The newly launched Z_One Fund has secured €35 million in its first closing. The fund, managed by Milan-based Eureka! Venture SGR, focuses on pre-seed and seed-stage startups in Italy with plans to expand its reach across Europe. The total target for the fund is set at €60 million.
The investment strategy targets startups utilizing AI for business processes, public administration, and citizen services. In the urbantech sector, the fund will prioritize mobility, smart water and waste management, and urban security. The team aims to complete up to 100 investments, with initial checks reaching up to €250,000.
The fund is backed by institutional and private investors, including CDP Venture Capital, Zest, and Fondazione Compagnia di San Paolo. Zest, which acquired a 20% stake in Eureka! Venture in October 2025, contributed €5 million to the fund and provides an acceleration program for portfolio companies.
The management team, consisting of Luigi Capello, Giulio Montoli, and Giulia Fazzini, has a track record of over 340 investments and 25 exits. They currently oversee more than €80 million in assets. The fund's portfolio already includes companies such as FitPrime, Robot.com, JetHR, Vikey, and 2Hire.
