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Italy’s United Ventures raises €50m for debut VC fund

4 Feb 2014

Italian venture capital firm United Ventures held a second closing for its debut fund, the digital technology-focused firm has said.

United Ventures previously held a first closing of €30m in March 2013, with a final closing expected to hit €60m.

Limited partners in the second closing include the European Investment Fund, joining Italian financial institutions Fondo Italiano di Investimento, Fondazione Banco di Sardegna, Fondazione Cassa di Risparmio di Lucca, Banca Sella and Banca Patrimoni and a selection of private individuals.

United Ventures was formed last year as part of a merger between Annapurna Ventures and JVcapital. The pair had previously partnered to invest in online financial advisory site MoneyFarm.

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.

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.

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