Chicago-based Promus Ventures has closed a €120 million ($139 million) house fund, dubbed Orbital Ventures, centered on early-stage house firms.
The brand new fund, which shall be based mostly in Luxembourg, grew out of a mixture of private and non-private funding. The European Funding Fund, the financing arm of the European Union’s European Funding Financial institution Group, dedicated €40 million, with further participation by Luxembourg’s Ministry of the Economic system and the Nationwide Credit score and Funding Establishment.
Whereas Promus Ventures’ invests throughout a variety of industries, its observe historical past within the house sector contains investments in Rocket Lab, Spire and Swift Navigation. Orbital Ventures, which made its first shut in January 2020, has additionally made a number of investments, together with in satellite tv for pc terminal developer Isotropic Techniques, geospatial knowledge firm Ellipsis Drive, and Denmark’s Fernride.
“We proceed to witness terrific development and developments within the New Area business, and we’re excited to deploy this new sector-specific house fund,” Promus Ventures companion Pierre Festal mentioned in an announcement. “We’re grateful to our buyers for his or her belief and assist on this endeavor. […] It’s a pivotal time for international house gamers and the outlook is robust.”
The brand new fund is simply the newest sector-specific house fund to emerge lately, as investor curiosity within the burgeoning orbital market continues to rise. Final week, Area Capital reported that buyers – together with VCs, angel buyers, company buyers, personal fairness and others – poured $8.7 billion into the business within the third quarter of 2021 alone, positioning this yr to beat 2020’s investing document.
A lot of the capital raised went to house firms that went public through mergers with blank-check companies. These offers accounted for $1.2 billion of the $3.9 billion of enterprise funding through the third quarter of this yr.