Invitalia leads €700,000 round for Remoria VR

Amedeo Goria
16 January 2017

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Italian venture capital houses Invitalia Ventures has led a €700,000 funding round for Rome-based Remoria VR alongside LVentures Group and business angels.

As part of the deal, Invitalia injected €300,000 into the business via its maiden vehicle Italia Venture I, while LVentures provided €120,000 and several business angels and high-net-worth individuals added the remaining capital. Prior to the deal, the business was part of Luiss Enlabs, the Italian acceleration programme managed by Luiss University and LVentures.

The company aims to use the fresh capital to finalise its product development, as well as boost its production and commercialisation.

According to a statement, the deal marks the 11th transaction for the 2015-vintage Italia Venture I, which currently manages €85m of commitments and is eyeing a final close in September 2017. The fund has a €100m target.

With its maiden vehicle, the GP injected a total of €8m to date and has announced two additional transactions during January 2017, which will equate an additional €4m capital injection according to a statement. To date, the fund's portfolio includes Sardex, D-Eye, Tensive, Zehus, Echolight, Empatica, 40 South Energy, Floome, Vino75, Pedius and Remoria.

Company
Established in 2016 and headquartered in Rome, Remoria produces a control device for mobile virtual reality. The product is based on data transmission for movement tracking and orientation.

People
Invitalia Ventures – Ciro Spedaliere (investment manager).
LVentures Group – Luigi Capello (CEO).
Remoria VR – Marco De Falco (CEO).