Alpine Space Ventures founding partners Bulent Altan, left, and Joram Voelklein. Photo: Alpine Space Ventures

European venture capital firm Alpine Space Ventures closed its first fund with 170 million euros ($185 million) in capital to target space startups. 

The fund is targeting Series A funding rounds of companies in the space sector, primarily in Europe but also in the U.S. and beyond. The fund has a special focus on companies working on the industrialization of the space sector and hardware and software solutions around connectivity and data. 

A concentrated portfolio of no more than 10 to 15 companies will receive up to 5 million euros ($5.4 million) initially, with funds reserved for follow-on rounds. Alpine Space Ventures portfolio includes mega satellite manufacturer K2 Space, manufacturer Reflex Aerospace, electric thruster company Morpheus Space, pressure tank startup Blackwave, and solar power provider Source Energy. 

The fund’s founding partners are Bulent Altan, an early leader at SpaceX, and investor and entrepreneur Joram Voelklein. The fund’s investor base includes more than 20 early SpaceX employees, along with the European Investment Fund (EIF), the NATO Innovation Fund (NIF) and several high-profile family offices.

“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,” Altan commented.