Exits are always news that act as confirmation of the fact that companies that innovate and then grow become interesting for the industrial system. Exits, as well as investment rounds, show their value when they are accompanied by the financial data that characterize them, a fundamental element to give not only solidity to individual transactions but also contribute to strengthening the ecosystem and its ability to create real value. In the last few days, IAG has announced that it has made two exits from investments made both individually and in partnership with others, specifically Doorway, two exits that concern two companies of certain importance that already have an international scope, neither IAG, nor the other investors nor the leading companies have wanted to disclose the amounts of these operations. It is always difficult to give news of this type without the amounts, but it is also important to tell about these cases involving Artemest and Winegrid.
Artemest
Artemest connects art and design lovers with Italian artisans. It was founded in 2015 by Ippolita Rostagno, Marco Credendino, Ignazio Assenza and Marco Deseri. The platform, the result of a careful selection, brings Italian artistic and artisanal know-how on an international scale through an online showcase accessible to customers from all over the world. Today, after four successful fundraising rounds, the company can count on: a website with more than 1400 artisans, 70 employees, four offices in Europe and the United States and a beautiful growth story to tell.
A success story that highlights the essential role of business angels in the innovation ecosystem: not only funding, but strategic support, connections, experience, elements that can make the difference in transforming an idea into a successful business. In fact, in 2017, Artemest started its business with a pre-seed round led by the business angels of Italian Angels for Growth (IAG). In 2018, a new capital increase, again with an active role of IAG, and the entry of Nuo Capital. In 2020, Artemest moves to the Series A phase with the entry of industrial investor Olma Luxury Holdings, a French private equity firm. In 2022, the company registers a further new investment round of €15 million, led by Iris Ventures, a growth equity fund based in Barcelona.
Artemest is an unconventional and one-of-a-kind business. An e-commerce business focused on Italian artisanal artistic know-how, between art and luxury, with very high average prices, a truly challenging and “out of the rules” project that has met the courage that only a business angel can have.
The first meeting between IAG’s investors and Artemest took place in 2015. It was the Salone del Mobile, the perfect stage for a meeting that would change the course of an extraordinary idea. Ignazio Assenza, chief financial officer of Artemest: “We still remember when we met Marco De Guzzis in Milan, he was the first to believe in us when we still only had a beta version of the site and 60 artisans in our community. From there, IAG had the foresight and courage to lead Artemest’s first round of fundraising.” Marco De Guzzis, IAG member professionally active in the world of affordable art and luxury, heard about this new project, sensed its potential and decided to meet the founders at the Fuori Salone. The result is a strong connection, an exchange of skills, networks and ideas that brings De Guzzis to the board of Artemest and the IAG shareholders to play the role of Anchor Investor and get the first capital raising off the ground.
From the very beginning, the Artemest team impressed De Guzzis and IAG’s business angels with its comprehensiveness, clear product strategy and concrete approach to the challenges of daily operations. A well-balanced team is often crucial to a company’s success, bringing a variety of skills and perspectives that integrate to achieve common goals.
As he explains in a note Marco De Guzzis: “This project was as fascinating as it was difficult to place on the capital market. For this reason, in the first phase, the role of business angels was essential, as lead investors we brought a signal of confidence to the rest of the market. Personally, following this project from the beginning as an IAG Champion and board member has been a privilege. Now, with the arrival of prestigious international investors and the consolidated results of the company, our mission is accomplished. The exit crowns the path that every business angel dreams of: contributing to the success of innovative initiatives, giving way to new investors and embarking on new adventures”.
The “love story between Artemest and IAG” is in fact exemplary in several respects. Marco De Guzzis: “For a business angel, collaborating with a startup is not just a financial investment, but an opportunity to exchange skills, relationships, opportunities that create new value: the relationship can develop as a two-way mentorship, in which investors can offer their experience and, at the same time, learn from the startup’s innovative approaches.”
Leonardo Giagnoni, managing director IAG: “The fourth exit of 2023 in a period that has not shone for market dynamism is an important milestone for IAG and further confirmation of the effectiveness of our model, access to the best deals and the actual value we are able to create in the market. All this has been perpetuated for 16 years and is constantly evolving, anticipating market trends and leading us to an increasingly prominent role in the ecosystem. The launch of new initiatives, such as Eden Ventures, goes in this direction, speeding up our processes and maximizing the value created by the network. Congratulations to De Guzzis for being the leader of this club deal and good luck to the Artemest team for the continuation of the growth!”
Winegrid
Italian Angels for Growth together with Doorway announces the partial exit of Winegrid, a Portuguese startup that has brought continuous monitoring solutions for the transformation of grapes into wine. Enartis, the Italian multinational company belonging to the Esseco Group, world leader in the market of equipment for the production of alcoholic beverages, has acquired the majority of the startup founded by Rogerio Noguiera and Lucia Bilro.
Thanks to Winegrid’s state-of-the-art technology, based on the use of smart sensors capable of monitoring the main stages of wine production, Enartis will be able to increase the efficiency of wineries and optimize processing. Performing predictive analytics will drastically reduce the need for sampling and verification during winemaking. The transaction represents an important step forward for both companies and confirms the value of technological innovation in the wine sector. Enartis confirms itself as a global player in technologies for the production of alcoholic beverages, always attentive to the new opportunities offered by technological innovation.
The first meeting between Winegrid and IAG business angels dates back to 2018, when a first group of investors led by IAG champion Michele Marzola chose to support the project proposed by Rogerio Noguiera. Subsequently, Doorway in 2021 opened its doors to the Portuguese startup’s funding campaign, investing another 350 thousand euros together with IAG.
Michele Marzola, IAG champion for investment in Winegrid: “IAG’s role as the main investor has allowed Winegrid to take off and consolidate, not only financially, but also through strategic support and connections in the entrepreneurial ecosystem. This has provided Winegrid with crucial support in its growth and development journey, underlining the value of investors who offer not only funds, but also expertise and a valuable network of contacts.”
Leonardo Giagnoni, managing director IAG: “IAG’s fourth exit of 2023, a track record that is strengthened and confirms the goodness of the portfolio that even in complex times manages to seize market opportunities. We are doubly pleased to have supported an international team that has developed a relevant technology in the agritech world and today joins forces with a consolidated Italian group by innovating its product portfolio”.
Antonella Grassigli, CEO and co-founder of Doorway, comments: “We are very satisfied with the transaction involving one of the subsidiaries in our portfolio. This once again demonstrates the robustness of our investment team’s startup selection process. Considering Enartis’ development plans for business growth, the full exit could be completed in a few years, with excellent returns for investors.” (Photo by Bernard Hermant on Unsplash)
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