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Chicago-based Promus Ventures has closed a €120 million ($139 million) house fund, dubbed Orbital Ventures, centered on early-stage house corporations.
The brand new fund, which might 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 Financial system and the Nationwide Credit score and Funding Establishment.
Whereas Promus Ventures’ invests throughout a spread of industries, its observe historical past within the house sector consists of 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 information firm Ellipsis Drive, and Denmark’s Fernride.
“We proceed to witness terrific development and developments within the New House trade, and we’re excited to deploy this new sector-specific house fund,” Promus Ventures associate Pierre Festal mentioned in an announcement. “We’re grateful to our traders for his or her belief and help on this endeavor. […] It’s a pivotal time for world house gamers and the outlook is robust.”
The brand new fund is simply the most recent sector-specific house fund to emerge in recent times, as investor curiosity within the burgeoning orbital market continues to rise. Final week, House Capital reported that traders – together with VCs, angel traders, company traders, personal fairness and others – poured $8.7 billion into the trade within the third quarter of 2021 alone, positioning this 12 months to beat 2020’s investing report.
A lot of the capital raised went to house corporations that went public through mergers with blank-check corporations. These offers accounted for $1.2 billion of the $3.9 billion of enterprise funding in the course of the third quarter of this 12 months.
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