Student-Led VC Protégé Ventures Backs Eco-Friendly Rocket Startup ESS with S$25,000 Investment

Protégé Ventures (PV), Singapore’s only student-led venture capital fund and Southeast Asia’s first of its kind, has invested S$25,000 (approximately US$19,000) in Equatorial Space Systems (ESS). ESS is Singapore’s sole startup focused on rocket propulsion and space launch technologies.

This investment, made during ESS’s pre-Series A funding round, is a crucial step for Protégé Ventures as it supports innovation in the space industry. The funding will aid ESS in advancing its technology and expanding its capabilities in rocket propulsion and space exploration.

Protégé Ventures (PV) is a student-led venture capital fund established by the Singapore Management University (SMU) in 2017. Their new investment is the first deal into space technology and is part of its second fund, PV Fund II, valued at S$500,000. Fund II, launched in September 2023, was backed by Mr. David Su, Founding Managing Partner of Matrix Partners China (MPCi).

Since its inception, PV has invested over S$300,000 across 12 student-founded startups. ESS specializes in eco-friendly rocket propulsion and aims to provide cost-effective and environmentally responsible space launches. With the new deal PV wants to support innovations in deep tech and sustainability, which currently constitute 20% of its portfolio.

ESS, founded by National University of Singapore alumni Simon Gwozdz and Praveen Ganapathi Perumal, has developed a patent-pending green fuel formulation, “HRF-1.” This technology aims to reduce space launch costs by up to 90% and cut greenhouse gas emissions by 69% compared to traditional propulsion systems. HRF-1, manufactured in Singapore, is designed to be safer and more sustainable, enhancing the company’s position in the space industry.

ESS’s milestone achievements include a successful prototype rocket test flight in December 2020 and future plans to commence orbital launch services in 2026. PV’s investment not only supports a promising startup but also helps Singapore as a growing player in the global space industry. 

In its seven years of operation, PV has trained 320 students as venture capital professionals and evaluated over 1,300 deals. The recent investment in ESS was facilitated by Ryan Teo, a second-year Accountancy student at SMU, who played a key role in analyzing and evaluating the investment opportunity.

Ryan Teo, a second-year Accountancy student at SMU and key analyst for the ESS deal, reflected on his experience, stating, “From sourcing this deal to presenting it to our Investment Committee, the journey has been both challenging and rewarding. Through PV, I engaged with industry experts and attended events like the Global Space Technology Convention & Exhibition, which greatly expanded my understanding of the space tech sector and deep-tech industry. This experience has motivated me to explore further into deep-tech R&D and the dynamic startup ecosystem in Singapore.”

Bob Tan, Managing Partner of PV and a member of the Investment Committee, expressed his enthusiasm about the investment. “We were very impressed by Simon Gwozdz’s passion and his ability to assemble a knowledgeable team, achieving significant milestones with available resources. We are excited to support Simon and his team as they advance in the space sector,” he remarked. This investment in ESS marks PV’s 12th student-founded startup investment and the inaugural deployment from its second fund, PV Fund II.

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