Milan-based VC firm P101 SGR has closed a €250m fund, which it plans to invest in early-stage startups across Europe.
Italy’s homegrown tech scene has gone from strength to strength in recent years, with Milan-based software developer Bending Spoons and Pisa-based robotic surgery company Medical Microinstruments among those raising mega funding rounds in recent months.
Founded in 2013, P101 counts pharmaceutical robotics manufacturing startup Multiply Labs and world-leading fitness app Strava among its portfolio.
“This closing is particularly meaningful for P101. It confirms the renewed trust of our long-standing investors and the growing interest in venture capital from newcomers, who decided to invest for the first time by P101,” says Andrea Di Camillo, founder and managing Partner of P101.
"This is a positive signal, not only for us but for the broader Italian ecosystem."
The fund's new LPs include Inarcassa, ISP Group Pension Fund and CDP Venture Capital, joining existing investors such as the European Investment Fund, Banco BPM and UniCredit.
"We firmly believe in the team's specific skills and growth plans," says Enrico Filì, Head of CDP Venture Capital's Digital Transition Fund.
"With this investment, we are fuelling PNRR (Italy's post-Covid National Recovery and Resilience Plan) resources into a proven reality that will foster the development and growth of new digital companies."
