Elon Musk’s space exploration program has a new backer in the Ontario Teachers’ Pension Plan.
SpaceX, the project founded by the Tesla creator, will be the first investment in the C$191.1 billion ($142 billion) Canadian pension fund’s Teachers’ Innovation Platform. The “late-stage venture and growth equity” investment model, launched in April, specifically looks for tech industry disruptors capable of creating new investment sectors.
Ontario Teachers’ did not disclose how much it invested, but called SpaceX a “compelling investment opportunity” because of its track record and “significant future growth potential” in the satellite broadband market.
The rocket company, which launched 24 satellites in space this week, is about $314 million shy of the $1.33 billion goal in its 2019’s fundraising program, reports CNBC. One SpaceX project the fund is interested in is the Starlink satellite network, which claims it can connect the globe with cheaper and better broadband internet services.
SpaceX has completed 75 successful launches since its 2002 founding.
The Teachers’ Innovation Platform is based in Toronto, London, and Hong Kong and seeks equity investments through partnerships, platforms, funds, or direct investing.
The Ontario Teacher’s Pension Plan was unable to provide comment.