Insider Brief
- Interlagos, a new venture capital firm founded by former senior SpaceX leaders, is looking to raise $550 million for its debut fund.
- This first-time fund aims to invest in early-stage deep tech startups, with capital deployment ranging from inception to Series B funding rounds.
- The partners themselves have committed to the fund, pledging a 2% general partner contribution from their personal finances.
- Their investment strategy is straightforward, seeking 18-25% equity stakes in the companies they back. The terms of the fund follow industry norms, with a 2% management fee and a 20-25% carry structure.
Interlagos, a new venture capital firm founded by former senior SpaceX leaders, is reportedly looking to raise $550 million for its debut fund, according to regulatory filings and a pitch deck shared with prospective limited partners (LPs). This first-time fund aims to invest in early-stage deep tech startups, with capital deployment ranging from inception to Series B funding rounds.
Interlagos is based in El Segundo, California, and plans to make 26-32 investments with the $550 million target. The firm is positioning itself to lead rounds and provide consistent capital as companies grow. The team behind Interlagos includes several high-profile figures from the space tech sector: Achal Upadhyaya, who spent a decade as a senior engineer at SpaceX and later led space and defense investments at Cantos Ventures; Tom Ochinero, a former SpaceX executive responsible for generating over a billion dollars in annual revenue; and Spencer Hemphill, the firm’s CFO and a former finance leader at Sequoia.
The partners themselves have committed to the fund, pledging a 2% general partner contribution from their personal finances. Their investment strategy is straightforward, seeking 18-25% equity stakes in the companies they back. The terms of the fund follow industry norms, with a 2% management fee and a 20-25% carry structure.
Interlagos’ investment thesis is broad, focusing on deep tech sectors, though specific areas of interest have not been fully disclosed. Upadhyaya has a track record of early investments in innovative startups, including Neros Technologies (unmanned defense systems) and SoloPulse (quantum mechanics), while also participating in seed rounds for Shinkei Systems and Pilgrim during his time at Cantos.
The venture capital firm’s bold target reflects confidence in both the team’s experience and the potential of the deep tech market. Though the fund is still in the process of raising capital, sources indicate that a first close has already been made.
This venture marks a significant moment for Interlagos as it seeks to position itself as a leading player in the deep tech investment landscape.
