Promus Ventures has raised $140m to close its first fund solely dedicated to early-stage space investments.
The Orbital Ventures vehicle follows four deep tech fundraises from Promus, which most recently targeted up to $75m for a flagship vehicle in 2018.
Promus made its first space investment back in 2014, and has made early bets on businesses in the sector including Rocket Lab, Spire Global, ICEYE and Mapbox.
The firm said its new fund would benefit from its experience investing up and down the space stack, including launch, constellations and application layer data companies.
Promus founder and managing partner Mike Collett said, “It is worth noting that when we started investing in space we were routinely told that our space investments would never work, these teams would require too much capital and their models were too difficult to execute.
“Why would any early-stage venture capital firm invest in such capital-intensive sectors as space?
“We have been lucky to invest with incredible teams that found a way past these critiques from the cheap seats to build such terrific companies today.
“Some of them, such as Rocket Lab and Spire, have even started trading as public companies last month.”
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