Fortuna Investments announces US expansion and first space investment

Fortuna Investments announces US expansion and first space investment
by Staff Writers
Miami FL (SPX) Feb 20, 2023
Fortuna Investments ("Fortuna"), a venture capital and advisory firm founded by Justus Parmar, is pleased to announce its expansion to the U.S. market with the opening of an office in Miami Beach, Florida. From this strategic vantage point, the firm plans to invest in companies and entrepreneurs in both the burgeoning space industry as well as clean-tech and other emerging industries.

In conjunction with the opening of its Miami office, Fortuna also announced an initial investment in Starfighters Space, a fast-growing company based in Cape Canaveral, Florida, which targets launches of small satellites and payloads from its fleet of seven F-104 supersonic aircraft. The company, led by industry veteran Rick Svetkoff, currently serves global multi-national customers including Lockheed Martin, GE, Innoveering, Avio, Meggitt and the U.S. Air Force Research Laboratory.

"With its growing culture of innovation and pro-business environment, South Florida is the perfect place for Fortuna to make our U.S. debut," said Mr. Parmar. "The space industry really is the next frontier-and both the time and environment are right to provide capital and partner with the entrepreneurs and companies leading the way. We're excited that Rick and Starfighters Space mark our first investment here, as the small satellite market is expected to grow to over $54 billion by 2030.1"

Fortuna plans to add key personnel to its Miami team over time, as South Florida becomes increasingly ripe for entrepreneurship and venture capital investment. In recent years, Florida has led the nation in new business applications, with 5.8 million-or nearly 12% of the total-filed between January 2021 and January 2022.2

Fortuna has a successful track record across Canada and globally, partnering with high-growth companies in industries including technology, electric vehicles, metals and mining, space, robotics, CPG, clean-tech, food-tech, sports and other emerging industries.

One of Fortuna's portfolio companies, Millennial Lithium, sold to Lithium Americas for $460 million in 2021. Another portfolio company, American Lithium, began trading on the Nasdaq in mid-January and just announced its maiden preliminary economic asset with a value of $3.6 billion.

In addition to its Florida operations, Fortuna will maintain a West Coast presence with an office in Los Angeles.