The Venture Codex

Participated · Series A · Jul 2019

Momentus develops in-space transportation vehicles — Vigoride and Vigoride Extended — that relocate small satellites between low Earth orbit and to geostationary transfer/geostationary orbit using a water plasma thruster. The company launched its first demonstration mission on July 5 aboard a Russian Soyuz rocket. With the new Series A funding, Momentus plans to accelerate development and testing of its Vigoride family and conduct Vigoride demonstration flights in 2020. Management says the company will pursue a semi-experimental mission to validate the technology while generating first revenue. Momentus is moving most development in-house, investing in vertical integration and expanding staff, research, and manufacturing facilities. Financially, the company has raised $25.5 million in the Series A on top of an $8.3 million 2018 seed, bringing total funding to nearly $34 million. Momentus offers last-mile in-space delivery to move satellites from one orbit to another using its Vigoride vehicle powered by water-plasma thrusters. The company positions itself as a service provider rather than a propulsion manufacturer and can move payloads up to 50 kilograms to destinations including GTO, GEO and lunar orbit. Momentus planned an in-orbit demonstration of Vigoride in 2019 and intends to begin commercial in-space transportation in 2020. It is also developing a next-generation Ardoride intended to move 180 kg from LEO to lunar orbit and 250 kg from GTO to Mars orbit, with testing slated for 2020. Momentus raised $8.3 million in seed funding and participated in Y Combinator. Management says it has secured hundreds of millions of dollars in Letters of Intent and aims to drive ticket prices for 100–200 kg transfers to below $10 million.

Participated · Series A · Jun 2019

Aurate is a direct-to-consumer fine-jewelry brand that sources gold from sustainable suppliers and focuses on making high-quality pieces more affordable. The company operates primarily online (95% of business) while maintaining a couple of brick-and-mortar stores in New York City. Aurate’s average price point is about $300, and it has introduced a lower-priced Lioness Collection starting around $150. The Lioness Collection was developed in collaboration with investor Kerry Washington and includes two bestselling gold chains bonded as both a necklace and a bracelet, hoop earrings, and a Sekhmet-inspired pendant. Aurate donates 20% of proceeds from the Lioness Collection to the women’s activist group Supermajority. The article notes Aurate is profitable and that its business continued to grow during the pandemic. Founders Sophie Kahn and Bouchra Ezzahraoui worked closely with Washington over multiple conversations to develop the collection. AUrate sells gold fine jewelry direct to consumers online and through brick-and-mortar stores, with prices ranging from $50 to $3,000 and a target price sweet spot of $300–$500. The company’s pieces are designed by co-founder Sophie Kahn, produced by local partners in New York City, and use gold from sustainable sources. AUrate operates two retail stores in New York and has a third under construction in Washington, D.C., and it offers a Curate service that sends up to five recommended pieces for customers to try at home with no commitment. Co-founders Bouchra Ezzahraoui and Sophie Kahn emphasize creating fine jewelry aimed at women, balancing bold and feminine design. Founded in 2015, the company reports online revenue growing roughly 400% year-over-year while its brick-and-mortar business has been doubling; 40% of customers return for additional purchases and 90% of customers are women. AUrate is a New York-based jewelry startup launched in December 2015 by co-founders and co-CEOs Bouchra Ezzahraoui and Sophie Kahn. The company offers gold jewelry with a minimal, clean aesthetic that is ethically sourced and manufactured in New York City, which lets the team manage the entire production lifecycle. AUrate partners with New York–based artisans, providing opportunities through its production model. It operates a philanthropic program, “A Book For Your Look,” donating a book for every piece purchased and has donated more than 5,000 books—reflecting over 5,000 pieces sold. The newly raised capital will be used to hire talent to scale and grow the business and to expand AUrate’s offerings. The company reported securing $2.62M in funding from external backers.