Italian venture capital fund Z_One Fund, managed by Eureka! Venture, has secured more than €35 million in its first funding close. The fund aims to raise a total of €60 million to support its investment plans and back promising startups.
The fund has attracted several major institutional investors in Italy. CDP Venture Capital SGR has invested through its newly launched Fondo Acceleratori 2. Other investors include Zest, which is listed on Euronext Milan, Lazio Innova through a separate fund focused on the Lazio region, Fondazione Compagnia di San Paolo, and several private investors.
“The development of an increasingly mature innovation ecosystem comes from the ability to value specialised operators capable of supporting startups from the earliest stages of growth. It is with this vision that we chose to invest in Z_One Fund, the first investment of the Fondo Acceleratori 2, the cornerstone of our new acceleration strategy, designed to leverage the skills of specialised managers and operators, while maintaining the Rete Nazionale Acceleratori’s ability to combine investment with operational and mentorship support to help companies with go-to-market and the validation of their business model,” said Stefano Molino, Head of the Fondo Acceleratori at CDP Venture Capital.
Z_One Fund is led by Luigi Capello, a well-known figure in Italy’s startup ecosystem. He works alongside partner Giulio Montoli and junior partner Giulia Fazzini. Montoli has experience in startup acceleration and pre-seed investing. He has also managed one of Italy’s largest startup portfolios. Fazzini is among the youngest women to hold a partner-level position at an Italian venture capital firm.
Together, the team brings experience from more than 340 investments and over 25 exits. They have managed more than €80 million in investments, with previous deals including FitPrime, Robot.com, JetHR, Vikey and 2Hire.
The fund will focus on early-stage startups at the pre-seed and seed stages. Its two main investment areas are AI Applications and UrbanTech and Smart Cities. Through these investments, Z_One Fund aims to support startups developing technology to solve business and urban challenges.
In the AI Applications sector, the fund will invest in startups using artificial intelligence to improve the daily operations of businesses and public services. Areas of interest include financial services, retail, digital security and the development of new AI models.
In UrbanTech and Smart Cities, Z_One Fund will support companies developing technology to improve urban life. This includes smart buildings, electric mobility, water and waste management, and projects that improve and renew public spaces.
“Italian venture capital needs a financial supply chain to help high-potential startups grow. This requires institutional capital willing to invest from the very beginning and the ability to support founders in developing their business. With Z_One Fund we put to use the experience gained over years of investing and acceleration,” said Capello, Partner at Z_One Fund.
Z_One Fund is managed by Eureka! Venture, an independent investment management company based in Milan, Italy. Founded in 2019, the firm is regulated by the Bank of Italy and Consob. It focuses exclusively on DeepTech investments and recently launched Eureka! Fund II – Deep Tech Lazio, a €20 million fund that supports early-stage startups.
So far, Eureka! Venture has raised more than €190 million across several investment funds. Its investment areas include technology transfer, software, DeepTech, artificial intelligence, UrbanTech and funds focused on small and medium-sized businesses (SMEs).
“With Z_One Fund we take a further step in Eureka!’s growth path as a multi-strategy platform dedicated to alternative investments. We believe venture capital needs increasingly specialised and vertical models, capable of combining entrepreneurial talent, capital, expertise and operational support,” said Stefano Peroncini, CEO of Eureka! Venture SGR, manager of Z_One Fund.
The parallel fund follows the same investment strategy as Z_One Fund but focuses on startups linked to Italy’s Lazio region. It aims to provide more funding for early-stage companies and strengthen connections between local startups, universities and businesses.
