It is an important anniversary on 11 October for Primo Space, the VC fund of the Primo Ventures galaxy (Primomiglio Sgr) specialized in investments in the space economy sector, which celebrates its first year of activity with goals that the company led by Matteo Cascinari , Raffaele Mauro and Giorgio Minola define “significant in terms of raising capital and investment operations”.
Space economy, a potential market worth a thousand billion
The fund reached an overall size of 85 million euros thanks to the last round of fundraising (the fundraising will end on 5 December) and the launch of a parallel fund dedicated to investments in Italy. The intervention market will also remain that of the new generation space industry in the future, a sector that those directly involved confirm to be rapidly growing (Morgan Stanley’s projections speak of a turnover of one trillion dollars by the end of the decade. ) with an impact in multiple industries, from Internet-related services to logistics, from the fight against climate change to insurance, from precision agriculture to infrastructure monitoring, from security to telecommunications.
Who are the six companies financed
In its first twelve months of life, Primo Space concluded six deals, placing a total of € 8.1 million in capital and becoming a shareholder of the same number of companies. Aiko Space, for example, is a Turin startup that develops artificial intelligence algorithms to make space missions increasingly autonomous. Leaf Space, based in Lomazzo, is active in the so-called “ground stations” for small satellites and also at the innovation hub of the center in the province of Como is based Caracol, which rose to prominence for its patented manufacturing technology additive through robotic supports for the world of high performance space components. The Spanish Pangea Aerospace instead produces with 3D printing an aerospike-type rocket engine and a re-entry system for small launchers while the Swiss Astrocast is building a constellation of satellites and is already listed on the Oslo stock exchange in the Euronext Growth segment. The most recent co-investment activity concluded by the fund (with 1.5 million euros) alongside Cdp Venture Capital-Fondo Italia Venture II is finally Sidereus Space Dynamics, a Neapolitan company engaged in the development of the EOS orbital launcher through a miniaturization and standardization of parts and production processes.