Investor Profile: NewSpace Capital — Thesis, Cheque Size & How to Apply

NewSpace Capital is a Luxembourg-based private equity fund dedicated to space-focused technology investments, founded in 2018. It targets growth-stage companies that have already passed their main technical, market and financing risks and now need capital to scale. For space founders, how to get funding from NewSpace Capital means arriving with repeatable revenue and a product that customers already buy, not just a launch plan.

Thesis

NewSpace Capital invests in the commercial space economy, with a focus on downstream applications and supply-chain segments rather than launch vehicles alone. Its thesis is that the most attractive risk-adjusted entry point is growth capital: companies with scalable, repeatable revenue and a clear problem they solve for customers. It also applies environmental, social and governance screens across its portfolio.

Sectors and stages

It invests mainly in Europe and the US, across earth observation, satellite communications, photonics and spacecraft manufacturing. It targets growth-equity opportunities, backing companies that have moved beyond technical proof and need working capital to scale operations. Its portfolio spans environmental intelligence, radar satellites, laser communications, small-satellite cameras and spacecraft platforms.

Fund size and cheque size

NewSpace Capital announced a first closing of its space-focused growth fund at €105 million in December 2022, anchored by Archean Capital Partners. A later interview put the fund's target size at $250 million, with concentrated investments of $10 million to $20 million per company. The final close figure was not confirmed in the sources reviewed, and a 2026 report says the firm is raising a second fund, so founders should confirm the current fund status before pitching.

Notable portfolio

Its portfolio includes ICEYE, which operates the world's largest constellation of synthetic aperture radar satellites, providing round-the-clock earth observation data. Kayrros uses artificial intelligence on satellite imagery to give companies and policymakers environmental intelligence, including work with the United Nations Environment Programme. Cailabs, a photonics leader, received a €15 million lead investment from NewSpace Capital in a €26 million Series C round. Other holdings include Simera Sense, York Space Systems, FibreCoat, K2 Space and CesiumAstro.

Partners and team

Bogdan Gogulan is chief executive and managing partner. Originally from Estonia, his background spans financial economics, capital markets and defence, including intelligence, surveillance and reconnaissance work that first drew him to earth observation data and satellite communications. He has described the current period as a space technology super cycle, driven by government and commercial demand.

Programs, credits and perks

NewSpace Capital runs no public accelerator or credits programme. Its support is hands-on growth help: using its technical and commercial expertise and network to help portfolio companies win additional revenue, including government and enterprise customers. The firm is also a member of the European Space Agency's Investor Network, which supports technical and market assessment of investments.

How to apply for funding

There is no public application portal or open call, and no published application timetable was found in the sources reviewed. Founders normally approach the firm through its website with evidence of commercial traction: contracted or repeat revenue, a scalable product, unit economics that support growth capital rather than venture-style experimentation, and a clear use of funds for scaling operations. Companies still proving core technology, or pre-revenue, are unlikely to fit a fund designed for the growth stage.