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Azimut, Earlybird partner for Italian tech fund

19 Oct 2011

Asset management firm Azimut has partnered with European investment group Earlybird Venture Capital to launch a new venture capital fund investing in the technology sector in Italy.

The agreements see a launch, within Azimut Group’s Luxembourg platform, of a close-ended fund investing in Italian start-up companies active in the technology sector, a model successfully pursued in Germany. The fund advisory will be assigned to an advisory company 60 per cent owned by Earlybird’s Italian partners and 40 per cent owned by Azimut Holding.

Pietro Giuliani, chairman and CEO of Azimut Group, said, “Once again Azimut concentrates its work and efforts in the development of highlyinnovative products and in the search for the most talented investment management competences. With this partnership we will combine Earlybird’s know-how and distribution capabilities with our local knowledge of institutional clients and high net worth individuals assisted by the private bankers of Azimut Wealth Management.”

Michele Novelli, managing partner of Earlybird in Italy, added “Earlybird will operate in the Italian market through a team of professionals with international experience during a period in which the country, despite the economic environment, is generating a stream of very innovative projects in line with the average dealflow of other European countries. Thanks to the partnership with Azimut Group we will develop the venture capital sector in Italy and support Italian start-up companies with specific competences and with an international network of contacts.”

Earlybird Venture Capital was founded in 1997 in Germany and has offices in Hamburg, Munich and Berlin. It currently has four close-ended funds for a total of €430m assets under management. The firm has been present in Italy since 2011.

Earlybird’s portfolio currently includes more than 20 companies such as B2X Care, Carpooling.com, CrowdPark, Peak Games, Smava, Socialbakers and Ubitricity.

Earlier this month, the firm participated in a $10m Series B financing round for German mobile advertising agency madvertise.

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