Posted: Thu, May 24, 2001, 6:43 PM ET (2243 GMT)
Venture capital firm SpaceVest has made the first closing on its latest venture fund, the online publication VentureWire reported Thursday. SpaceVest made the first closing on the SpaceVest III fund last month, with $82 million raised. The firm plans to close the fund with $150 million raised by the end of the year. SpaceVest, one of the few venture capital firms with a focus on the space industry, will use the money to make "expansion-stage" investments of $5-7 million in space and networking industry companies, and plans to spread the fund over 15-20 companies. The company is currently evaluating five companies, according to VentureWire, and will invest in at least one this quarter. SpaceVest has previously invested in a number of space-related companies, including Analytical Graphics, AssureSat, and SPACE.com.

Related Links:

•  VentureWire article (subscription required)
•  SpaceVest