Will Scully-Power, an experienced entrepreneur and investor with stakes in several leading Australian space startups, is preparing to launch a dedicated venture capital fund. The planned fund would target between US$100 million and US$150 million in partnership with a United States-based venture capital firm. It aims to support later-stage investments in space and national security companies while helping Pine Gap maintain its positions in fast-growing ventures.
From Serial Entrepreneur to Space Investor
Scully-Power, the son of Challenger astronaut Paul Scully-Power, has built and sold two businesses, most recently Salesforce marketing agency Datarati, which was acquired by OSF Digital in 2022. After leaving OSF in 2024, he established Pine Gap as an investment firm focused specifically on space and national security startups. The firm currently operates essentially as a family office, writing cheques ranging from $25,000 to $500,000.
Early Bets and Later Stage Stakes
Pine Gap is already on the cap tables of Gilmour Space Technologies, Fleet Space Technologies, and Skykraft, each of which has raised hundreds of millions of dollars. The firm participated in late-stage rounds for Gilmour and Fleet while also making earlier investments in satellite inspector HEO and NRF-backed Hypersonix. Fleet Space recently raised $150 million to use satellite networks for critical mineral and resource exploration.
Why a Larger Fund Is Needed
Scully-Power said early stage bets can help select winners, but maintaining a meaningful position requires much larger pools of capital. Pine Gap is now in later stage discussions with a few potential partners and expects to complete a deal early next year. He initially considered raising a $50 million Australian venture capital fund but decided against it because the country does not yet have enough space technology businesses to warrant a dedicated fund.
Australia's Space and Defence Momentum
Australia's space technology sector is growing rapidly, led by rocket launch hopeful Gilmour Space Technologies and satellite network company Fleet Space Technologies. Defence technology has also become a hot global sector, with Palantir growing 560 percent over five years to a US$420 billion market capitalisation, Anduril in talks to raise at a US$100 billion valuation, and SpaceX boosting confidence through its historic IPO. Scully-Power spoke ahead of Beaten Zone Partners' Reveille defence tech investment conference, where he will discuss the new fund strategy.
Family Office Demand
Scully-Power said he has spoken with more than 100 family offices across Australia and found strong demand for investing in a space technology fund. Those investors want access to the best Australian opportunities, but they also want exposure to potential successors to SpaceX and Blue Origin rather than only domestic startups. He believes the strongest path is a partnership with a United States venture capital firm that can provide access to larger global opportunities.
US Focus and Relocation
Scully-Power expects to move to the United States to administer the new fund and align with the largest space and defence procurement ecosystem. He cited the US Space Force's proposed fiscal year 2027 budget of US$71 billion as a key driver for the American focus. He said the fund will only back startups targeting the US market from day one, ensuring they can compete for major government and commercial contracts.
The planned fund marks a significant step for Australian space technology investment, building on Scully-Power's track record and his access to high-profile startups. By partnering with a United States venture capital firm, he aims to give local investors a bridge to both domestic innovation and global opportunities. If finalized, the vehicle could help Australian capital participate more deeply in the rapidly expanding space and defence technology sectors.
Source: Forbes