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Z_One

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Investment thesis

Z_One is an early-stage venture capital fund launched in July 2026 by Zest S.p.A. and Eureka! Venture SGR, targeting pre-seed and seed startups with a focus on two high-potential areas: artificial intelligence applications, as a cross-cutting technology capable of driving innovation across multiple industrial sectors, and UrbanTech, dedicated to the transformation of cities, infrastructure and urban services. The fund combines Zest's proprietary deal flow and acceleration expertise with Eureka!'s track record in managing alternative funds for institutional and professional investors. Its strategy comprises an initial phase of high diversification — with pre-seed investments of up to €200,000 — followed by a concentration phase of follow-on investments of up to €1 million in the best-performing companies, targeting up to 100 investments with a €55 million fundraising target.

Notable quotes

After more than two years, I am stepping down as CEO of Zest to pursue the evolution of the original vision that led to the founding of LVenture Group in 2013. With Z_One, we aim to address the needs of the start-up development ecosystem for integrated players with significant financial resources, the ability to execute investments swiftly in the best start-ups, and direct relationships with corporate entities. This strategy is in line with the best international benchmarks, where investment funds are increasingly setting up their own start-up accelerators – and vice versa.

Luigi Capello · startupbusiness.it — Z_One, the new fund from Zest and Eureka! Venture · 2026-07-17

As Zest evolves towards an increasingly VC-led model, Z_One represents a significant step forward and strengthens not only our role within the Italian innovation ecosystem but also our ability to capitalise on the best technological opportunities. This project forms part of the journey we have undertaken in recent years and highlights Zest's distinctive nature as a unique, integrated platform capable of bringing together capital, industrial expertise, open innovation and a broad ecosystem of start-ups, investors and partners.

Marco Gay · startupbusiness.it — Z_One, the new fund from Zest and Eureka! Venture · 2026-07-17

I am delighted to take on this role and am keen to contribute to Zest's new phase of growth, which aims to consolidate its position as a leading centre for innovation, nurturing young talent and supporting the creation and development of new businesses. The launch of the Z_One Fund is central to the group's development and growth and represents a crucial step for the entire ecosystem. I believe that investing in innovation means making a tangible contribution to our country's development, by creating new opportunities, skills and models of development capable of generating value over time.

Marco Giovannini · startupbusiness.it — Z_One, the new fund from Zest and Eureka! Venture · 2026-07-17

Team

Giulia Fazzini

Key Person & Junior Partner

AI/MLOther

Giulio Montoli

Key Person & Partner

AI/MLOther

Luigi Capello

Key Person & Partner

AI/MLOther

Stefano Peroncini

CEO, Eureka! Venture SGR (Fund Manager)

AI/MLDeep TechOther

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