United Ventures holds $80m final close

The digital-technology-focused investor launched the fund with €30m in March 2013 and held a second close in February on €50m.

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 appointed managing partner of the new venture capital firm.

The VC stated the vehicle was oversubscribed.

Investors
Two thirds of the investor base is made up of banks, funds-of-funds and other institutional investors. Commitments to the vehicle were made by EIF, Fondo Italiano di Investimento, Fondazione Banco di Sardegna, Fondazione Cassa di Risparmio di Lucca, Banca Sella and Banca Patrimoni.

Private investors, mainly local entrepreneurs, make up the remaining third of capital commitments.

Investments
The vehicle, which focuses on early-stage and expansion capital investments, has injected €20m into nine companies across Europe and North America to date.

In April this year, the VC invested $1.5m in Milan-based app development platform AppsBuilder. Its other investments include MoneyFarm, Cloud4WI, Halldis, 20Lines, Marinanow, LoveTheSign and Badseed.

United Ventures aims to make a total of 20 investments from the fund of between $1.5-8m in digital technologies, mobile, gaming, software and e-commerce companies.

People
Massimiliano Magrini and Paolo Gesess are co-founders and managing partners of United Ventures.

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