
P101 holds first close on €65m for second VC fund
Italian VC house P101 has held a first close on €65m for its second fund, Programma 102, launched with a target of €120m to invest in early-to-late-stage Italian startups.
The fund has a higher target than its predecessor, Programma 101, which held a final close on a €66.7m in 2016, exceeding its €50m target, and is now 70% deployed.
Investors
The fund attracted commitments from European institutional investors including the European Investment Fund and Italia state-backed Fondo Italiano d'Investimento. It is also backed by investment holding Azimut, which re-upped after backing P101's first fund, as well as Fondazione Sardegna and numerous Italian family offices and private investors.
P101 plans to attract commitments from international investors as well, both private and institutional, which have been less active in the Italian VC landscape compared to local players.
Investments
The fund targets digital and technology startups offering B2C and B2B services to the food, fashion, design, travel, real estate, fintech and cybersecurity sectors. These will be based primarily in Italy but also in the rest of Europe if interested in expanding into the Italian market.
People
P101 – Andrea Di Camillo (founder, managing partner).
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