Final Frontier, a new Nordic venture capital fund specialising in space and defence technologies, has launched.
It aims to raise €150 million to strengthen the commercial development of space and enhance the innovative capabilities of the European defence sector to ensure the safety and strategic autonomy of European democracies.
The founding partner, Niels Vejrup Carlsen, is a prominent figure in Danish tech. For the past 17 years, he has been with leading venture capital fund SEED Capital. He led investments in and has held board positions at leading startups such as Trustpilot, Lunar, Vivino, and Dixa.
Final Frontier has a European investment scope but will focus on the Nordic region, where half of its investments are expected to be made. It will be the first private venture capital fund in Denmark investing in aerospace and defence.
According to Niels Vejrup Carlsen:
“Space technologies often have a defence dimension. At the same time, the war in Ukraine has shown that space plays an enormous military strategic role. These sectors are inseparable when we need to re-establish European defence in response to the military threats and geopolitical conflicts that have become a new European reality.”
In recent years, it has become both legally and economically feasible for private actors to engage in the commercial development of space. This has been especially evident in the US, with companies like SpaceX, Rocket Lab, and Planet. In contrast, the EU only really opened up to private and commercial space projects in 2023. Simultaneously, the evolving security situation in Europe has created a need for private investment in developing a more innovative defence industry, making the timing of Final Frontier’s launch ideal.
“The war in Ukraine has revealed a technological arms race so intense that only agile startups are able to keep pace. We need new innovative companies to challenge the established players and create a more dynamic market. Meanwhile, we can expect massive public investments in defence in the coming years, so meeting the demand will be a challenge in itself,” Niels Vejrup Carlsen adds.
New military and aerospace technologies will not only enhance European defence capabilities but also drive significant technological advancements in other areas. The internet originated as a U.S. defence project, while innovations such as solar panels, water purification systems, and GPS emerged from space exploration efforts. Final Frontier aims to find similar dual use technologies with broader public benefits.
“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. In return, this will help solve humanity’s grand challenges and benefit crucial sectors like health or climate tech,” concludes Niels Vejrup Carlsen.
Lead image: Niels Vejrup Carlsen. Photo: uncredited.
By Tech.eu
Source: Tech.eu