P101, MIP lead €4.5m round for Velasca

Alessia Argentieri
24 September 2019

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Italian venture capital houses P101 and Milano Investment Partners (MIP) have led a €4.5m funding round for shoe producer and online retailer Velasca.

The company intends to use the fresh capital to bolster its growth in Italy and expand internationally. It plans to open 20 new stores across Europe and the US by 2022, starting with London in October 2019 and New York in January 2020.

P101 invested via 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 launched a second fund in May 2018; Programma 102, with a target of €120m, will invest in early- to late-stage Italian startups.

MIP deployed capital from its first fund, MIP I, a vehicle launched in December 2017 with a €100m target. The fund invests in European – but primarily Italian – technology companies operating in the lifestyle sector, especially in the fashion, food and design industries.

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 in the transaction, while a private investor and the company's management team injected the remaining €350,000.

Subsequently, P101 led a €2.5m round for the company in July 2018. MIP also took part in the investment, alongside a pool of entrepreneurs.

Company
Founded in 2013 and based in Milan, Velasca produces handcrafted men's shoes and manages a dedicated e-commerce platform. The company generated revenues of around €5m in 2018, 30% of which came from abroad, specifically from France, northern Europe and the UK, and expects to reach turnover of €10m in 2019.

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