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Primo Space, an early stage Italian venture fund focused on space startups has closed at about $68 million (58 million euros). The funds included contributions from the European Investment Fund (EIB group), CDP Venture Capital SGR through the VenturItaly Fund of Funds, Compagnia di Sanpaolo, Luigi Rossi Luciani S.a.p.a., Banca Sella, and SGR. The European Investment Fund contributed $35 million (30 million euros), part of its Investment Plan for Europe. 

Primo Space will invest in technology startups and will work closely with the Italian research and academic world, including the Italian Space Agency. According to the announcement, the fund plans to target companies that build space infrastructure, including electronics, robots, and satellites, as well as Earth-based applications enabled by space technology, such as satellite networks and earth observation.

The European Commission and Italian fund manager Primomiglio announced the investment Monday. The fund hopes to reach its target of $94 million (80 million euros).

EIF Chief Executive Alain Godard commented: “Primomiglio’s affiliation with the Italian Space Agency, combined with the support of the EIF constitutes a unique collaboration that will give the fund immediate international exposure. The fund is the first investment executed under the new InnovFin Equity Space initiative, and will contribute to the creation of a new player dedicated to the aerospace sector, one of the priority focus areas of the European Union. We are very excited to be moving decisively into this space.“