Key Takeaways
- • Z_One Fund, the Italian venture capital vehicle managed by Eureka! Venture, has held a first close at more than €35 million against a total fundraising target of €60 million.
- • CDP Venture Capital SGR committed capital through its newly launched Fondo Acceleratori 2, with the Z_One Fund as its first investment, alongside Zest, Lazio Innova, Fondazione Compagnia di San Paolo and private investors.
- • The fund targets pre-Seed and Seed startups in two areas, AI Applications and UrbanTech and Smart Cities, with initial tickets up to €250k and follow-on investments of up to €1 million.
- • Eureka! Venture, an independent Milan-based manager supervised by the Bank of Italy and Consob, has raised over €190 million across a multi-strategy platform.
- • A parallel fund, Z_One Fund Lazio, is managed by Lazio Innova under the Lazio Venture 2 initiative within the PR FESR 2021-2027 programme.
Summary
Z_One Fund, the Italian venture capital fund managed by Eureka! Venture, has announced a first close of more than €35 million toward a total fundraising target of €60 million, according to the primary report from EU-Startups. The fund's anchor institutional investor is CDP Venture Capital SGR, which committed capital through its newly launched Fondo Acceleratori 2. Z_One Fund is the first investment of that vehicle, which CDP describes as the cornerstone of its new acceleration strategy. Other backers include Euronext Milan-listed Zest, Lazio Innova (through a parallel fund focused on the Lazio region), Fondazione Compagnia di San Paolo, and several private investors.
The fund is led by Luigi Capello, described as a pioneer of the Italian innovation ecosystem, alongside partner Giulio Montoli, who has built his career in acceleration and pre-Seed investing, and junior partner Giulia Fazzini. Collectively the team cites more than 340 investments, more than 25 exits and over €80 million under management, with notable deals including FitPrime, Robot.com, JetHR, Vikey and 2Hire. The fund targets pre-Seed and Seed companies in two focus areas. AI Applications covers startups embedding artificial intelligence into corporate and public administration workflows across financial services, retail, digital security and new AI model development. UrbanTech and Smart Cities covers smart buildings, electric mobility, water and waste management, and the regeneration of public spaces.
Z_One Fund is managed by Eureka! Venture, a Milan-based asset manager founded in 2019 that focuses exclusively on DeepTech investments. The firm recently launched Eureka! Fund II – Deep Tech Lazio, a €20 million early-stage fund, and has raised over €190 million across a multi-strategy platform. Stefano Peroncini, CEO of Eureka! Venture SGR, described the fund as a further step in the firm's growth as a multi-strategy platform for alternative investments. The fund aims to be the first institutional cheque for many startups, with initial tickets up to €250k and selective follow-ons of up to €1 million. Portfolio companies will also have access to an acceleration programme delivered with Zest as part of CDP Venture Capital's Rete Nazionale Acceleratori.
Alongside the main vehicle, Z_One Fund Lazio is a parallel fund created through the Lazio Venture 2 initiative under the PR FESR 2021-2027 programme and managed by Lazio Innova. It applies the same strategy but directs capital to startups connected to the Lazio region, aiming to expand local pre-Seed and Seed financing and link innovation with regional universities and industry.
The fund is led by Luigi Capello, described as a pioneer of the Italian innovation ecosystem, alongside partner Giulio Montoli, who has built his career in acceleration and pre-Seed investing, and junior partner Giulia Fazzini. Collectively the team cites more than 340 investments, more than 25 exits and over €80 million under management, with notable deals including FitPrime, Robot.com, JetHR, Vikey and 2Hire. The fund targets pre-Seed and Seed companies in two focus areas. AI Applications covers startups embedding artificial intelligence into corporate and public administration workflows across financial services, retail, digital security and new AI model development. UrbanTech and Smart Cities covers smart buildings, electric mobility, water and waste management, and the regeneration of public spaces.
Z_One Fund is managed by Eureka! Venture, a Milan-based asset manager founded in 2019 that focuses exclusively on DeepTech investments. The firm recently launched Eureka! Fund II – Deep Tech Lazio, a €20 million early-stage fund, and has raised over €190 million across a multi-strategy platform. Stefano Peroncini, CEO of Eureka! Venture SGR, described the fund as a further step in the firm's growth as a multi-strategy platform for alternative investments. The fund aims to be the first institutional cheque for many startups, with initial tickets up to €250k and selective follow-ons of up to €1 million. Portfolio companies will also have access to an acceleration programme delivered with Zest as part of CDP Venture Capital's Rete Nazionale Acceleratori.
Alongside the main vehicle, Z_One Fund Lazio is a parallel fund created through the Lazio Venture 2 initiative under the PR FESR 2021-2027 programme and managed by Lazio Innova. It applies the same strategy but directs capital to startups connected to the Lazio region, aiming to expand local pre-Seed and Seed financing and link innovation with regional universities and industry.
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