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P101 leads €2.5m round for Velasca

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Italian VC house P101 has led a €2.5m funding round for Milan-based shoe producer and online retailer Velasca.

New investor Milano Investment Partners also took part in the round, alongside a pool of entrepreneurs.

The company will use the fresh capital to bolster its growth in Italy and expand internationally, primarily in Europe and North America.

P101 deployed capital from its Programma 101 vehicle, which held a final close on €66.7m in 2016, exceeding its €50m target, and is now 70% deployed. The firm has recently launched a second fund, Programma 102, with a target of €120m, to invest in early-to-late-stage Italian startups.

Recently established GP Milano Investment Partners invested via its first fund, MIP I, a vehicle launched in December 2017 with a €100m target. 

MIP I targets European and primarily Italian technology companies operating in the lifestyle sector, especially in the fashion, food and design industries. The firm's investment team is composed of CEO Stefano Guidotti and partners Paolo Gualdani and Igor Pezzilli.

Previous funding
After an initial €60,000 raised from angel investors, Velasca received €125,000 in a pre-seed funding round led by Boox and Club Italia Investimenti 2 in September 2014, followed by a €340,000 seed round raised from Club Digitale and Club Italia Investimenti 2 in April 2015.

P101 led a €720,000 funding round in November 2016. 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.

Company
Founded in 2013 and based in Milan, Velasca produces handcrafted shoes and manages a dedicated online e-commerce platform. The company expects to generate a turnover of €5m in 2018, 20% of which will come from abroad, specifically France, northern Europe and the UK.

People
P101 – Giuseppe Donvito (partner).
Milano Investment Partners – Stefano Guidotti (CEO).
Velasca – Jacopo Sebastio, Enrico Casati (founders).

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