P101 leads €720,000 round for Velasca

As part of the deal, the GP provided a €370,000 equity ticket to the transaction, while a private investor and the company's management team injected the remaining €350,000 of funding.

According to a statement, the company aims to use the fresh capital to boost its operational and marketing strategies, as well as to expand its team and open new retail stores across Italy and internationally.

The business raised seed capital first in September 2014 and subsequently in April 2015 from several Italian incubators and business angels, including Boox, Club Italia Investimenti 2 and Club Digitale. According to a statement, existing investors currently retain a combined 25% stake in the business.

Following the deal, P101 will have 25 companies in its portfolio. The GP recently announced the final close of its 2013-vintage maiden vehicle on €66.7m and expects to launch a second fund in 2017, unquote" understands.

Company
Founded in 2013 and headquartered in Milan, Velasca produces handcrafted shoes and manages a dedicated online e-commerce platform. According to a statement, the company posted €1m of revenues in 2015 and saw its monthly sale volume raise from €80,000 in June 2015 to €170,000 in June 2016. The business exports to France, Germany, North America and Scandinavia.

People
P101 – Andrea Di Camimllo (managing partner); Giuseppe Donvito (partner).
Velasca – Enrico Casati, Jacopo Sebastio (founders).

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• Topics
• Expansion
• Consumer
• Southern Europe
• Venture
• Italy