Primo Capital announces the entry of Fon.Te among the investors of Primo Climate, a venture capital fund dedicated to early-stage start-ups developing technologies for decarbonisation and ecological transition.
Fon.Te joins, with an investment of EUR 5 million, existing subscribers CDP Venture Capital on behalf of the VenturItaly Fund of Funds and the Green Transition Fund-PNRR, which uses resources allocated by the EU through the NextGeneration EU initiative. The Fund, which is already in the investment phase, currently has an aggregate commitment of EUR 45.5 million and an overall funding target of EUR 60 million.
“The investment in Primo Climate represents a concrete step in Fon.Te’s strategy to support the Italian real economy and, in particular, innovative companies operating in the ecological transition. We believe that technological innovation is fundamental to addressing environmental challenges, generating sustainable value over time and contributing to the economic growth of the Country System. With this commitment, Fon.Te intends to actively contribute to the growth of an environmentally aware entrepreneurial ecosystem, while promoting responsible returns for our members,’ Maurizio Grifoni, president of Fon.Te, a complementary pension fund for tertiary sector employees, commented in a note.
Primo Climate’s key managers Ezio Ravaccia, Giusy Cannone and Simone Molteni (pictured) bring important experience in both investment and sustainability to the Fund. Ravaccia, with a degree from Bocconi and an executive certificate from Insead, has 25 years in venture capital and the environment, having worked in senior roles at Pino Partecipazioni and Solar Ventures. Cannone, with a degree and PhD from Turin Polytechnic, has been working in the field of venture capital and innovation since 2011, collaborating with entities such as Banca Intesa and Italian Angels for Growth. Molteni, a scientist and entrepreneur who has been active in de-carbonisation for 25 years, has held important roles in organisations such as ENEA, founded Impatto Zero and co-founded Lifegate, of which he is still on the board of directors.
The Fund aims to invest in 12-14 start-ups that develop and produce cutting-edge climate tech or products and services that enable such technologies. Primo Climate invests in companies ready to scale up their solutions to accelerate the ecological transition. From established sectors such as solar energy, electric vehicles and lithium-ion batteries to emerging verticals such as green hydrogen, renewable energy and geothermal solutions, the Fund is strategically positioned to identify and invest in cutting-edge companies committed to achieving adaptation and mitigation goals.
As well as having a rich pipeline of potential deals, the Fund has already made its first two investments, one of which has already been announced: Krill Design, an innovative start-up based in Milan that transforms organic by-products of the food industry such as peels, seeds and shells into Rekrill, a sustainable biomaterial that can be used as an alternative to petrochemical plastics.
Primo Climate is supported by LifeGate in scouting and marketing activities, offering portfolio companies a favourable environment and easier access to the market.
“The first seven months of activity have allowed us to validate the positioning of the Primo Climate fund, which was created to support entrepreneurs bringing new technologies to the market in the climate sector. We have analysed more than 800 companies from different target sectors and have completed the first two investments with a third to be closed shortly. There are a number of very promising technologies that, having already completed the testing phase, are capable of bringing substantial innovations to various industries. We often hear about environmental problems, less often about solutions. Well, these solutions exist in Italy and with our work we want to help them grow,’ says Ezio Ravaccia, general partner of Primo Climate.
The Fund’s activities are mainly concentrated in Italy, contributing to the country’s international prominence in the field of sustainability.
In line with Primo Capital’s commitment, the Fund is classified under Art 8 under the European SFDR, with a commitment to promote the UN Sustainable Development Goals. In particular, the Fund places a strong emphasis on goal number 13, ‘Climate Action’, further emphasising its dedication to the ecological transition.
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