A major step for Luxembourg’s space sector
Linklaters Luxembourg Investment Funds team recently advised Promus Ventures in the fundraising of Orbital Ventures, a fund at the heart of Luxembourg’s expanding space strategy. The ‘Space Fund’, focusing on international early-stage space companies, closed at €120 million. In addition to private sector investments, the European Investment Fund committed €40 million with participation also from Luxembourg’s Ministry of the Economy and the National Credit and Investment Institution.
Hermann Beythan, Partner of Linklaters Investment Funds practice, says:
“Luxembourg has long been a key player on the international space stage, and we are privileged to have been involved in the development and launch of this major new initiative in the sector. By investing in breakthrough tech starts ups, space-related companies and resources, Orbital Ventures is an important foundation in creating an economy of the future.”
Luxembourg’s space strategy is underpinned by encouraging innovation and entrepreneurship through funding and the launch of Orbital Ventures is a clear example of that strategy in action. The fund is dedicated to supporting the development of the commercial space industry and will focus on areas such as telecom networks, location-based services, robotics, sensors and data, earth observation and monitoring, logistics, and space resources and exploration.
Founded in 2012, Promus Ventures invests in deep-tech startups which seek solutions to complex problems in order to support everyday lives and activities around the world. From offices in Chicago, San Francisco and Luxembourg, Promus Ventures has invested in over 90 early-stage startups in the US, Europe, UK, and New Zealand.
Linklaters Managing Associate, Adrien Timmermans states:
“It was great assisting the Promus team with this groundbreaking venture fund. The collaboration allowed us to gain a deeper knowledge of the venture space sector and the type of investments which are considered in this field.”