At Promus Ventures, we believe that having a well-thought out thesis on the macro economy and markets is key to navigating the path ahead. So we make it a point every quarter to refine our thoughts on the setup and make sure 1) our investors know our evolving thesis on macro outlook and 2) our portfolio founders also know these thoughts as well as the reality of the venture market.
We thought we’d share some of our thoughts on the current private market environment, as featured in Orbital Ventures’ most recent Limited Partner quarterly letter.
It has been a privilege for Orbital Ventures to back the talented Helsinki-based ICEYE team since early 2018. With this latest round, ICEYE has now raised $304M of capital since 2015 and hired over 300 people. The team has successfully launched 16 satellite missions since its first satellite was launched four years ago.
The space industry with its myriad of new startups has now successfully gone through its own Max-Q. Over the last decade, these startups have grinded, innovated, and withstood the drag of naysayers and limited amounts of early capital to blaze ahead into higher altitudes.
Orbital Ventures is privileged to lead the $4.8M seed round of Recycleye, a London-based startup using advanced computer vision, artificial intelligence and robotics to solve the world’s global waste management problem.
We are excited to announce our fifth venture capital fund, and our first sector specific fund, a new $140M fund specifically focused on backing early-stage space and geospatial teams around the globe. Seven investments into US, EU and UK startups already closed from fund.
Congratulations to Will Ahmed, John Capodilupo, and the entire Whoop team on their new $200 million Series F financing at a $3.6 billion valuation led by Softbank.
Joins Spire as the second Orbital Ventures portfolio company to trade in the span of a week publicly. Congratulations to Pete Beck and the Rocket Lab team on their first day of trading as a public company today (NASDAQ: RKLB).
Congratulations to Spire co-founders Peter Platzer, Jeroen Cappaert, Joel Spark and the entire Spire team on their first day of trading as a public company today (NYSE: SPIR).
Yesterday, two Orbital Ventures portfolio companies (Rocket Lab and Spire) announced they were going public via SPAC (double the fun!). Yesterday we wrote about Rocket Lab’s $4.1B enterprise valuation announcement and today we get the privilege of trumpeting Spire and its plans to go public at a $1.2B enterprise valuation.
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