Primomiglio, CDP Venture, Innogest in €5.8m round for Sardex

Innogest, Fondazione Sardegna and Nice Group also took part in the investment, which will be used to boost the company's growth and further bolster its expansion across Italy.

CDP invested in the round via Italia Venture I, an €87m vehicle that provides equity tickets of €500,000-5m for early-stage transactions. Primomiglio is deploying from Barcamper Ventures, a €45m fund dedicated to digital, financial technology, big data and software companies.

Previous funding
Sardex raised a seed round from Milan-based venture capital house DPixel in December 2011.

Subsequently, Innogest led a €3m round for the company, alongside Invitalia Ventures, via Italia Venture I, and Banca Sella Holding in April 2016. Fondazione Sardegna, Nice Group and Melpart also participated in the investment.

Company
Based in Serramanna, in Sardinia, Sardex offers a commercial credit platform that provides companies with credit and payment tools.

The platform works through a digital currency that enables companies to finance themselves on a reciprocal basis and complements the traditional currency.

Founded in 2009 and initially launched only in Sardinia, the platform has been replicated in 12 other Italian regions and currently has around 6,000 users, generating €100m in transactions.

People
Sardex – Marco De Guzzis (CEO); Carlo Mancosu, Gabriele Littera, Giuseppe Littera, Franco Contu (co-founders).
CDP Venture Capital – Enrico Resmini (CEO).
Primomiglio – Gianluca Dettori (president).

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• Topics
• Expansion
• Southern Europe
• Technology
• Financials
• Venture
• Italy