United Ventures holds €75m first close for sophomore fund

The vehicle is targeting a final close in 2018 on €120m, almost twice the size of its predecessor, which closed on $80m (then €63m) in October 2014.

Investors
Fondo Italiano d'Investimento, which was an investor in United Ventures' maiden fundraising, committed €25m to the new vehicle. The LP invested via its venture capital fund-of-funds, FOF VC, which held a final close on €163m in July 2017.

Other investors include the European Investment Fund, Fondazione Banco di Sardegna, Banca Sella Holding and Banca Mediolanum.

Investments
As with its predecessor, UV II will target early-stage and series-A investments in software, ICT and digital technology companies to support international expansion plans. In particular, it will focus on investments in artificial intelligence, machine learning and predictive analytics that serve sectors that have not yet been digitised.

Investments from the first fund include Moneyfarm, Cloud4WI, Musixmatch, Faceit, Loop AI and Mainstreaming.

People
United Ventures – Massimiliano Magrini, Paolo Gesess (co-founders, managing partners).

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