Primo Capital is a Milan-based multi-strategy venture firm managing funds across space, climate, health, and digital sectors. Its space investment strategy, launched in 2020 with Primo Space Fund, established it as the first European venture capital fund dedicated entirely to the space economy. Primo Space Fund invested in 19 companies across 6 countries, with portfolio companies raising over $525M in follow-on capital, generating over $126M in revenues, and reaching a cumulative enterprise value of $1.4B. Primo Space 2 is the successor fund, expanding mandate to include dual-use and defense applications alongside civil space technologies.
Primo Space 2 invests across the full space economy value chain, from upstream technologies (launch, satellites, propulsion, in-orbit servicing) to downstream applications (Earth observation, navigation, telecommunications, space data analytics), with an expanded mandate covering dual-use and defense applications.
The fund targets European companies from seed through Series B, focusing on technologies with both commercial and strategic defense relevance.
Primo Space 2 launched fundraising in July 2026, targeting $132M. The fund is currently at $77M, ahead of a first close expected after summer 2026.
Anchor LP support includes the European Investment Fund. LP composition beyond EIF is not publicly disclosed.
Leadership
Matteo Cascinari is General Partner, a Bocconi University graduate with a background in digital, media, and e-commerce investing.
Ilaria Cavalleri is General Partner, a chartered accountant and corporate finance specialist.
Giorgio Minola is General Partner, also a Bocconi University graduate.
Andrea Tunesi and Francesca Rainoldi serve as investment team members.
Professor Roberto Battiston, former President of the Italian Space Agency, serves as scientific advisor and partner to the fund.
Investment Strategy
Primo Space 2 invests from seed through Series B, building on Primo Space Fund's track record of backing companies before the space economy became consensus.
The fund's thesis is that the largest space companies of the next decade are being founded now as startups, and that Europe lacks sufficient specialist capital to support them from earliest stages through growth.
The dual-use mandate expansion reflects the convergence of space and defense technology and growing demand from European sovereign customers.
Notable Investments (Primo Space Fund — predecessor)
info@primo.vc
Matteo Cascinari — General Partner
matteo.cascinari@primo.vc
Ilaria Cavalleri — General Partner
ilaria.cavalleri@primo.vc
Giorgio Minola — General Partner
giorgio.minola@primo.vc
Italy
