The "Luxembourg" fund has so far invested in Isotropic Systems (UK), Ellipsis Drive (NL), Fernride (DE), Akasha Imaging (USA), Recycleye (UK) and Wakeo (FR). (Photo: SIP/Emmanuel Claude)

The "Luxembourg" fund has so far invested in Isotropic Systems (UK), Ellipsis Drive (NL), Fernride (DE), Akasha Imaging (USA), Recycleye (UK) and Wakeo (FR). (Photo: SIP/Emmanuel Claude)

As reported by Delano's sister publication Paperjam, the "space fund" managed by Promus Ventures has €120m at its disposal, and it has already invested a handful of it.

On Monday, 25 October at a press conference in Dubai, where he is leading a three-day economic mission, the minister for the economy, Franz Fayot (LSAP), recalled that "encouraging innovation and entrepreneurship via financing was one of the pillars of the Luxembourg strategy. By investing directly in promising space funds, the Orbital Ventures fund is an excellent example of a financing tool dedicated to the development of the space industry."

"We continue to see tremendous growth and development in the new space industry, and we are excited to deploy this new sector-specific space fund," said Promus Ventures partner Pierre Festal. "We thank our investors for their confidence and support in this venture. Since 2014, we have a strong track record of investing in successful space start-ups, including industry leaders such as Rocket Lab, Spire, Iceye and others. This is a pivotal time for global space players and the outlook is good."

The "Luxembourg" fund has already invested in Isotropic Systems (UK), (NL), Fernride (DE), Akasha Imaging (USA), Recycleye (UK) and Wakeo (FR).

11 million more for Wakeo

Ten days ago, the fund raised €11m, once again from Promus Ventures and 360 Capital, on the back of 300% growth in turnover last year.

From Paris, Wakeo assists major global groups such as Uniqlo, Air Liquide, Faurecia, B. Braun and Clasquin in optimising their transport chains and making them more reliable in the face of disruptions in international supply chains. 70% of transport or logistics companies do not have an indicator of their environmental footprint, even though they account for 17% of global emissions, and this is where the French start-up plays a role.

This example is interesting because it shows the race in which investors are engaged to detect as early as possible lesser-known companies which will be successful in the future. This also points to the risk that Luxembourg must take to attract new players to the country.

The ball has only just started rolling.

This story was first published in French on . It has been translated and edited for Delano.