New Italian VC launches with Fondo Italiano backing
Fondo Italiano di Investimento has committed capital to United Ventures, a newly-formed venture capital firm based in Italy.
United Ventures is formed by the merger of Italian VCs JVcapital and Annapurna Ventures, founded by Paolo Gesess and Massimiliano Magrini respectively. The latter has been appointed managing partner of the new venture capital firm.
The fund, United Ventures I, has held a first close on €30m and aims to hit a final close on €50m by the end of the year, the VC told unquote".
Investors
The investor base reflects that of JVcapital's earlier fund JV2 Capital. Fondo Italiano di Investimento joins institutional investors including Fondazione Banco di Sardegna, Fondazione Cassa di Risparmio di Lucca, Banca Sella and Banca Patrimoni.
Private investors, mainly local entrepreneurs, have also made capital commitments to the vehicle.
Investments
The new firm will back SMEs in the digital technology space with an average investment of €2m.
People
Massimiliano Magrini is managing director of United Ventures. Gabriele Cappellini is CEO of Fondo Italiano.
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