NewSpaceVision #43: Finance Secrets from Space: How to Invest - and Attract Investment (feat. Bogdan Gogulan, NewSpace Capital CEO)
May 29, 2025
Bogdan Gogulan, CEO of NewSpace Capital and former defense executive, dives into the challenges of investing in the space industry. He reveals how he transitioned from corporate finance to venture capital, expressing his surprise at the commercial potential of space, which he likens to telecom privatization. Bogdan emphasizes the 'valley of death' for growth-stage companies and shares his strategy to back category leaders. He also discusses the importance of technical expertise and the interplay between defense demand and sustainable commercial markets.
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From Corporate Finance To Space Venture
- Bogdan left corporate finance to join defense business and discovered space was 80% commercial, not purely military.
- He teamed with Felix von Schubert and Slava Shev to form NewSpace Capital combining finance, PE and deep technical expertise.
The Hardest Stage Is Growth Capital
- Growth capital sits in the 'valley of death' between early-stage funding and late-stage abundant capital, making it the hardest stage to raise.
- NewSpace Capital targets growth-stage leaders and helps them scale internationally and operationally using domain expertise.
Only Invest If You Add Commercial Value
- Invest only if you can actively help a company secure additional commercial revenue via your network.
- Use operator experience to help founders transition from technical leads into strategy and people managers.