LBAN Space Investment Workshop

On 20 April 2026, the Luxembourg Business Angel Network (LBAN) hosted a full-day Space Investment Workshop at Deloitte Luxembourg, bringing together business angels, venture capitalists, entrepreneurs, and institutional leaders to explore one of the most complex — and promising — sectors for private investment: the space economy.

Organised in close partnership with the Luxembourg Space Agency (LSA), the workshop aimed to do something essential for investors: demystify how the space industry works, how companies are built, and how business angels can meaningfully access this deal flow. The event was opened by Michel Rzonzef, President of LBAN, creating the ideal setting for in-depth discussion and high-quality exchanges.

Understanding How the Space Industry Is Structured

The morning began with a deep dive into how the space sector is segmented and structured, led by Royce Dalby, Founder of Hydrosat.

Participants explored:

• The distinction between upstream, downstream, deep space and service layers

• Where value is created across the space value chain

• How space companies position themselves commercially

• Why many space businesses are, at their core, data and service companies rather than “rocket companies”

This session laid the foundation for understanding why space is no longer a purely institutional or governmental domain, but an increasingly accessible commercial market.

Demystifying Space Investment & the Investor Perspective

In the session “Demystifying Space Investment”, Wojtek Walniczek from OTB Ventures addressed a key question for angels: what makes space investing fundamentally different from traditional tech investing?

Key themes included:

• The capital intensity and longer lifecycle of space ventures

• The strong role of public funding and institutional customers

• The importance of understanding regulatory frameworks and procurement cycles

• The realistic timelines and profiles for exit strategies in space

Business Angels & VCs: What They Look for in Space Startups

A highlight of the day was the Business Angel panel moderated by Harry Ghillemyn, featuring:

• Fabrice Testa

• Lily Wang from Expon Capital

• Stella Tkatchova

They shared what attracts business angels to the space sector, including:

• The uniqueness of defensible technologies

• Access to non-dilutive funding

• The global market reach from day one

• The growing maturity of space startups and teams

The VC perspective, moderated by Ahmed Aly from LSA, with Daniel Biedermann from New Space Capital, David Dana from Expansion Ventures, Jodi Bartin from Space for Earth VC, and Quentin Dupraz from IVC, completed the picture by discussing:

• Deal flow sources in the space ecosystem

• How investors access quality opportunities

• The challenges of due diligence in highly technical ventures

• How VCs and angels can co-invest effectively

Entrepreneurs: Building Companies in the Space Economy

The entrepreneur panel, moderated by Yvan Ehkirch from Karista VC, showcased real founders building in the sector:

• Kyle Acierno of Exobiosphere

• Julien Lamamy of ispace Europe

• Nicola Gaume of Space Cargo Unlimited

• Jaroslaw Jaworski of Edge Aerospace

They provided candid insight into:

• The typical lifecycle of a space startup

• How they combine private and public funding

• The operational and technical challenges unique to the sector

• How they approach investors and structure their fundraising

Luxembourg’s Strategic Role in the Space Economy

The day concluded with a strategic keynote from Marc Serres, CEO of LSA, outlining Luxembourg’s vision and long-term strategy in the global space economy and reinforcing why Luxembourg is uniquely positioned as a hub for space entrepreneurship and investment.

From Insight to Action

The workshop closed with a presentation of the LBAN investment process by Teona Khubutia, helping participants translate the day’s insights into practical next steps for engaging with space deal flow through LBAN.

A Collective Thank You

LBAN warmly thanks:

• The Luxembourg Space Agency for its partnership and expertise

• Deloitte Luxembourg for hosting the workshop

• All moderators, speakers, and panelists for sharing exceptional insight

• The participating business angels and investors whose engagement made the discussions rich and practical

The success of the workshop demonstrated one thing clearly: space is no longer a distant frontier for investors — it is an emerging, structured, and investable market, and business angels have a role to play in it.