Polish fund OTB Ventures leads a €26.7M Series A round for ClearSpace
19 January, 2023, 15:18
The Warsaw-based VC fund OTB Ventures has backed ClearSpace, the Swiss-based in-orbit services company. Together with the European Investment Fund, Swisscom Ventures, and other investors, OTB invested €26.7 million.
- Launched in 2017, OTB Ventures is a leading venture capital firm in CEE, managing over $300 million. OTB team is working from offices in Amsterdam and Warsaw. OTB Ventures’ goal is to support startups in 4 key verticals: spacetech, AI and automation, fintech, and cybersecurity.
- In November 2022, OTB Ventures has announced the launch of a new €150 million OTB Fund II. It will make direct investments in early growth deeptech companies, developing innovative breakthroughs with R&D in Europe.
- The Lausanne-based ClearSpace, founded in 2018, creates the technologies that will support a wide range of IOS applications, from disposal and in-orbit transport to mission extension, assembly, manufacturing, repair, and recycling. ClearSpace aims to support institutions and commercial operators alike, enhance sustainable space operations, and promote a circular space economy.
- ClearSpace has teams in Switzerland, the UK, and Germany. The startup is ramping up operations ahead of the world’s first space debris removal mission, ClearSpace-1, scheduled to launch in 2026.
- The European Investment Fund supports the fresh round under InvestEU program along with Swisscom Ventures. The Luxembourg Future Fund, Lakestar, In-Q-Tel, Happiness Capital, and 600 T Space Investments also participated.
- ClearSpace will use the investment to further accelerate the movement toward the sustainable use of space. As part of the financing, ClearSpace is establishing an operational presence in Luxembourg that will benefit from the strong space and satellite focus there.