Venture Capital

360 Capital, first 140 million closing for climate tech fund

A2A will allocate 40 million to the fund, De Nora 10 million, institutional investors CDP Venture Capital with 44 million and Bpifrance

by R.Fi.

23 December 2024

4' min read

Key points

The Numbers of 360 Capital
Fund targets
Investors

4' min read

360 Capital, the European venture capital management company, announces the first closing of the €140m climate tech fund 360 LIFE II. Classified as an Article 9 fund under the Sustainable Finance Disclosure Regulation, 360 LIFE II expects to reach the target of EUR 200 million by involving major industrial partners and institutional investors.

In the first closing announced today A2A, as anchor investor and industrial partner, has earmarked EUR 40 million, continuing on the path begun with the launch of 360 LIFE I in 2020, in which it was the sole investor with an endowment of EUR 25 million. This transaction expands the group's investment programme for new technologies focused on the circular economy and energy transition, the statement said.

Cdp Venture Capital, through the International Fund of Funds and the Green Transition Fund - PNRR, which utilises resources allocated by the EU through the NextGeneration EU initiative, has subscribed as financial anchor investor a total of EUR 44 million for the creation of the new fund.

Also participating in the closing De Nora as anchor investor and industrial partner that will invest EUR 10 million, and Bpifrance as institutional partner.

The numbers of 360 Capital

"Creating lasting impact means identifying and supporting visionary entrepreneurs capable of building, scaling and sustaining successful companies over time. With over EUR 500 million of capital under management and more than 25 years of experience in early-stage investments, 360 Capital confirms its commitment to the European climate tech ecosystem, which today represents a central theme for VCs," comments Cesare Maifredi, partner at 360 Capital, who adds: "In this scenario, 360 Capital stands out thanks to its strong focus on deeptech and hardware, indispensable drivers to reach the goal of net-zero emissions. However, investing in these sectors requires solid skills, and for this reason we have been working with industrial partners such as A2A and now De Nora for years'.

Founded in 1997, 360 Capital operates in the deep tech and climate tech sectors and has a portfolio that includes high-growth companies such as Exotec (France's first industrial unicorn), Preligens (acquired by Safran) and Energy Dome (an Italian pioneer in long-life energy storage), 360 Capital has completed 28 exits since 2018.

Fund targets

360 LIFE II, led by 360 Capital's partners Cesare Maifredi, Alexandre Mordacq, Thomas Nivard and Alessandro Zaccaria, aims to invest in Series A and B rounds of European start-ups focused on three key areas: energy transition (with innovations related to e.g. renewable energy, energy storage, etc.), circular economy (waste and water management, biodiversity protection, etc.) and urban sustainability (pollution reduction, smart infrastructure).

Investors

With the investment in 360 Life II, A2A confirms its collaboration with 360 Capital and strengthens its role as a key player in the Italian and European innovation ecosystem, aiming to support new start-ups in the climate tech field, in line with the objectives of the industrial plan to 2035 aimed at ecological transition as a choice for sustainable competitiveness. "With this operation A2A positions itself as a leader in Italy in Corporate Venture Capital dedicated to climate tech: our CVC programme counts about 80 million and 6 funds that have invested in more than 60 Italian and European startups," comments Renato Mazzoncini, A2A CEO, who continues: "Innovation is indispensable for business growth, as also highlighted by the recent Report on the future of European competitiveness presented by Mario Draghi to the EU Commission. For our Group, it is a strategic guiding factor across all our businesses, together with decarbonisation and energy autonomy. Our Industrial Plan targets the year 2035, and in order to realise it effectively, it is necessary to always have in mind the technological evolution in which to invest. This new fund will give further impetus to start-ups in realising projects capable of making a concrete contribution to the country's ecological transition process, which A2A is committed to supporting".

"We are particularly pleased to support the first closing of 360 Life II, a new vehicle that represents a crucial step towards the acceleration of Italy's green transition," underlines Agostino Scornajenchi, CEO and General Manager of Cdp Venture Capital, "This investment reflects our commitment on two fronts: to bring leading international venture capital funds to invest in Italy, increasingly stimulating our growing ecosystem, and to promote innovative and sustainable solutions, in line with the need to address global environmental challenges to create a positive impact for future generations. We firmly believe that the combination of capital and skills can be an essential driver for the emergence of new sustainability-oriented businesses'.

By investing in 360 Life II and actively collaborating with the 360 Capital team, De Nora aims to identify and exploit disruptive technologies in climate tech, developing industrial and R&D synergies and further strengthening its contribution to innovative growth in the sectors in which it operates. Paolo Dellachà, chief executive officer of De Nora, notes: "I am delighted to announce that our company has decided to become a strategic industrial investor in a new European venture capital fund dedicated to the climate tech sector. This initiative represents a fundamental step for us, as we firmly believe that it is essential to be increasingly open to innovation in order to tackle our planet's climate challenges. De Nora has a lot to offer in terms of knowledge and expertise in this area. With our investment in this fund, we aim to create an ecosystem that fosters collaboration and exchange between large companies and emerging start-ups'.

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