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Interlagos , the venture cap firm start out by former senior SpaceX leader , is look to raise $ 550 million for its first venture fund , according toregulatory filingsand a confidential deck sent to prospective LPs and viewed by TechCrunch .
The existence of the firm wasfirst reported by TechCrunch in April , but almost nothing has been in public bring out about its prospective investment thesis — until now . El Segundo , California - based Interlagos is broadly direct startup across “ inscrutable tech ” sectors , someone familiar with the firm ’s plans tell . The firm will provide capital from inception through Series B , with the targeted $ 550 million to be deployed across 26 - 32 investments , the deck of cards says .
It ’s a monumental target for a first - meter fund , which the squad recognizes . “ We are sized to lead and be persistent capital spouse to leading company , ” the pitch deck say .
While the filing does not yet heel how much money the spouse have secured to appointment , a rootage familiar with the matter says that the firm has made a first closing for a ball of that $ 550 million prey . Prospective LPs are no doubt drawn to the bona fides of the creation team , which let in Achal Upadhyaya , who was a fourth-year engineer at SpaceX for a tenner before lead investment in space and defense at Cantos Ventures ; Tom Ochinero , a former luxuriously - ranking SpaceX executive who left the caller in March after a 10 - year stint ; and Spencer Hemphill , Interlagos ’ CFO who was a former Sequoia finance drawing card .
The worldwide partners will also have their own peel in the secret plan — which is a common structure for VC firms . They have each pledged to invest a 2 % oecumenical collaborator “ commit , ” the deck say , which refer to their own personal money they will dedicate to the investment firm as investor . The rest of the store ’s terms look industry standard as well : 2 % management fee ; 20 - 25 % carry , meaning how much the fund will keep of its returns ; pastime of deal that will give it 18 - 25 % stakes in the startups it bet on .
Ochinero , who reported directly to SpaceX president Gwynne Shotwell , was “ in person responsible for for over a billion dollar of one-year revenue ” at the society , according to a bio published in 2023 . Upadhyaya in particular has a sweeping path record into deep tech startup as an angel and VC , concord to the pack of cards : He lead the first investment into remote-controlled defense systems startup Neros Technologies and quantum mechanics startup SoloPulse , and the seed rounds into Shinkei Systems and Pilgrim , in his role at Cantos . His personal investments include Base Power , composites startup Layup , and Oxide Computer .
Upadhyaya did not respond to TechCrunch ’s request for commentary by issue sentence .
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Deep tech , an umbrella term that can include sector like space , fabrication , robotics , biotech , AI , and more , has ascertain a spate of VC interest in recent year . thick technical school company require more upfront capital and incline to have longer exit timeline , which has led to an increase in specialist funds , often write of technological partners . But still , if Interlagos manages to raise the full targeted amount , it would make it an exclusion to the recent downturn in VC that has made raising capital hard . It will also likely set the firm up to successfully compete against mega - funds like Founders Fund and Andreessen Horowitz , which have aggressively moved into the earlier stage in mysterious tech VC deals .
