The successor fund dedicated to space technologies, withboth civil and defence applications, is born on the experience gained withPrimo Space Fund. The fund will invest in one of the fastest-growing marketsand one of the most strategic sectors for Europe’s competitiveness, securityand technological autonomy.
Milan, 9July 2026 – After launching the first venture capitalfund entirely dedicated to the Space Economy in the European Union, PrimoCapital announces Primo Space 2,its new fund dedicated to space and dual-use technologies.
PrimoSpace 2 can already count on strong support from leading Italian and Europeaninstitutional investors, including the European Investment Fund. The fundproject has received expressions of interest for over €70 million ahead of its firstclosing, expected after the summer, with a fundraising target of €120 million.
Theproject builds on the experience developed over recent years with Primo SpaceFund, which has established itself as one of the first European operatorsspecialised in investments in space technologies. Launched in 2020, Primo SpaceFund has invested in 19 companiesbased in 6 different countries,analysed almost 1,500 investmentopportunities, and developed unique expertise at theintersection of finance, innovation and space technologies.
The portfolio companies haveraised a total of over €470 million,more than eight times the capital invested by the fund. The 19 portfoliocompanies now employ around 900people, with over 600new jobs created since Primo Space Fund’s first investment.Overall, the portfolio has generated more than €115 million in revenues, 69% of which came frominternational markets, confirming the strong global positioning of thecompanies backed by the fund.
A new phasefor the Space Economy
In recentyears, the space sector has undergone a profound transformation, significantlyexpanding its scale and relevance.
Space isno longer a niche industrial segment, but a strategic infrastructure on whichcommunications, navigation, Earth observation, cybersecurity and defenceincreasingly depend. A growing number of applications essential to the economy,from financial markets to precision agriculture, from logistics and transportto smart energy networks, rely on technologies and data from space.
At thesame time, the new geopolitical context is accelerating European investment instrategic technological capabilities, while growing demand for dual-usetechnologies is further expanding opportunities for startups in the sector.
Investorsare therefore facing a much broader market than just a few years ago. Privatedemand is growing, commercial applications are multiplying, and the downstreamsegment is becoming one of the main drivers of value creation.
According to McKinsey &Company, the global Space Economy could reach a value of $1.8 trillion by 2035. However,Europe still lacks a sufficient number of specialised investors capable ofsupporting companies from the earliest stages of development through to moreadvanced growth rounds. This is the gap that Primo Space 2 aims to help fill.
A fund evolving with the market
PrimoSpace 2 strengthens the strategy developed with the first fund, increasinginvestment capacity and supporting companies from Seed rounds through to SeriesB.
The fundwill continue to invest across the entire Space Economy value chain, fromupstream technologies to downstream applications, while maintaining a strongEuropean focus.
At thecore of Primo Space 2 is an ecosystem built over more than eight years ofactivity: vertical expertise, a network of technical advisors, consolidatedrelationships with industry players, and one of Europe’s most specialised teamsdedicated to investments in space technologies.
Led by General Partners Matteo Cascinari, Ilaria Cavalleri and GiorgioMinola, the fund relies on expertise developed over years ofinvesting in the sector. As with the previous fund, the investment team issupported by Professor RobertoBattiston, former President of the Italian Space Agency.
