SpaceFund announced it has reached and surpassed the planned first close of $5 million for its $20 million BlastOff Fund today. The Houston and Austin-based company says commitments to the fund have reached $9 million as of Monday morning.
“We are thrilled to see how many investors are placing their trust in our team,” said SpaceFund founder Rick Tumlinson. “We spent a lot of time slowly and carefully developing our processes and credibility, so we can better serve both investors and the amazing space startup community, and it’s paying off.”
SpaceFund began life at the end of 2019, announcing its first LaunchPad fund in the fall of that year. The proof-of-concept fund closed in August of 2020 and has already invested in 13 exciting space startup companies. Continuing SpaceFund’s strategic plan, the BlastOff Fund will build on those investments and expand the firm’s portfolio with larger investments, including some in later-stage companies.
“SpaceFund is about combining a bold approach with a very conservative diligence and investment process,” said SpaceFund managing partner Meagan Crawford. “The BlastOff Fund continues our careful growth plan but is designed to accelerate our ability to place investment into those companies that are leading the Space Revolution.”
The BlastOff Fund was helped in its ignition by billionaire digital finance innovator Jed McCaleb, creator of the Stellar protocol, who anchored the BlastOff Fund. A well-known visionary leader in the cryptocurrency world, McCaleb is also a believer in the rise of the NewSpace industry and commercial space.
According to McCaleb: “I came to SpaceFund to ask questions because they are seen as credible thought leaders in the space investment industry. By the time we finished talking, it was clear they were an obvious choice to help me invest in this amazing field.”
“Jed is a well-informed investor and one who deeply cares about the future of space and humanity,” added Crawford. “He is exactly the kind of investor we hope to attract into the SpaceFund family. For us, this isn’t just about money. It is about how we can best impact the future. Jed and the other investors in the fund get that.”
“There is a reason we call this the BlastOff fund,” concluded Tumlinson. “Anyone who follows what is happening in space can see that after almost 60 years, this industry is taking off. Our job is to help investors climb aboard the right companies to carry them to their financial destinations as we open the Frontier.”