insider brief
Interlagos, a new venture capital firm founded by former SpaceX executives, is aiming to raise $550 million in debut funding. This first-of-its-kind fund aims to invest in early-stage deep tech startups, with deployments ranging from inception to Series B funding rounds. The partners themselves are also committed to this fund, pledging to contribute 2% from their personal finances to the general partner. Their investment strategy is simple: they aim to acquire an 18-25% stake in the companies they support. The terms of the fund follow industry standards, with a management fee of 2% and a carry structure of 20-25%.
Interlagos, a new venture capital firm founded by former SpaceX executives, has raised $550 million in debut funding, according to regulatory filings and proposal materials shared with prospective limited partners (LPs). It is reported that the company is aiming to procure This first-of-its-kind fund aims to invest in early-stage deep tech startups, with deployments ranging from inception to Series B funding rounds.
Interlagos, based in El Segundo, California, plans to make 26 to 32 investments targeting $550 million. The company is positioned to lead the round and provide consistent capital as the company grows. The Interlagos team includes several prominent figures in the space technology field. Achal Upadhyaya spent 10 years as a senior engineer at SpaceX before leading space and defense investments at Cantos Ventures. Tom Ochinello is a former SpaceX executive responsible for generating more than $1 billion in annual revenue. Spencer Hemphill, the company’s CFO and former Sequoia finance leader;
The partners themselves are also committed to this fund, pledging to contribute 2% from their personal finances to the general partner. Their investment strategy is simple: they aim to acquire an 18-25% stake in the companies they support. The terms of the fund follow industry standards, with a management fee of 2% and a carry structure of 20-25%.
Interlagos’ investment thesis is broad and focused on deep technology sectors, although specific areas of interest have not been fully disclosed. Mr. Upadhyaya has a track record of early investments in innovative startups such as Neros Technologies (unmanned defense systems) and SoloPulse (quantum mechanics), and also participated in seed rounds for Shinkei Systems and Pilgrim while at Cantos.
The venture capital firm’s bold goals reflect its confidence in both the team’s experience and the potential of the deep tech market. The fund is still in the process of raising money, but sources say the first round has already been raised.
The business comes at a key moment as Interlagos seeks to establish a leading position in the deep tech investment landscape.
