Karista's SpaceTech Investment Strategy

Karista's SpaceTech Investment Strategy

Back in 2017, when we started thinking about creating a space-themed fund, the word “Spacetech” was virtually unknown in the European finance world. Sure, everyone had heard of SpaceX and Elon Musk's Martian ambition. But few saw space as a business opportunity for ETIs, let alone start-ups or SMEs.

Would there be enough credible non-research projects to finance? Would there be sufficiently experienced teams to support these projects? Would investors be willing to co-invest alongside us?

In the face of this skepticism, CNES, being at the heart of the matter, never doubted, gave us its confidence and helped us to convince investors of the merits of this vision of the future.

7 years on, no Deeptech fund can ignore this theme, which has become a major European opportunity and sovereignty issue. Recent events (COVID19, the war in Ukraine and very strong tensions in Asia) have only accelerated the movement that has already been underway for several years in the USA.

At the same time, the space industry has evolved considerably. The end of collaboration with the Russians and the delay of the Ariane 6 program have led to a shortage of launchers. Numerous micro-launch vehicle projects have been launched but only one really operational (RocketLab). The problem of space debris has grown and become a challenge to the expansion of this activity. Space has also become a new area of military conflict, so much so that the French Air Force is now called the Air and Space Army. Satellite cybersecurity is now a major issue for all constellation operators. The extension of the Internet to space enabled by new satellite constellations is disrupting historic monopolies like Telecom and enabling new software computing from space. Finally, space can also begin to become a place of private experimentation or production for new materials or new molecules.

Naturally, the Karista team keeps a close eye on all these developments and takes advantage of the opportunities that arise.

The figures for CosmiCapital's portfolio companies speak for themselves.

More than $170 million raised from international investors, 471 jobs created in France and Europe, strong commercial traction in all areas, and substantial refinancing to ensure the long-term viability of newly-created start-ups.

Spacetech is now well established in Europe. At Karista, we will continue to invest in this field, which is a source of growth and value creation.

Olivier Dubuisson, Managing Partner

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