The Board of Directors of CDP Venture Capital (an asset management company owned 70% by CDP Equity and 30% by Invitalia) has resolved to invest, through the VentureItaly fund of funds, up to €21 million in Primo Space Fund, the first Italian fund focused on investments in startups in the Space Economy sector.
Primo Space Fund will invest mainly in Italy, starting from the embryonic phase of project development, and in subsequent funding rounds. The Fund has a collection target of €80 million and can count on the support of the European Investment Fund and other institutional investors.
Globally, the Space Economy is expected to grow significantly, from $360 billion in 2018 to $2,700 billion in 2045, and will also see aerospace technologies develop into applications in all major sectors, such as telecommunications, agriculture, logistics and meteorology.
“We are funding a pioneering activity in a strategic sector for the economy of the future such as Space – which also includes the exploitation of space data and technologies to be used in times of emergency – in line with the European Commission’s strategy of developing innovation,” says Francesca Bria, President of CDP Venture.
“Investing in the aerospace sector is a strategic priority to renew the Italian entrepreneurial fabric and to create highly specialised jobs, especially among young people, in synergy with advanced research centers, such as the Turin Polytechnic and the University of Salerno, two examples of excellence in the field of technology transfer.
“With the investment in PSF – comments CEO Enrico Resmini – CDP Venture Capital has the opportunity to contribute to the launch of an investment fund that is unique in the national panorama in terms of strategy and focus, supporting the development of a technology sector that is critical for Italy and Europe”.
At Primomiglio SGR S.p.A., the Fund will be managed by a dedicated team made up of qualified professionals with diversified experience in investments in startups.