Milan-based VC firm Primo Capital has launched its second space-focused fund, Primo Space 2, targeting €120 million to invest in European companies developing space and dual-use technologies. The fund has already secured more than €70 million in expressions of interest ahead of its first close and is backed by Italian and European institutional investors, including the European Investment Fund.
- Primo Capital became one of Europe’s first specialist space technology investors with the launch of Primo Space Fund in 2020. The new vehicle will be led by General Partners Matteo Cascinari, Ilaria Cavalleri, and Giorgio Minola, with continued support from Professor Roberto Battiston, former President of the Italian Space Agency.
- The firm plans to invest in companies working across areas including satellite technologies, Earth observation, communications, navigation, cybersecurity, and other space-enabled applications.
- The new vehicle builds on the performance of Primo Space Fund, which invested in 19 companies across six countries after reviewing nearly 1,500 investment opportunities. According to Primo Capital, portfolio companies have collectively raised more than €470 million, representing over eight times the capital invested by the fund.
- The portfolio companies now employ around 900 people, with more than 600 new jobs created since Primo Space Fund’s first investment. Together, they have generated more than €115 million in revenue, with 69% coming from international markets, demonstrating the global reach of the companies backed by the fund.
- The launch comes as the space sector moves beyond traditional aerospace into a broader technology market. Space infrastructure is becoming increasingly critical for communications, navigation, Earth observation, cybersecurity, and defence, while demand for dual-use technologies continues to grow.
