Milan-based VC investment business Primomiglio SGR has rebranded to Primo Ventures.
As part of the name change, the company intends to grow its regional and international footprint by widening its network of relationship with global players.
The rebrand sees Promo Ventures roll out Primo Digital, an €80m fund which will invest predominately in Italian start-ups; especially those in the software, digital retail, cybersecurity, fintech and blockchain sectors.
“Our aim is to start with first closing and investments by the end of the year,” said Primo Ventures president Gianluca Dettori in a statement translated by Expert Investor.
“We specialise in working with a start-up from seed/early stage through to the growth phases, and we will continue to look after this segment which we consider to be one of the most interesting.”
The fund will look to invest an initial sum of between €500,000 to €2m and provide further investment at later stages.
The Primo Digital fund will mainly invest in Italian start-ups, but part of the money will be used for investments outside of the country, specifically in Europe and the US, in particular as co-investments with other foreign funds, the firm said.
This will help widen Primo Ventures’ network of international relationships and boost those companies that have the potential to grow quickest in global markets.
“Primo Ventures in now able to offer our partners a clear diversification in investment strategies and alternative assets,” said chief executive Antonio Concolino.
“The digital and space sectors are both extremely interesting, facing great growth and transformation, and have different yet complementary characteristics.
“Our firm has also adapted an ethical code and we will start adjusting our investment processes to meet ESG criteria when picking investments by the end of the year.”