Primo Capital launches €120M Primo Space 2 to back European spacetech
What's the deal? Milan-based Primo CapitalDealroom has a profile for this one. Try Dealroom → has launched Primo Space 2, a fund targeting €120 million to back European companies building space and dual-use technologies. It has already secured more than €70 million in expressions of interest ahead of a first close.
Who's backing it? The fund is supported by Italian and European institutional investors, including the European Investment Fund. It will be led by general partners Matteo Cascinari, Ilaria Cavalleri, and Giorgio MinolaDealroom has a profile for this one. Try Dealroom →, with continued support from Roberto Battiston, former president of the Italian Space AgencyDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Primo plans to invest across satellite technologies, Earth observation, communications, navigation, cybersecurity, and other space-enabled applications.
The track record: The new vehicle builds on Primo Space Fund, launched in 2020, which backed 19 companies across six countries after reviewing nearly 1,500 opportunities. Those portfolio companies have collectively raised more than €470 million — over eight times the capital the fund invested — and generated more than €115 million in revenue, 69% of it from international markets. They now employ around 900 people, with more than 600 jobs created since the fund's first investment.
Why now? The launch comes as the space sector moves beyond traditional aerospace into a broader technology market. Space infrastructure is becoming critical for communications, navigation, Earth observation, cybersecurity, and defence, while demand for dual-use technologies grows.
The signal: Primo was one of Europe's first specialist space investors when it started in 2020. A second, larger fund signals that spacetech is maturing from a niche bet into an institutional-grade asset class on the continent.
Read more: Vestbee
