Chenel Capital

SpaceTech Fund I LP

Chenel Capital is leveraging its recent Phantom Space success, industry momentum, and its network of founders in the sector to provide investors direct access to early-stage investments in the companies that are propelling the commercial space revolution.

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Investment Focus

Space is the final frontier for humanity and our mission with SpaceTech Fund I LP is to invest in companies that enable the commercialization of space and are shaping the future. Democratized access to space allows companies in mission design, manufacturing, rideshare, launch, ground support, and satellite communications to thrive. The fund seeks to provide early-stage capital to enable the success of these businesses and capitalize on industry growth.

Addressable Market

Private and government investment in launch technologies have led to a substantial reduction in the cost to get payloads into space, and this has allowed the market for commercial space opportunities to grow to a staggering size. Today the total addressable market for commercial space ventures is estimated at ~$570B, with space-centric data systems accounting for $500B, satellite systems making up for $50B, and launch services accounting for $20B.

Recent Industry Exits

Early-stage investors in the space sector have enjoyed myriad exit and liquidity opportunities via SPACs, traditional IPOs, and acquisitions. Space sector SPAC deals have been extremely prevalent, with the below sample of select 2021 SPAC deals:

CompanySub-sectorExit TypeYears to ExitExit Size (bn)
Rocket LabLaunch ServiceSPAC14$6.7
Astra SpaceLaunch ServiceSPAC5$2.1
AST SpaceMobileAST Space MobileInfrastructureInfraSPAC3$1.8
Spire GlobalSatelliteSPAC8$1.6
BlackSky GlobalSatelliteSPAC8$1.5