Alpine Space Ventures Launches €170 Million Fund to Boost European Space Startups

Alpine Space Ventures, a venture capital firm focused on early-stage investments in the burgeoning European space sector, has announced the final closing of its inaugural fund, amassing a total of €170 million. This fund aims to target Series A rounds to establish initial positions in startups that either serve or utilize the global space industry, with a particular focus on the industrialization of the space sector and hardware and software solutions related to connectivity and data.

While the primary focus of Alpine Space Ventures is on the European ecosystem, the firm maintains geographic flexibility to invest in the United States and beyond, leveraging its team's industry relationships, particularly those formed with the early leadership team of SpaceX. The firm plans to build a concentrated portfolio of no more than 10-15 selected investment targets, with each receiving up to €5 million initially and significant reserves allocated for follow-on rounds.

So far, the fund has added five companies to its portfolio: K2 Space, a satellite manufacturer creating cost-efficient mega-class satellites for mass abundance; Reflex Aerospace, which builds payload-centric and scalable spacecraft using a highly modular satellite bus; Morpheus Space, offering electric thrusters and software solutions to enhance in-space mobility for satellite operators; Blackwave, a series manufacturer of productized carbon-fiber reinforced pressure tanks for launch vehicles and satellite systems; and Source Energy, a producer of off-the-shelf solar panels for spacecraft that significantly reduces delivery times of flight-proven power systems.

The Alpine Space Ventures investment team brings over 50 years of experience in building products, teams, and companies, significantly shaping the NewSpace industry. Founding Partner Bulent Altan was an early leader at SpaceX, joining Elon Musk's team in 2004 and overseeing avionics development for the Falcon 1, Falcon 9, and Dragon capsule. He later managed the development of the initial Starlink satellites before leaving the firm in 2017. Founding Partner Joram Voelklein has been successfully investing in technology since 2015, including a notable angel investment in launch company Isar Aerospace alongside Bulent, making him one of the earliest backers of the European space tech ecosystem.

Bulent Altan emphasized the firm's strategic focus: "First and foremost, we are investing in the best teams with a strong market understanding, who are putting customer-centricity first, and are iterating through technical solutions quickly in their pursuit to build the best possible commercial solution." Meanwhile, Joram Voelklein expressed optimism about the future of the European space sector, stating, "Today’s a great day for the ecosystem and beyond as we are making a significant volume of smart money available to scale up space-enabled solutions globally and across industries. We are still in the early days of the European space ecosystem and I could not imagine a better time to inject further momentum into it."

The expertise of Alpine Space Ventures is further bolstered by its investor base, which includes many entrepreneurs and pioneers of the space industry, notably more than 20 early SpaceX employees. Other investors supporting the fund include the European Investment Fund (EIF), the NATO Innovation Fund (NIF), and several high-profile family offices.

By injecting substantial financial resources into innovative space startups, Alpine Space Ventures aims to accelerate the development and commercialization of new technologies within the European space sector. This significant funding initiative is expected to enhance Europe's competitive edge in the global space industry, supporting the growth and success of pioneering companies in this rapidly evolving field.