Interlagos, a venture capital firm founded by former senior SpaceX executives, is seeking to raise $550 million for its first venture fund. According to regulatory filings and a confidential deck sent to prospective limited partners (LPs), the El Segundo-based firm plans to target startups across various “deep tech” sectors, providing funding from inception through Series B. The firm aims to deploy the capital across 26-32 investments.
The firm’s founding team includes Achal Upadhyaya, a former SpaceX senior engineer with extensive experience in space and defense investments, Tom Ochinero, a former high-ranking SpaceX executive, and Spencer Hemphill, Interlagos’ CFO, previously with Sequoia. The team recognizes the sizable nature of the fund for a first-time venture, with the pitch deck stating they aim to be “persistent capital partners” to leading companies.
Though the filing does not disclose how much has been secured so far, a source familiar with the matter confirmed that a first close has been made on part of the $550 million target. The general partners have each committed 2% of their own capital to the fund, with industry-standard terms of 2% management fees and a 20-25% carry.
Interlagos aims to secure 18-25% stakes in startups they back, competing with larger funds like Founders Fund and Andreessen Horowitz, which have been active in the deep tech space. If the firm reaches its full target, it would be a notable achievement in the current venture capital landscape, where raising capital has become more challenging.
Deep tech, which covers sectors like space, manufacturing, robotics, biotech, and AI, has attracted increased venture capital attention due to the larger upfront capital needs and extended exit timelines of these companies.
