Primo Space
Continental Europe's first dedicated space-tech VC fund (Milan), managed by Primo Capital SGR; participated in U-Space's €24M Series A (Nov 2025).
Primo Space, managed by Primo Capital SGR S.p.A. (formerly Primomiglio SGR), bills itself as Continental Europe's first space-tech VC fund, investing seed/early-stage across upstream (electronics, materials, manufacturing, launch, satellites) and downstream (Earth observation, satellite data, satellite networks) segments of the space economy. A second fund, Primo Space 2 (~€120M target), extends the thesis into dual-use/defense-adjacent space and defense tech.
Overview
- Firm
- Primo Capital
- Headquarters
- Milan, Italy
- Founded
- 2020
- AUM
- Fund I closed at ~€85-86M (Feb 2022); firm-wide (Primo Capital, all funds) reports ~€507M committed capital
- Stages
- Seed, Series A
- Thesis
- Seed/early-stage space-tech investing, upstream and downstream, typically up to €5M per deal.
Portfolio companies1
Partners2
- Founderraffaele-mauroGeneral Partner of Primo Space at Primo Capital, leading the funds space-tech investment strategy; previously founded and led Endeavor Italy and held venture-capital roles at United Ventures and P101; Harvard Kennedy School MPA, Bocconi PhD, Kauffman Fellow (Class 22), and author of three books on finance, quantum computing, and the space economy.
- Founderilaria-cavalleriInvestment Principal, Space Strategy at Primo Space (Primo Capital), managing dealflow and portfolio support across Primo Capital's 19+ space-economy portfolio companies; joined Primo Capital in 2024 after roughly a decade at Cenciarini and Co. and as Partner at TLI Space; Bocconi University finance and management degree; teaches entrepreneurship and corporate finance as a Bocconi Fellow.
Frequently asked
- What is Primo Space?
- Seed/early-stage space-tech investing, upstream and downstream, typically up to €5M per deal.
- How much does Primo Space manage?
- Primo Space manages Fund I closed at ~€85-86M (Feb 2022); firm-wide (Primo Capital, all funds) reports ~€507M committed capital in assets, and was founded in 2020.
- What stages does Primo Space invest at?
- Primo Space invests at Seed, Series A.
Sources & citations4
Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.
- 1
Primo Space participated in U-Space's €24M Series A
EU-Startups: One satellite per week: that's the aim of France's U-Space with its new €24 million raiseVerified2025-11-12 - 2
Primo Space fund description, thesis, AUM, stage
Primo Capital: Primo Space fund pageVerified2026-08-09 - 3
New Italian space investment fund Primo Space takes off
Via Satellite: New Italian Space Investment Fund Primo Space Takes OffVerified2020-07-27 - 4
Primo Capital/Primo Space independently confirmed as U-Space Series A participant
SpaceNews: French startup U-Space raises $24 million for smallsat manufacturingVerified2025-11-12