal said, “We continue to watch tremendous growth and innovations in the New Space business, and we are delighted to launch this fresh sector-specific space fund.” “We are grateful for our investors’ faith and support in our venture. […] It’s a critical juncture for global space players, with a bright future ahead.”

As investor confidence in the developing orbital industry grows, the new fund is simply the third industry-specific space fund to materialize in recent years. According to Space Capital, investors – including venture capitalists, corporate investors, angel investors, private equity, and others – pumped $8.7 billion into the business in the 3rd quarter of the year 2021 alone, putting this year on track to break 2020’s investment record.

A large portion of the funds obtained went to space enterprises that became public through mergers with blank-check companies. In the 3rd quarter of this year, these agreements contributed $1.2 billion of $3.9 billion in venture capital raised.

In the year 2012, the company was established. Promus Ventures company is a venture capital (VC) firm that invests in startups. The firm prefers early-stage firms in data-driven services and products, mobile, digital media, analytics, tools, and linked web sectors.

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