Copenhagen-based venture capital fund Final Frontier is aiming to raise €150 million to invest in European startups developing innovative space and defence capabilities.
Final Frontier was founded on 1 October by Niels Vejrup Carlsen, who previously served as the General Partner at SEED Capital Denmark. Carlsen is also an investment partner of the European Space Agency Business Incubation Centre in Denmark. However, apart from his relatively recent work with ESA, Carlsen has primarily been involved with Fintech and SaaS (Software as a Service) companies.
According to the Final Frontier website, the fund aims to provide seed-stage support to companies driving innovation in the space and defence industry.
“The war in Ukraine has revealed a technological arms race so intense that only agile startups are able to keep pace,” said Carlsen. “We need new innovative companies to challenge the established players and create a more dynamic market.”
Carlsen went on to explain that he believes without significant investment in space and defence, Europe risks falling further behind the US and China.
“Europe is falling behind the U.S. and China in terms of innovation. We need to invest more in space and defence, if we wish to remain a prosperous region.”
Final Frontier will initially focus on the Nordic region, which includes Denmark, Finland, Iceland, Norway, and Sweden. According to an initial press release, half of its investments are expected to be made in companies from this region.