The vehicle has a final target of €50m and was recently formed as part of a merger between Annapurna Ventures and JVcapital. The pair had previously partnered to invest in online financial advisory site MoneyFarm.
It is backed by Italian institutional investors including Fondo Italiano, Fondazione Banco di Sardegna, Fondazione Cassa di Risparmio di Lucca , Banca Sella and Banca Patrimoni.
Annapurna Ventures was created in 2009 by Massimiliano Magrini, an experienced manager and entrepreneur that launched the Italian branches of Google, Spry Network and Altavista.
He said, “There is a whole generation of young Italians of entrepreneurial talent that prefer to have the opportunity to create a job rather than search for one.
“We provide risk capital for innovative companies to create success, and to [improve] employment quality in the market of digital technologies. Innovative companies can also be a factor to drive growth for the whole Italian industry.”
JVcapital was launched in 1998 and previously targeted different stages of investments, from venture capital to development capital, and with pre-IPO and public investments.
Paul Gesess, co-founder and managing partner, and former partner at JVcapital, added, “This first closing is carried out thanks to the important support of institutional investors. [It] is only a first stage on the journey…United has set itself a target of significant growth that will enable it to carry out its activities by interacting with other national and international operators for co-investments. ”
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