‘Primo Space' has lift-off: First Italian fund to invest in space economy
The European Investment Fund is investing €30 million into ‘Primo Space', an early-stage Italian venture fund focused on space start-ups.
The financing is backed by the Investment Plan for Europe, Horizon 2020 - the European Commission's Framework Programme for Research and Innovation - and the new InnovFin Space Equity Pilot.
Primo Space will invest in technology spin-offs, start-ups and SMEs, and will work closely with the Italian research and academic world, including the Italian Space Agency, in order to bring the most promising technologies and entrepreneurial teams to the market.
The Fund will target companies working in electronics, robots and satellites, communications, cryptography, geolocation and earth observation. Primo Space has raised €58 million so far, with a target size of €80 million in total.
Paolo Gentiloni, European Commissioner for the Economy, said: “Companies developing innovative technologies for the space sector really are venturing into the unknown. I am particularly pleased that the EU is providing financial backing for this ground-breaking fund, joining forces with the Italian Space Agency, opening the way to new investment and job creation in this fast-growing sector.”
Italy is the second largest contributor to the European Space Agency and one of the top ten nations globally in the space sector, active across all areas of the market from manufacturing to services. Primo Space aims to contribute to making the European industry more competitive, by investing predominantly in Italy, and across Europe, as well as the US and Israel.