Key Takeaways
- • NewSpace Capital CEO and Managing Partner Bogdan Gogulan says the firm's Fund I is delivering returns and the firm is raising a second fund, according to an Opalesque for New Managers interview.
- • Gogulan describes the macro backdrop for space investing as having "moved decisively" in the sector's favor since 2023, when he called it the "beginning of a space technology super cycle."
- • Government demand, including sovereign defense spending, is driving momentum, while commercial B2B adoption in insurance, energy, transportation, and agriculture is accelerating.
- • Consumer (B2C) applications are emerging, with Starlink cited as an example and direct-to-device connectivity and consumer earth observation imagery expected to grow in importance.
- • NewSpace Capital is keeping its "picks and shovels" strategy, focusing on ground-side infrastructure and enabling technologies rather than higher-risk space ventures.
Summary
NewSpace Capital, the space-focused investment firm led by CEO and Managing Partner Bogdan Gogulan, is reporting progress on its first fund and is raising a second, according to an interview with Opalesque for New Managers. When Opalesque first spoke with Gogulan in 2023, he described the sector as being at "the beginning of a space technology super cycle." Gogulan says the macro environment has since moved in the sector's favor. "On the macro side, there is clearly very strong momentum for the space sector," he said. The article does not disclose Fund I's distributions-to-paid-in (DPI) multiple or other performance figures, and the firm's fund size and target for Fund II were not stated.
Gogulan attributes the momentum to two sources. Governments are increasing spending on sovereign defense capabilities, and the strategic importance of space has entered mainstream public debate. On the commercial side, he says business-to-business (B2B) growth is accelerating as insurance, energy, transportation, and agriculture companies adopt space-enabled products and services. He also points to emerging business-to-consumer (B2C) applications. Starlink's residential adoption is the example he cites, along with direct-to-device connectivity and services that deliver earth observation imagery to consumer smartphones. In his words, "the space sector is growing, and that growth is accelerating."
NewSpace Capital says its strategy is unchanged. Gogulan states, "We are sticking to our guns: giving investors access to the growth of the space industry without taking on the extra risks." The firm continues to focus on ground-side space infrastructure and enabling technologies, the "picks and shovels" segment of the sector.
Gogulan attributes the momentum to two sources. Governments are increasing spending on sovereign defense capabilities, and the strategic importance of space has entered mainstream public debate. On the commercial side, he says business-to-business (B2B) growth is accelerating as insurance, energy, transportation, and agriculture companies adopt space-enabled products and services. He also points to emerging business-to-consumer (B2C) applications. Starlink's residential adoption is the example he cites, along with direct-to-device connectivity and services that deliver earth observation imagery to consumer smartphones. In his words, "the space sector is growing, and that growth is accelerating."
NewSpace Capital says its strategy is unchanged. Gogulan states, "We are sticking to our guns: giving investors access to the growth of the space industry without taking on the extra risks." The firm continues to focus on ground-side space infrastructure and enabling technologies, the "picks and shovels" segment of the sector.
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