Promus closes space fund on EUR 120m

Domiciled in Luxembourg, the fund reached a first close in January 2020.

Founded in 2012, Promus Ventures invests in early-stage deep-tech startups; it has offices in Chicago, San Francisco and Luxembourg. To date, the firm has invested in more than 90 early-stage startups in the US, Europe, the UK and New Zealand, it said in a statement. Investments include Rocket Lab, Whoop, Spire, Mapbox, ICEye, Bellabeat, Swift Navigation, AngelList, Behavox, Gauss Surgical, Figure Eight, Isotropic Systems, Halter and Cobalt.

Investors
The European Investment Fund committed EUR 40m to the vehicle. Other investors include international corporate, institutional and private investors, as well as public organisations. The latter include Luxembourg's Ministry of the Economy, and the country's National Credit and Investment Institution (SNCI).

Investments
The fund targets early-stage investments across a number of space-related areas, including space-based telecommunications networks and services; geospatial location-based services and applications; space-related technologies and innovation, such as robotics, sensors and data; earth observation and environmental monitoring; transportation and logistics; and space resource usage and exploration.

Since its first close, the fund has invested in several companies, including Isotropic Systems (UK), Ellipsis Drive (Netherlands), Fernride (Germany), Akasha Imaging (US), Recycleye (UK) and
Wakeo (France).

People
Promus Ventures – Pierre Festal (partner).

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