With offices opening in Miami and Los Angeles, the Canadian-founded VC firm will bring its capital and partnership approach to opportunities in the space sector, clean-tech and other emerging industries
Fortuna Investments Founder and CEO, Justus Parmar
MIAMI, Feb. 14, 2023 (GLOBE NEWSWIRE) — Fortuna Investments (“Fortuna”), a venture capital and advisory firm founded by Justus Parmar, is pleased to announce its expansion to the U.S. market with the opening of an office in Miami Beach, Florida. From this strategic vantage point, the firm plans to invest in companies and entrepreneurs in both the burgeoning space industry as well as clean-tech and other emerging industries.
In conjunction with the opening of its Miami office, Fortuna also announced an initial investment in Starfighters Space, a fast-growing company based in Cape Canaveral, Florida, which targets launches of small satellites and payloads from its fleet of seven F-104 supersonic aircraft. The company, led by industry veteran Rick Svetkoff, currently serves global multi-national customers including Lockheed Martin, GE, Innoveering, Avio, Meggitt and the U.S. Air Force Research Laboratory.
“With its growing culture of innovation and pro-business environment, South Florida is the perfect place for Fortuna to make our U.S. debut,” said Mr. Parmar. “The space industry really is the next frontier—and both the time and environment are right to provide capital and partner with the entrepreneurs and companies leading the way. We’re excited that Rick and Starfighters Space mark our first investment here, as the small satellite market is expected to grow to over $54 billion by 2030.1”
Fortuna plans to add key personnel to its Miami team over time, as South Florida becomes increasingly ripe for entrepreneurship and venture capital investment. In recent years, Florida has led the nation in new business applications, with 5.8 million—or nearly 12% of the total—filed between January 2021 and January 2022.2
Fortuna has a successful track record across Canada and globally, partnering with high-growth companies in industries including technology, electric vehicles, metals and mining, space, robotics, CPG, clean-tech, food-tech, sports and other emerging industries.
One of Fortuna’s portfolio companies, Millennial Lithium, sold to Lithium Americas for $460 million in 2021. Another portfolio company, American Lithium, began trading on the Nasdaq in mid-January and just announced its maiden preliminary economic asset with a value of $3.6 billion.
In addition to its Florida operations, Fortuna will maintain a West Coast presence with an office in Los Angeles.
About Fortuna Investments
Founded in 2015 by Justus Parmar, Fortuna Investments is a private investment firm that develops long-term partnerships with changemaking entrepreneurs in emerging industries. Fortuna specializes in venture capital investments and has raised over $500 million for more than 125 companies since its founding.
Fortuna’s investments are concentrated in several high-growth sectors, including electric vehicles, metals and mining, space, robotics, clean-tech and ag-tech. The firm routinely invests for the long term and takes an active operating role.
In 2020, the firm’s leadership group launched the Fortuna Foundation, an independent charitable organization that supports initiatives dedicated to promoting mental health, education, financial literacy and other community organizations in need.
More information can be found at https://investfortuna.com/.
About Justus Parmar
Justus Parmar is an award-winning venture capitalist with over 15 years of public market experience. As the Founder and CEO of Fortuna Investments, Parmar leads a team with offices in Miami, Los Angeles and Vancouver that focuses on investing in and creating the emerging technologies and industries of tomorrow.
A strong believer in giving back to local communities, Parmar is an active board member and fundraiser for Face of Today, a Vancouver-based charity working to end the stigma of mental health issues impacting youth. He is also the founder of the Fortuna Foundation, an organization passionate about giving back to the communities and CEOs of tomorrow.
With a passion for guiding and mentoring the next generation of investors, Parmar established the Justus Parmar Group Scholarship Foundation, which has awarded scholarship funds to 10 University of British Columbia finance students to date.
Parmar was a 2018 recipient of Business in Vancouver’s prestigious Forty Under 40 Award for his achievements and excellence in business, judgment, leadership and community contribution.
Follow him on Twitter @justusparmar.
1Euroconsult Research projection.
2U.S. Census Bureau data as reported in the South Florida Sun Sentinel.
Jade Faugno/Jansel Murad
Dukas Linden Public Relations
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54585407-4294-4361-84bb-788f371d6b1c