Alpine Space Ventures secures €60m to support the growing commercial NewSpace ecosystem

The European Investment Fund (EIF) is committing €60 million in equity to Alpine Space Ventures (ASV), a Germany-based venture capital fund focusing on the NewSpace sector. The funding is backed by InvestEU and the CASSINI investing facility of the European Space programme, as well as by the European Recovery Programme (ERP) of the German government. With this investment, ASV's committed capital surpasses the €100 million mark, bringing the fund closer to its target size of €160 million, which is expected to be achieved later this year. 

The term “NewSpace” refers to the private space industry, in contrast to the conventional, mostly government-led space agencies. NewSpace ventures are spanning in areas from private launch to high-speed internet constellations, earth observation satellites and ground or space equipment for space debris tracking. In Europe, the NewSpace sector consists of a growing number of private companies and start-ups that are developing commercial NewSpace technologies.

Joram Voelklein, Founding Partner, Alpine Space Ventures: "The commitment of the European Investment Fund to invest 60 million euros in Alpine Space Ventures is a significant milestone for us. This investment not only increases our financial resources, but also demonstrates the confidence that investors and industrial partners have in our team and our innovation capabilities in the NewSpace sector." 

ASV is quickly emerging as one of the leading NewSpace funds in Europe. The fund focuses on the entire value chain of satellite constellations and Earth observation. To date, ASV has already invested in four companies: small satellite manufacturer Reflex Aerospace, electric propulsion company Morpheus Space,  carbon composites expert Blackwave and Source Energy, a provider of integrated energy solutions for space vehicles.

The fund was founded by Bulent Altan and Joram Voelklein. Bulent Altan is the Co-CEO of laser communication company Mynaric and is expected to move to the supervisory board soon (subject to shareholder approval). He has been VP Avionics, Guidance, Navigation Control at SpaceX where he was also the chief engineer for Starlink, SpaceX’s satellite internet constellation, today operated in 53 countries. Joram Voelklein, a German entrepreneur and tech investor, already played an instrumental role in financing the Munich-based NewSpace company Mynaric from the first funding round to its IPO in 2017.

The European NewSpace ecosystem is gaining momentum. The German small launch provider Isar Aerospace has for instance recently successfully completed a record Series-C funding round of €155 million. Altan and Voelklein were both founding investors of the company and participated in multiple funding rounds before setting up Alpine Space Ventures. Altan also serves as Chairman of the Board of the company. 

The technical expertise of the ASV team is a decisive competitive advantage for identifying the most promising NewSpace technologies to invest in. Catriona Chambers, who worked at SpaceX for 16 years and most recently led Starship Avionics there, serves as the Technical Director of the fund, supported by Hans Koenigsmann, former Chief Engineer of Elon Musk and one of the world's most renowned aerospace engineers, as technical advisor. The team is completed by Principal Lynn Zoenen and CFO Christina Kotzur. 

With significant investments from the EIF, Primepulse, and various other family offices, Alpine Space Ventures is well positioned to further drive growth and innovation in the NewSpace ecosystem and usher a new era of technological advancement in the space industry. Most recently, ASV also attracted more than 20 SpaceX executives and early employees as Limited Partners. This Limited Partners expansion further strengthens the fund's competitive edge and provides an opportunity for portfolio companies to benefit from additional reach and specialized expertise.

Marjut Falkstedt, CEO, EIF: “Space has become the source of very important technological developments, and its importance will only continue to grow in the next decade. This opens up significant potential for profitable investments and also adds a powerful tool in the arsenal to tackle so many of the problems we are facing, most notably climate change. That’s why, at the EIF, we are proud to support advanced technology investors like Alpine Space Ventures to further boost European capabilities in the NewSpace sector.”

www.alpinespace.vc