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The week in Italian startups - Issue #15

The week in Italian startups - Issue #15
By Niccolò Sanarico • Issue #15 • View online
Ciao a tutti,
We have been waiting for this week’s major announcement for the last 15 months, ever since the “Fondo Nazionale Innovazione” was initially announced by our government in March 2019. The €1 Billion investment program was finally unveiled, with the stated goal to close the venture capital gap with our European peers.
As an interesting, and somewhat unexpected, coincidence, this week we also saw Italian investors announcing investments abroad (spoiler: 🇺🇸, 🇪🇸) and exiting from investments abroad (spoiler: 🇬🇧).
Finally, I’m glad to announce that VC Hub Italia, a think-tank focused on promoting and developing venture capital in Italy, has decided to support this newsletter - we are all working towards a common goal and I am happy to offer my contribution!

The News of the Week
The strategy behind the “Fondo Nazionale per l'Innovazione”, a €1 Billion government-sponsored program to boost the Italian startup ecosystem, 🇮🇹 was finally unveiled by CDP Venture Capital. The 2020-2022 program acknowledges the gap between Italy and peer countries (e.g. France), and sets out the goal to complete the launch of 7 “systemic funds” to create a more mature market. The funds include:
  • Two existing “matching” funds, with a total of €230M AUM, active since 2015 and 2018;
  • A fund-of-funds with €300M under management, active since February 2020. The FoF has already announced its commitment in the first targets, Primo Space and Claris Biotech I;
  • A fund aimed at supporting the growth of startup accelerators, through direct and indirect investments, armed with €125M and launched in May 2020;
  • A €150M fund aimed at supporting the growth of the corporate venture capital market (to be launched in Q3-2020);
  • Finally, a €150M tech transfer fund (ETA Q3-2020) and a €100M late-stage fund (ETA H1-2021) will support technologies emerging from research institutions and “growth stage” startups, respectively.
The stated goal of this program is to enable the creation of €2.5-3.0 Billion of VC-managed capital by 2022. Will this be enough to catch-up with our peers? For sure, now we need our VCs to up their game. 😉
The future of Italian VC
The future of Italian VC
The Money
Exits
Reading this week
Startup Genome released its Global Startup Ecosystem Report for 2020. Only 9 of the top 40 startup cities are based in Europe (and I guess it is really easy to name them). Southern Europe has still a long way to go, in case you are wondering. 😤
Final thoughts
The news this week prepare the ground for an interesting future in Italy - hopefully, I’ll have more work to do to follow events. Looking forward to it! 😌
As usual, feel free to hit reply (comments are welcome) or to forward this email to a friend.
Have a great week,
Nico
Supported by VC Hub Italia
Supported by VC Hub Italia
Did you enjoy this issue?
Niccolò Sanarico

The week in Italian startups is a weekly collection of the most interesting news in the Italian startup ecosystem, with a focus on funding rounds, milestones, major partnerships, and innovation news. The weekly email will be in your inbox on Monday morning(-ish).

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