Key Takeaways
- • Z_One Fund, the venture capital fund managed by Eureka! Venture, has launched its investment phase with an initial closing of over €35 million, against an overall fundraising target of €60 million.
- • Key investors include CDP Venture Capital, Zest (listed on Euronext Milan) and Lazio Innova, the latter through a parallel fund dedicated to Lazio-based investments, alongside other private investors.
- • The fund plans up to 100 investments, with initial tickets of up to €250,000 and selective follow-on investments, focused on AI applications and urban tech.
- • Z_One Fund is the first investment of CDP Venture Capital's Accelerators Fund 2, and is part of the National Accelerator Network, combining capital with acceleration support.
Summary
Z_One Fund, the venture capital fund managed by Eureka! Venture, has launched its investment phase with an initial closing of over €35 million, according to the fund's announcement reported by Startupbusiness.it. The fund targets an overall fundraising goal of €60 million and aims to build a diversified portfolio of up to 100 investments, with initial investments of up to €250,000 and selective follow-on investments that concentrate capital on companies reaching concrete milestones. Key investors in the first closing include CDP Venture Capital, Zest, Lazio Innova (through a parallel fund focused on Lazio) and other private investors.
The fund is led by Luigi Capello, Giulio Montoli and Giulia Fazzini. The team reports a track record of more than 340 investments, over 25 exits and a managed portfolio of over €80 million, with notable deals including FitPrime, Robot.com, JetHR, Vikey and 2Hire. The fund's stated strategy is to address a gap in Italian venture capital: the scarcity of institutional capital at the earliest stages, positioning Z_One as the lead institutional investor in early-stage start-ups. Italy is the starting point, with Europe described as the natural arena for portfolio growth.
Z_One focuses on two thematic areas: AI applications, spanning financial services, retail, training, digital security and new AI models, and urban tech, including building efficiency, electric and connected mobility, smart water and waste management, and public space safety and regeneration.
The fund is the first investment of CDP Venture Capital through its Acceleratori 2 Fund, an evolution of the Acceleratori Fund that contributed to the creation of the National Accelerator Network. CDP Venture Capital's Stefano Molino, head of the Accelerators Fund, said the fund will help attract new expertise, capital and qualified operators to the Italian innovation market. Zest, which is listed on Euronext Milan, participates as an LP and adviser; CEO Marco Gay said the arrangement offers a tangible opportunity to generate returns and supports portfolio companies' integration into industrial supply chains.
Alongside the main fund, the Z_One Fund Lazio was established under the Lazio Venture 2 initiative, promoted by the Lazio Region under the 2021–2027 ERDF Operational Programme and managed by Lazio Innova. It aims to increase pre-seed and seed capital for Lazio-based start-ups. Lazio Innova Director-General Andrea Ciampalini noted the parallel funds model, introduced by Lazio Innova in 2017, combines public resources and private capital. Stefano Peroncini, CEO of Eureka! Venture, described the fund as a step in the firm's growth as a multi-strategy alternative investments platform.
The fund is led by Luigi Capello, Giulio Montoli and Giulia Fazzini. The team reports a track record of more than 340 investments, over 25 exits and a managed portfolio of over €80 million, with notable deals including FitPrime, Robot.com, JetHR, Vikey and 2Hire. The fund's stated strategy is to address a gap in Italian venture capital: the scarcity of institutional capital at the earliest stages, positioning Z_One as the lead institutional investor in early-stage start-ups. Italy is the starting point, with Europe described as the natural arena for portfolio growth.
Z_One focuses on two thematic areas: AI applications, spanning financial services, retail, training, digital security and new AI models, and urban tech, including building efficiency, electric and connected mobility, smart water and waste management, and public space safety and regeneration.
The fund is the first investment of CDP Venture Capital through its Acceleratori 2 Fund, an evolution of the Acceleratori Fund that contributed to the creation of the National Accelerator Network. CDP Venture Capital's Stefano Molino, head of the Accelerators Fund, said the fund will help attract new expertise, capital and qualified operators to the Italian innovation market. Zest, which is listed on Euronext Milan, participates as an LP and adviser; CEO Marco Gay said the arrangement offers a tangible opportunity to generate returns and supports portfolio companies' integration into industrial supply chains.
Alongside the main fund, the Z_One Fund Lazio was established under the Lazio Venture 2 initiative, promoted by the Lazio Region under the 2021–2027 ERDF Operational Programme and managed by Lazio Innova. It aims to increase pre-seed and seed capital for Lazio-based start-ups. Lazio Innova Director-General Andrea Ciampalini noted the parallel funds model, introduced by Lazio Innova in 2017, combines public resources and private capital. Stefano Peroncini, CEO of Eureka! Venture, described the fund as a step in the firm's growth as a multi-strategy alternative investments platform.
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