• Primo Climate will focus on early-stage climate tech startups in Italy
• The fund’s investors include CDP Venture Capital and the Green Transition Fund – PNRR
• Based in Milan, Primo Ventures is focused on the digital sector and the new space economy

Primo Ventures has raised €40 million in the first close of its inaugural growth-focused climate venture capital fund, Primo Climate. The target is €60 million.

Primo Climate will focus on early-stage climate tech startups in Italy.

The fund’s investors include CDP Venture Capital and the Green Transition Fund – PNRR.

Primo Climate is seeking to back 10 to 13 companies that develop and produce cutting-edge climate tech or products and services that enable such technologies. The fund will target several areas that include energy efficiency and renewables, mobility, circular economy, waste management, and energy storage.

On the fundraising, Gianluca Dettori, president of Primo Ventures, said in a statement, “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.”

Based in Milan, Primo Ventures is focused on the digital sector and the new space economy.