Cdp Venture Capital invests in Primo Venture's Climate fund

New fund for climate tech start-ups from Primo Ventures. The Sgr has announced the first closing of a EUR 40 million Primo Climate, which will invest in early-stage start-ups to accelerate the ecological transition. The fund starts with an endowment of more than EUR 40 million, subscribed by Cdp Venture Capital on behalf of the VenturItaly Fund of Funds and the Green Transition Fund - Pnrr, which uses resources allocated by the EU through NextGeneration EU and aims to stimulate the growth of an ecosystem of innovation in green transition sectors.

"The fund's goal is investments of between EUR 1-3 million in companies with proven technologies that can be brought to market quickly," explains Gianluca Dettori, president of Primo Ventures, who adds: "The fund's strategy is to make syndicated investments with other partners.

Primo Climate's fundraising target is 60 million euro and its management will be entrusted to three new partners: Ezio Ravaccia, cfo of Solar Ventures; Giusy Cannone, formerly ceo of Fashion Tech Accelerator and Venture Partner in TLF ventures; and Simone Molteni, scientific director and member of the board of directors of LifeGate, with which the Sgr has signed an advisory partnership.

"Worldwide, since 2022, for every four dollars of venture capital invested, more than one dollar has been allocated to climate change technologies. That is more than $50 billion, a sum that has grown 24-fold in 10 years and will revolutionise the current technology landscape. Participating as a protagonist in this industrial revolution represents an unmissable opportunity for the Italian and European economies of tomorrow," comment the Primo Ventures team, which adds: "Our vision is a long-term one: there are Italian stories that need to be adequately supported and financed, and this is the role of Primo Climate. The scouting activities are underway, we have already met hundreds of realities and we expect to announce the first investments in the second half of the year'.

Primo Climate aims to invest in companies ready to scale their solutions to accelerate the green transition, the company explains, from established sectors such as solar energy, alternative mobility and lithium-ion batteries, to emerging verticals such as green hydrogen, renewable energy and geothermal solutions.