AUDACIA : Expansion Ventures to begin operation with a €100 million 1st closing, anchored by a €60 million investment from EIF

information fournie par Boursorama CP •23/01/2024 à 07:00

Brussels, 23/01/2024 – Expansion Ventures, a pan European private venture capital company dedicated to Europe's rising New Space and New Air Mobility sectors announces the launch of its first closing operations for its fund Expansion, with an initial tranche of €100 million.

Based in Paris and Stockholm, Expansion has been cofounded by experienced entrepreneurs and aerospace experts Charles Beigbeder, Ted Elvhage, Sandra Budimir and Ulf Palmnäs and by French investment management company Audacia which has incubated this initiative through its deeptech program.

The fund has garnered support from prominent investors, including the European Investment Fund (EIF) which has announced a significant investment commitment of €60 million into Expansion, leveraging the CASSINI funding facility of the European Commission, and the support of French industrial families and institutional investors.

EIF commitment represents a significant milestone for Expansion and reaffirms its role as a supporter of European New Space and New Air Mobility industries. Europe benefits of an outstanding academical excellency, hosting many international industrial champions, but is still lagging to the US in terms of Venture Capital resources with $6 bn invested in the new space industry in the US vs $1 bn in Europe in 2022, according to ESPI.