Rome, April 1, 2020 - The Board of Directors at CDP Venture Capital (70% of which is owned by CDP Equity and 30% by Invitalia) has approved to invest up to €21 million from its own fund of funds, VenturItaly, in Primo Space Fund, the first Italian fund dedicated to investing in startups operating in the “Space Economy”.​

Primo Space Fund will primarily invest in Italy, from early stage companies to the subsequent investment rounds. The fund aims to raise €80 million, and benefits from support by the European Investment Fund as well as other institutional investors.

The fund’s investment strategy is rooted in the awareness that there needs to be an increase in investments in the Italian Space Economy, especially considering that Italy is the third largest contributor to the European Space Agency, carries out significant scientific research, and possesses the key skills needed throughout the entire space industry. Despite this, there are limited Venture Capital investments into the sector, there are no competitors in Italy, and there is a limited number of international players with this investment focus. Globally, the Space Economy shows potential for immense growth, increasing from $360 billion in 2018 to $2,700 billion in 2045. The sector will also benefit from developments in aerospace technology thanks to applications in all the key industries, including telecommunications, agriculture, logistics, and meteorology.

“We are financing a pioneering activity in a strategic sector for the economy of the future, in line with the European Commission’s strategy for innovation development. Such work can also allow for the important use of data and space technology in emergency situations,” stated Francesca Bria, President of CDP Venture Capital. “Investing in the aerospace industry is a strategic priority for modernizing Italian entrepreneurship and for creating highly specialized jobs, especially for young graduates, working in step with advanced research centres like the Politecnico di Torino and the University of Salerno, both of which are leading institutions in technology transfer.””

“By investing in PSF,” commented CEO Enrico Resmini, “CDP Venture Capital has the possibility to contribute to the creation of an investment fund in Italy that is unique in both strategy and focus, supporting the development of a technology sector that is fundamental for Italy and Europe.” Resmini continued, “This investment is line with our business strategy, which favors indirect investments aimed at developing a comprehensive ecosystem of Venture Capital in Italy, as well as optimizing the multiplier effect on the vehicles’ capital increases.”​

The PSF fund will be managed within Primomiglio SGR S.p.A. by a dedicated team comprising qualified professionals with diverse experience in startup investing. The team will work alongside the Fondazione E. Amaldi, a research foundation created by the Italian Space Agency, which is sponsoring the project, and will be supported by some of the top Italian universities, including the Politecnico di Torino and the University of Salerno, both of which are highly active in founding spinoffs in the aerospace and digital sectors.​​

CDP Venture Capital – Italian Innovation Fund is an asset management firm, 70% of which is owned by CDP Equity and 30% by Invitalia. It was founded to accelerate the growth of the ecosystem of Venture Capital in Italy, bringing it to the level of other European countries, as well as expand both direct and indirect investments. The firm favors the establishment of new funds that can invest in startups and assist in processes of technology transfer at universities and research institutes. CDP Venture Capital also promotes the connection between Italian and international investors and startups, as well as startups and the companies within CDP’s own portfolio. CDP Venture Capital works through investment funds.​