Aerospace manufacturer OHB, postal service Post Luxembourg and satellite operator SES have contributed to the €70m ($77.9m) first close of Luxembourg-based investment vehicle Orbital Ventures, SpaceNews has reported.
Venture capital firm Promus Ventures and Luxembourg’s Ministry of the Economy are also among the fund’s limited partners, as are financial services firms BCEE, BGL BNP Paribas, BIL and SNCI, according to SpaceWatch.Global.
The vehicle will invest in space technology developers that are profitable or expected to reach that point in the near future, according to the Luxembourg government. It complements government initiatives directed at turning Luxembourg into a spacetech and space resources industry hub.
Deputy prime minister and economy minister of Luxembourg, Étienne Schneider, said: “For decades, Luxembourg has been at the forefront of initiatives shaping the future of space.
“We look forward to working with our partners to back the most promising companies developing technologies in order to further promote commercial space activities.”