Primo Ventures, a Milan-based firm focused on the digital sector and the new space economy, has announced the first close of its inaugural growth-focused climate venture capital fund, Primo Climate, at €40 million ($45.2 million). The fund, targeting €60 million ($67.2 million), aims to support early-stage climate tech startups in Italy. Key investors include CDP Venture Capital and the Green Transition Fund-PNRR.
Primo Climate plans to invest in 10 to 13 companies that develop and produce innovative climate technologies or offer products and services that enable such advancements. The fund will target several sectors, including energy efficiency and renewable, mobility, circular economy, waste management, and energy storage.
Gianluca Dettori, president of Primo Ventures, expressed enthusiasm about the new fund and said, “We are proud to announce the expansion of our independent platform dedicated to technology investment with the launch of our fourth vertical dedicated to climate tech. Climate change is a complex challenge, and we are excited to be able to contribute to adaptation and mitigation efforts to accelerate the achievement of sustainable goals that are crucial to our future.”