The European Investment Bank invests 21,65 million euros in the Italia Venture I Fund
The European Investment Bank invests for the first time in the Italian Venture Capital industry with a 21,65 million euros commitment into the Italia Venture I Fund which is managed by Invitalia Ventures SGR.
This investment has been subscribed today by the Vice-President of EIB, Dario Scannapieco and Domenico Arcuri, President of Invitalia Ventures, a SGR fully owned by Invitalia and led by Salvo Mizzi.
Thanks to this investment, that follows those already registered by the Ministry of Economic Development/Invitalia, Cisco Group, the Sardinia Banking Foundation and Metec Group, the Fund closes successfully its fundraising and reaches around 87 million euros.
The Italia Venture Fund I is now positioning as the main early stage VC operator in Italy, which is able to get critical mass on smart public-private capitals to invest in the Italian innovation ecosystem.
In less than two year, the Fund has already invested in 16 startups and innovative SMEs by committing 11 million euros and generating overall investment rounds of 33 million euros thanks to the co-investment mechanism with national and international investors.
The investment of EIB into Invitalia Ventures shows the will to boost the development of the venture industry in Italy, which still plays a minor role if compared with the European peers: in 2016, for instance 2,7 billion euros have been invested into French startups, 2 billion euros in Germany, 600 million euros in Spain and only 180 million euro in Italy. First data in 2017 (January-September) shows also a significant decline of investments in Italy (-30% with respect to the same period in 2016).