360 Capital, reports that it has completed the first closing of the climate tech fund 360 LIFE II at EUR 140 million. Classified as an Article 9 fund under the SFDR (sustainable finance disclosure regulation), 360 LIFE II expects to reach its target of EUR 200 million involving industrial partners and institutional investors.
In particular, A2A, as anchor investor and industrial partner, allocated 40 million euros, continuing the path which began with the launch of 360 LIFE I in 2020, in which it was the sole investor with an endowment of €25 million: an operation that expands the Group’s investment programme in new technologies focused on the circular economy and energy transition. CDP Venture Capital, through the International Fund of Funds and the Green Transition Fund – PNRR, which uses resources allocated by the EU through the NextGeneration EU initiative, subscribed a total of €44 million as financial anchor investor for the creation of the new fund. Also participating in the closing is De Nora as anchor and industrial partner, which will invest EUR 10 million, and Bpifrance as institutional partner.
360 LIFE II, led by 360 Capital’s partners Cesare Maifredi, Alexandre Mordacq, Thomas Nivard and Alessandro Zaccaria, aims to invest in series A and B rounds of European start-ups focused on three key areas: energy transition with innovations related to e.g. renewable energies, energy storage, etc., circular economy: waste and water management, biodiversity protection, etc. and urban sustainability: pollution reduction, smart infrastructure, etc.
Cesare Maifredi, partner at 360 Capital, pictured with the other partners, comments in a note: “Creating a lasting impact means identifying and supporting visionary entrepreneurs capable of building, scaling and sustaining successful companies over time. With over EUR 500 million of capital under management and more than 25 years of experience in early-stage investments, 360 Capital confirms its commitment to the European climate tech ecosystem, which is a central theme for VCs today. In this scenario, 360 Capital stands out thanks to its strong focus on deeptech and hardware, indispensable drivers to achieve the goal of net-zero emissions. Investing in these sectors, however, requires solid expertise, and for this reason we have been working for years with industrial partners such as A2A and now also De Nora’.
“With this operation A2A positions itself as a leader in Italy in corporate venture capital dedicated to climate tech: our CVC programme counts around 80 million euro and 6 funds that have invested in over 60 Italian and European start-ups – says Renato Mazzoncini, A2A’s Chief Executive Officer – Innovation is indispensable for the growth of companies, as also highlighted by the recent Report on the future of European competitiveness presented by Mario Draghi to the EU Commission. For our Group it is a factor of strategic direction across all our businesses, together with decarbonisation and energy autonomy. Our industrial plan targets 2035, and in order to realise it effectively, it is necessary to always keep in mind the technological evolution in which we have to invest. This new fund will give further impetus to start-ups in realising projects capable of making a concrete contribution to the country’s ecological transition process, which A2A is committed to supporting”.
“We are particularly pleased to support the first closing of 360 Life II, a new vehicle that represents a crucial step towards the acceleration of Italy’s green transition,” adds Agostino Scornajenchi, Managing Director and General Manager of CDP Venture Capital. “This investment reflects our commitment on two fronts: bringing leading international venture capital funds to invest in Italy, increasingly stimulating our growing ecosystem, and promoting innovative and sustainable solutions, in line with the need to address global environmental challenges to create a positive impact for future generations. We firmly believe that the combination of capital and expertise can be an essential driver for the emergence of new sustainability-oriented businesses.”
Paolo Dellachà, chief executive officer of De Nora says: ‘I am pleased to announce that our company has decided to become a strategic industrial investor in a new European venture capital fund dedicated to the climate tech sector. This initiative represents a fundamental step for us, as we firmly believe that it is essential to be increasingly open to innovation in order to address the climate challenges of our planet. De Nora has a lot to offer in terms of knowledge and expertise in this area. With our investment in this fund, we aim to create an ecosystem that fosters collaboration and exchange between large companies and emerging start-ups.”
Founded in 1997, 360 Capital has established itself as a pioneering venture capital firm in the deeptech and climatech sectors. With a portfolio that includes high-growth companies such as Exotec (France’s first industrial unicorn), Preligens (acquired by Safran) and Energy Dome (an Italian pioneer in long-life energy storage), 360 Capital has completed 28 exits since 2018.
With the investment in 360 LIFE II, A2A confirms its collaboration with 360 Capital and strengthens its role as a key player in the Italian and European innovation ecosystem, aiming to support new start-ups in the climatetech field, in line with the objectives of the 2035 Business Plan aimed at the ecological transition as a choice for sustainable competitiveness.
By investing in 360 LIFE II and actively collaborating with the 360 Capital team, De Nora aims to identify and exploit disruptive technologies in the climatech field, developing industrial and R&D synergies and further strengthening its contribution to the innovative growth of the sectors in which it operates.
ALL RIGHTS RESERVED ©