Italian VCs inject €2m into Personal Factory

IMI, the VC arm of Intesa Sanpaolo, committed capital from the Atlante Ventures Mezzogiorno fund. Fondamenta invested via TT Venture.

The fresh funding will be used to boost the firm's international expansion.

Fondamenta and Vertis initially committed €1.3m to the firm in 2009, acquiring stakes of 20% each. 

Company
Founded in 1982 and based in Simbario, Personal Factory is a high-tech building materials company. The firm enables clients to buy a compact cement machine and mix their own cement, avoiding the larger – and often non-environmentally friendly – cement companies. By going online, customers are able to access a coded envelope containing active ingredients for the cement mix, as well as empty cement bags with scannable codes.  

Given that the majority of cement consists of inert materials, with only a small percentage of chemicals that add colour and water-proofing, the firm's system allows customers to manufacture cement using locally-sourced materials. 

People
Amedeo Giurazza is managing director at Vertis. David Turco is head of venture capital investment at IMI. Nicola Redi is chief investment and technology officer at Fondamenta. 

Advisers
Equity – Bird & Bird, Massimiliano D'Amico (Legal).

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• Topics
• Southern Europe
• Industrials
• Expansion
• Italy