Limited partners including corporates Saes Group and Umbra Group have contributed to the €38m ($44.9m) first close of a fund for Italy-based venture capital firm Eureka Venture, StartupBusiness has reported.
Eureka Fund I – Technology Transfer has targeted approximately $59m for its final close. It is anchored by ItaTech, the tech transfer-focused investment partnership of the European Union-owned European Investment Fund (EIF) and development bank Cassa Depositi e Prestiti.
Advanced materials producer Saes Group and aerospace component maker Umbra have been joined by philanthropic foundation Compagnia di San Paolo, InnovFin Equity, European Fund for Strategic Investments and unnamed individuals.
The vehicle has been set up to invest in materials and engineering spinouts from 22 Italian universities and research centres. Eureka will supply funding at proof-of-concept stage and back seed and series A rounds, focusing on advanced materials and applications related to materials science and engineering.
Massimo della Porta, chief executive of Saes Group, said: “University scientific research and industry must talk to each other, today more than ever, to find a new way to innovate.”
The original version of this article appeared on our sister site, Global University Venturing.