Innogest holds first close and strengthens team

Amy King
15 April 2013

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Italian VC Innogest has held a first close for its second fund at around €50m and added two new members to its team.

The first closing of Innogest Capital II takes total capital under management to €140m.

The latest vehicle has a target of €60-70m and is expected to reach a final close by the end of the year, the VC told unquote".

Innogest also promoted two of its team to partner, strengthening the team ahead of the upcoming investment period. Claudio Rumazza was previously an investment manager at the firm. He was previously CFO at Finn-Power Group and a consultant at Deloitte. Stefano Molino, former investment manager, was also promoted to partner.

Alongside the promotions, the investor also made two new hires. Andrea Venturelli, founder and former CEO of medtech firm Invatec and François Pogodalla, former CEO of Advanced Digital Broadcast Group, joined Innogest as venture partners in the new fund.

Investors
LPs in the fund include Compagnia di San Paolo, Fondazione CR Lucca, Fondazione CR Asti, Fondazione Cariplo, Intesa SanPaolo, Banca Nazionale del Lavoro, Banca Sella Holding, Tecnoholding and several other private investors.

Italy's National Innovation Fund has committed €20m to the vehicle. The National Innovation Fund looks to support innovative projects and boost Italian patents. The fund has a grant of €60m, and is backed by the Ministry of Economic Development.

Andrea Venturelli, one of the new hires, has also committed capital to the fund.

Investments
The vehicle will back Italian SMEs in the ICT, digital and medical devices sectors with plans to expand on an international scale. In keeping with the aim of the National Innovation Fund, investments will also underpin the realisation of patents, the progression of industrial research and development and an improved economic use of intellectual property rights.

The team intends to make around three to five investments per year across a five-year investment period.

"These are the sectors in which Italy is strongest," Innogest managing director Claudio Giuliano told unquote". "We already have a previous fund, so our dealflow has never ceased. We have a pipeline of investments lined up and expect to make the first investment in the next 2-3 months," he added.

People
Andrea Venturelli and François Pogodalla are venture partners of the new fund. Claudio Giuliano is managing director of Innogest