360 Capital to launch €50m Square II fund

The vehicle will follow the same investment strategy as its predecessor, 360 Square I, which closed on €35m in 2015 and is currently fully invested.

"Despite the challenges caused by the pandemic, which has made it more difficult to maintain and develop relationships with local and international LPs, our strong track record will allow us to kick start the fundraising for our new Square vehicle very soon," Cesare Maifredi, 360 Capital general partner, told Unquote.

360 Square II will deploy equity tickets of €500,000-3m, focusing on seed rounds, primarily across France and Italy. It will complement the firm's wide offer, comprising a flagship fund, 360 Capital V, as well as a smaller vehicle, Poli360, and an energy-dedicated fund, A+ 360.

360 Capital V held a €90m first close in May 2020. The vehicle was launched in September 2019 with a €150m target and expects to hold a final close by the first half of 2021. The fund targets series-A and -B rounds in startups operating across the automation, robotics, artificial intelligence, "deep tech" and software B2B and B2C sectors. It deploys equity tickets in the €2-10m range. Target companies are based primarily in France and Italy, but the fund can deploy up to a quarter of its capital in the rest of Europe. The fund has made four investments so far (in France, Italy, Spain and the UK).

Poli360 has collected €55m against its €60m target and is about to close its fundraising. The vehicle was launched in September 2018 in partnership with technology-focused university Politecnico di Milano. It targets technology projects and startups launched primarily by Politecnico di Milano, but also developed by other Italian and European universities. It provides equity tickets of €100,000-3m and acquires minority stakes of around 20-30%.

A+ 360 was launched at the beginning of the year in partnership with Italian energy company A2A, which provided most of the capital. The fund is also open to additional capital from other corporate investors, as well as institutional players. Its strategy is dedicated to energy efficiency, with a focus on companies operating across the utilities, energy management and smart city segments.

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