United Ventures holds second close on €50m

The digital technology-focused investor launched the fund with €30m in March 2013. A final close is expected in April on €60m. 

United Ventures was formed by the merger of Italian VCs JV Capital and Annapurna Ventures, founded by Paolo Gesess and Massimiliano Magrini respectively. The latter was been appointed managing partner of the new venture capital firm.

The firm currently has four companies in its portfolio, including e-commerce interior design firm LoveTheSign. 

Investors
The investor base reflects that of JV Capital's earlier fund JV2 Capital. EIF joined Fondo Italiano di Investimento, Fondazione Banco di Sardegna, Fondazione Cassa di Risparmio di Lucca, Banca Sella and Banca Patrimoni as investors in the fund.

Private investors, mainly local entrepreneurs, also made capital commitments to the vehicle. 

Investments
The firm will make early-stage and expansion-capital investments in local SMEs focused on digital technology. 

People
Massimiliano Magrini and Paolo Gesess are co-founders of United Ventures. Sergio Zocchi and Mario Mariana are partners at the firm. 

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