Azimut launches €50m venture capital fund

The fund was launched in partnership with Milan-based startup accelerator Gellify. Azimut Libera Impresa, the alternative assets arm of Azimut, will manage the vehicle, while Gellify will focus on monitoring the technology market, scouting opportunities and advising Azimut on initial negotiations. 

Azimut Digitech Fund has a seven-year life span.

"This fund represents a new opportunity for our clients, offering them diversification and portfolio returns in the medium to long term," said Pietro Giuliani, Azimut chair. "Our purpose is to contribute to the virtuous circle between private savings and companies, which is today more essential than ever for the relaunch of our economy."

Azimut is an Italian asset manager established in 1989. Its parent company, Azimut Holding, was listed on the FTSE MIB index of the Italian stock exchange in 2004. Its shareholder structure includes 1,900 managers, employees and financial advisers, controlling a combined stake of around 21%, while the remainder is free-float.

The firm is headquartered in Milan, with additional offices in Luxembourg, Ireland, China, Monaco, Switzerland, Taiwan, Brazil, Egypt, Singapore, Mexico, Australia, Chile, the US, the UAE and Turkey. Azimut has raised 12 investment funds to date and currently has assets under management of €1.2bn.

Gellify is an investment platform and incubator dedicated to Italian startups and SMEs. It consists of three business divisions: Gellify for Startups, an incubator that provides startups with mentorship, expertise and guidance for their business creation and development, as well as small rounds of investments; Gellify for Companies, which is focused on supporting SMEs in their innovation path by offering help in building innovation strategies, sales and marketing digitalisation, digital operations and workforce empowerment; Gellify for Investors, which provides advisory to investors interested in fuelling the development of the technology industry and the Italian startup ecosystem.

Investors
Azimut Digitech Fund intends to raise capital from professional investors and high-net-worth individuals. The fundraising will benefit from the wide network of Italian and international investors of the Azimut group.

Investments
The fund will invest in Italian B2B software startups, with a special focus on software-as-a-service operators, active across four technology segments: artificial intelligence, including machine learning, deep learning and cognitive intelligence; Internet-of-Things (IoT), primarily smart manufacturing and industrial IoT; cybersecurity; and blockchain, including advanced electronic signature, smart contracts and distributed ledger technology.

The vehicle's portfolio will comprise startups in three different growth phases: early-stage, market-ready and scale-up.

Azimut's Guliani said: "B2B venture capital is a very resilient segment because the startups' valuations are based on the true value of the technology and the actual effectiveness of the product, which impacts the profitability of the startups and allows for long-term business agreements based on a recurring revenue business model."

People
Azimut – Pietro Giuliani (chair).
Gellify – Fabio Nalucci (founder, CEO).

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