According to TechCrunch news, the former leaders of Elon Musk’s SpaceX are starting a venture capital firm, Interlagos to focus on deep technology startups.
Interlagos based in El Segundo, California is aiming to raise fund $550 million that will support companies between 26 to 32 startups. The firm will provide capital under the Section B category to complete its massive target.
If Interlagos is successful in its plan, it will become the largest first-time fund. The firm enterprising goal is to become a major long-term partner for an innovative but capital-intensive company.
“We are sized to lead and be persistent capital partners to leading companies,” the pitch deck says.
Interlagos’ founding team members include Anchal Upadhyaya was a senior manager at SpaceX for a decade and leading investment in space and defense at Cantos Ventures. Ochinero handled billions of dollars in annual revenue as a high-ranking SpaceX executive. He left the company in March after a 10-year period. Spencer Hemphill, Interlagos’ CFO was a former Sequoia finance leader. This founding trio targets to find cutting-edge companies with deep-changing technologies.
Additionally, the general partners have their own role in the firm. They committed to invest 2% of the fund as investors. Along with the rest, standard funds have a 2% management fee, 20-25% carry, meaning how much the fund will keep of its returns, and follow deals that will give the firm 18-25% stakes in the startups.
Interlagos focuses on deep tech including aerospace, manufacturing, and biotechnology which multiplied their potential through longer times. If the collection of fundraise is successful, it will empower the innovative startups.
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