The first Italian fund dedicated to startups of the "Space Economy" is born, and will be financed with 21 million by Cdp Venture Capital, a company 70% owned by Cdp Equity and 30% by Invitalia. The Board of Directors has resolved to invest this amount in the Primo Space Fund, focused on investments in start-ups in the so-called space economy. Primo Space Fund will invest mainly in Italy, starting from the embryonic stage of project development and in subsequent financing rounds, and has a funding target of 80 million euros, also counting on the support of the European Investment Fund and other institutional investors.
The fund's investment strategy stems fromneed to increase investments in the Italian Space Economy, in the light of various considerations: Italy is the third European contributor to the European Space Agency and has significant scientific research activities, as well as key skills in the entire space industry chain; however, venture capital investments in the sector are limited, there are no competitors in Italy and international players with the same investment focus are limited. Worldwide, the Space Economy shows significant growth forecasts, from 360 billion dollars in 2018 to 2.700 billion in 2045 and will see the development of aerospace technologies also towards applications in all major industries, such as telecommunications, agriculture , logistics and meteorology.
“We are financing a pioneering activity in a strategic sector for the economy of the future such as space – which also includes the use of space data and technologies to be used in times of emergency – in line with the European Commission's strategy to develop the 'innovation,' he says Francesca Bria, president of CDP Venture. “Investing in the aerospace sector is a strategic priority for renewing the Italian entrepreneurial fabric and for generating highly specialized jobs, especially among young people, in synergy with advanced research centres, such as the Turin Polytechnic and the University of Salerno , which represent excellence in the field of technology transfer”.
“With the investment in PSF – he comments instead the managing director Enrico Resmini – CDP Venture Capital has the opportunity to contribute to the launch of an investment fund that is unique on the national scene in terms of strategy and focus, supporting the development of a fundamental technological sector for Italy and Europe”. “This investment – adds Resmini – is in line with our operating strategy which favors indirect investments aimed at developing the overall Italian venture capital ecosystem, as well as maximizing the multiplier effect on the capital collections of the vehicles themselves”.
PSF fund will be managed within Primomiglio SGR SpA by a dedicated team made up of qualified professionals with diversified experiences in the field of investing in startups. The team will be supported by the E. Amaldi Foundation, a research foundation created by the Italian Space Agency, sponsor of the project, and will be able to count on the support of some of the main Italian universities such as the Turin Polytechnic and the University of Salerno, which represent two very active centers in the generation of spin-offs in the aerospace and digital fields.
