Nestlé is throwing its weight behind the Eureka Fund, a vehicle focused on spinouts from 27 research centres and universities across Italy.

Italy-based venture capital firm Eureka Venture has signed up consumer goods group Nestlé as a limited partner for its inaugural vehicle, the Eureka Fund, with a €5m ($5.7m) commitment, Il Sole 24 Ore reported yesterday. Nestlé’s contribution forms part of its CHF250m ($273m) fund set up in 2020 to bolster packaging sustainability and improve recycling systems. It marks the first time that Nestlé has invested in a technology transfer fund in Italy. The fund stood at $49m as of the end of 2020 when limited partners including corporations Compagnia di San Paolo, Saes Group and Umbra Group all injected cash. The firm is looking to reach a €50m final close. The Eureka Fund is aimed at deeptech startups and spinouts connected to 27 research centres and universities across Italy. Its limited partners also include the EU-owned European Investment Fund and Cassa Deposits e Prestiti as anchor investors through their ITAtech platform, as well as family office Hofima. Marco Travaglia, chairman and chief executive of Nestlé Group Italy and Malta, said: “We are proud to have joined the Eureka Fund, which stands out for the seriousness of its projects and the solidity of its anchor investors. I am sure that this collaboration will lead to important results. “Our entry into the Eureka Fund will enable us to work together to find new innovative packaging solutions, aimed at encouraging the introduction of recycled plastic for food use in Italy and to improve the quality of collection and recycling processes.” [translated from Italian by Global University Venturing] – Image courtesy of Nestlé

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).