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Luxembourg establishes space industry venture fund

16 Jan 2020, 23:15 UTC
Luxembourg establishes space industry venture fund
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WASHINGTON — The government of Luxembourg has invested in a new fund intended to support space startups in the country, a move that will be one of the last for the country’s most prominent backer of the industry.
Étienne Schneider, deputy prime minister of Luxembourg and the country’s economy minister, said Jan. 16 that the government invested an undisclosed amount into Orbital Ventures, a new fund based in the country. The fund, the government said in a statement, will invest in “early stage space companies with ground-breaking ideas and technologies.”
While Schneider did not disclose the amount the government is putting into Orbital Ventures, he said the fund had reached an “initial closing” of 70 million euros ($78 million.) Other investors in the fund include several financial firms, European space companies OHB and SES, and Promus Ventures, an American venture fund that has invested in a number of space startups.
“We look forward to working with our partners to back the most promising companies developing technologies in order to further promote commercial space activities,” Schneider said in the statement. “We are proud to leverage our longstanding expertise and international partnerships to set out the business case for commercializing space activity.”

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