The Commission and the European Investment Fund (EIF) have announced a €300 million investment into the space sector, with €100m stemming from the EU budget, supporting ground-breaking innovation in the industry. The EIF s participation is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. This investment […]
European Investment Fund announces €300 million of space sector finance with new investments into Orbital Ventures and Primo Space Dettagli
The European Investment Fund (EIF) is partnering with the European Commission, to announce €300 million of investments into the EU space sector, supporting ground-breaking innovation in the industry. During the European Space Conference
in Brussels, EIF and the EC jointly announced investments into two space tech focused funds - Orbital Ventures and Primo Space, under the first ever EU-backed equity pilot - the InnovFin Space Equity Pilot. An additional investment expected to be signed by end of Q1 will mark the full deployment of the €100m InnovFin Space Equity Pilot. These agreements are supported by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe.
EU Attracts €300 Million of Investments to Boost Innovation in Space Sector 14 January 2021
The European Commission and the European Investment Fund (EIF) announced a €300 million investment into the space sector, supporting ground-breaking innovation in the industry.
The EIF s participation is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
This investment concerns two space tech focused funds, Orbital Ventures and Primo Space, under the first ever EU-backed equity pilot in the space sector, the InnovFin Space Equity Pilot.
Orbital Ventures, a pan-European seed and early stage fund, focuses on space technologies including downstream (communications, cryptography, data storage and processing, geolocation, earth observation) and upstream (space hardware, materials, electronics, robotics, rockets, satellites) areas.
Space - Image Pixabay
(BRUSSELS) - The European Investment Fund and the EU Commission announced investment of some EUR 300 million into the European space sector Wednesday, supporting ground-breaking innovation in the industry.
The EIF/EC announcement at the European Space Conference was of investment into two space tech focused funds - Orbital Ventures and Primo Space, under the first ever EU-backed equity pilot - the InnovFin Space Equity Pilot. An additional investment expected to be signed by end of Q1 will mark the full deployment of the €100m InnovFin Space Equity Pilot. These agreements are supported by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe.
Primo Space focuses on space investments, with first closing at €58m and target size of €80m.
European Investment Fund (which committed €30m backed by the new InnovFin Space initiative and the Investment Plan for Europe of the European Commission) and CDP Venture Capital SGR acted as cornerstone investors in the fund. The VenturItaly Fund of Funds, Compagnia di Sanpaolo, Luigi Rossi Luciani S.a.p.a., Banca Sella also participated in the first close.
Primo Space invests in technology spin-offs, startups and SMEs, working closely with the Italian research and academic world, including the Italian Space Agency, in order to bring the most promising technologies and entrepreneurial teams to the market.