Z_One Fund, the Italian venture capital fund managed by Eureka! Venture has announced the first close at more than €35 million, with a total fundraising target of €60 million.
The fund’s investor base includes some of Italy’s most prominent institutional investors. CDP Venture Capital SGR has committed capital through its newly launched Fondo Acceleratori 2. Other investors include Euronext Milan-listed Zest, Lazio Innova through a parallel fund focused on the Lazio region, Fondazione Compagnia di San Paolo, and a number of 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.
Luigi Capello, a pioneer of the Italian innovation ecosystem, leads the fund alongside partner Giulio Montoli and junior partner Giulia Fazzini. Montoli has built his career in acceleration and pre-Seed investing, including leading the management of one of the country’s largest startup portfolios, while Fazzini is one of the youngest women to hold a partner-level role at an Italian VC firm.
Collectively, they bring experience of over 340 investments, more than 25 exits, and over €80 million under management, with notable deals including FitPrime, Robot.com, JetHR, Vikey and 2Hire. The fund targets pre-Seed and Seed stage startups across two focus areas: AI Applications and UrbanTech and Smart Cities.
In AI Applications, the fund will back startups embedding artificial intelligence into corporate and public administration workflows, covering verticals from financial services and retail to digital security and the development of new AI models. In UrbanTech and Smart Cities, the fund is focusing on technologies transforming cities, including smart buildings, electric mobility, water and waste management, and the regeneration of 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.
He added, “We want to give more teams the opportunity to test themselves against the market and to progressively concentrate resources on the companies that show the greatest potential, in segments that open up important opportunities for a new generation of tech companies. Our ambition is to help them be born in Italy with a European outlook.”
Z_One Fund is managed by Eureka! Venture, an independent Milan-based asset management company founded in 2019 and supervised by the Bank of Italy and Consob. The firm is focused exclusively on DeepTech investments and recently launched Eureka! Fund II – Deep Tech Lazio, a €20 million early-stage fund. To date, the firm has raised over €190 million across a multi-strategy platform spanning technology transfer, software, DeepTech, AI, UrbanTech, and SME-focused vehicles.
The Z-One Fund aims to be the first institutional cheque to startups with initial tickets up to €250k, with selective follow-on investments of up to €1 million. The fund is also part of CDP Venture Capital’s Rete Nazionale Acceleratori, which means portfolio companies will receive not just funding but also access to a structured acceleration programme delivered in partnership with Zest.
“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.
Alongside the main vehicle sits Z_One Fund Lazio, a parallel fund created through the Lazio Venture 2 initiative under the PR FESR 2021-2027 programme and managed by Lazio Innova.
The parallel fund applies the same investment strategy as Z_One Fund while directing capital specifically toward startups connected to the Lazio region, aiming to strengthen the availability of pre-Seed and Seed financing locally and bridge innovation with regional universities and industry.
