Europe’s venture capital ecosystem has long grappled with a persistent gap between academic research excellence and commercial startup activity. While European universities and research institutions produce world-class science, translating that output into fundable, scalable companies has historically required specialist intermediaries with deep institutional relationships. French-Italian firm 360 Capital has built its Poli360 strategy around exactly that challenge — and its second fund has now reached an €85 million first close.
360 Capital Closes €85M First Close for Poli360 2
360 Capital has announced an €85 million first closing for Poli360 2, a seed-stage technology transfer fund targeting a total of €100 million. The firm expects to reach its final close by the end of 2026.
Poli360 2 is structured to invest primarily in academic spinouts emerging from universities and research centres, with at least 80 per cent of capital to be deployed in Italy. The remainder will target early-stage deeptech opportunities across the wider European market. The fund plans to make between 20 and 25 investments, with initial tickets of approximately €2 million and follow-on capacity of up to €8 million per company.
Institutional Backing and a Defence Dimension
The investor base for Poli360 2 reflects both the institutional depth of 360 Capital’s relationships and the growing intersection of European deeptech with defence priorities. Limited partners include the European Investment Fund, participating through its InvestEU Defence Equity Facility, CDP Venture Capital, Italian pension funds, and a range of family offices.
Corporate strategic investors add further weight to the syndicate: Brembo, the Italian braking technology group; MBDA, Europe’s leading missile systems manufacturer; and Lucchini RS, a specialist in rolling stock components. The presence of MBDA alongside the EIF’s defence facility signals a deliberate positioning of Poli360 2 at the intersection of dual-use technology and European industrial sovereignty — a theme that has gained considerable momentum since 2022.
Two Investment Pillars: Automation and Sustainability
The fund’s investment strategy is organised around two thematic pillars. The first, Industry Automation, encompasses robotics, semiconductors, artificial intelligence, and cybersecurity — technologies central to modernising European manufacturing and critical infrastructure. The second, Sustainability, covers advanced materials, energy transition technologies, and circular economy applications.
Three investments have already been completed from Poli360 2: Neuronova, a semiconductors startup originating from the University of Grenoble and Politecnico di Milano; iNGage, focused on MEMS sensor technology; and Bynario, operating in cybersecurity.
Building on Poli360 1’s Track Record
The predecessor fund, Poli360 1, invested in 20 companies and has established a portfolio that includes several well-known deeptech names. Energy Dome, the CO₂-based long-duration energy storage company, and Phononic Vibes, which develops metamaterial solutions for noise and vibration control, are among the cohort, alongside ISAAC Antisismica, Inxpect, PhotonPath, and Equixly.
360 Capital was founded in 1997 and operates from offices in Milan and Paris. The firm manages approximately €500 million in assets under management and maintains an active portfolio of more than 50 companies spanning deeptech, climate technology, and digital sectors. Its broader investment activity extends from pre-seed to Series B across European markets.
Market Context: Technology Transfer as a Strategic Priority
The Poli360 2 close comes at a moment of heightened policy attention to European technological sovereignty. The European Commission’s InvestEU programme and its associated Defence Equity Facility have explicitly prioritised channelling institutional capital towards dual-use technology commercialisation — the kind of early-stage academic spinout that sits squarely in 360 Capital’s wheelhouse.
Italy, the fund’s primary target market, has historically been underserved by specialist technology transfer vehicles. CDP Venture Capital, the venture arm of state lender Cassa Depositi e Prestiti, has been actively working to address this deficit, and its participation in Poli360 2 reflects alignment with national innovation strategy. With a €100 million target and three investments already deployed, Poli360 2 is on track to become one of the more substantial specialist technology transfer vehicles operating in continental Europe.
Fund Summary
- Fund: Poli360 2
- Manager: 360 Capital (Paris / Milan)
- First close: €85 million
- Target: €100 million
- Focus: Deeptech seed, technology transfer, academic spinouts
- Geography: Italy (80%+), Europe
- Key LPs: EIF (InvestEU Defence Equity Facility), CDP Venture Capital, Brembo, MBDA, Lucchini RS
- Initial portfolio: Neuronova, iNGage, Bynario
- Investment parameters: 20–25 investments, ~€2M initial ticket, up to €8M follow-on