Italian Angels for Growth strengthens its presence in the United States and in particular on the West Coast, where it has already been active for several years. IAG, which was born from a benchmarking tour of some pioneers of Italian angel investing in the United States seventeen years ago, makes the transatlantic bond stronger by establishing its own privileged vantage point in Silicon Valley by becoming relevant investors in the American VC firm Lombardstreet Ventures (among the top 10 pre-seed funds in the United States in 2023 according to S Truic Startup Savant), A crucial step to open up new opportunities and realize growth goals. IAG angels have already made a dozen direct investments in American startups: among the most recent is Connectly.AI in the conversational AI field founded by a former Meta c-level who has recently raised additional capital from international funds. In addition to these deals, IAG’s overseas presence is consolidated by periodic innovation tours to meet some of the world’s leading VCs and exchange stimulating views on the market and best practices; without forgetting that some IAG members reside in the USA and also play the role of ambassadors of the Italian angel network. The Californian market, known for being a nursery of innovation and for being at the forefront of multiple sectors, represents a fertile ground for IAG’s activities, a strategic turning point for the network, allowing more direct and immediate access to an ecosystem of dynamic and innovative startups. The investment in Lombardstreet Ventures, a VC who has experience supporting growth-stage companies, adds significant value to IAG’s presence in California and also offers valuable know-how and an established network of contacts in the West Coast entrepreneurial landscape. An additional step in the path of internationalization of the ecosystem, which also opens up the opportunity for the network’s startups to show themselves to the main industrial and financial stakeholders in the sector. The similarities between IAG and Lombardstreet Ventures are numerous: both entities share a common vision in identifying and supporting innovative projects with high growth potential. IAG with more than 600 business angels from the entrepreneurial, financial and industrial worlds, in more than 17 years of activity, has analyzed over seven thousand investment opportunities, has concluded over 125 deals, for a total of over 550 million euros invested by IAG members and its co-investors, which have created over 1100 jobs and 310 million euros in turnover generated, creating an ecosystem involving over 150 national and international partners. Lombardstreet Ventures was founded in 2017 by Luigi Bajetti and Massimo Sgrelli who started in Silicon Valley in 2010 as an angel investor with a personal portfolio that now has dozens of startups, including 11 whose valuation exceeds one billion dollars. The firm has over 70 early-stage investments in American companies, with a target of 10 investments per year chosen from thousands of opportunities analyzed annually. The approach to investing is cross-market and Silicon Valley first. Overall, the startups they have invested in to date have a market capitalization of over $69 billion. Carlo Tassi, president of IAG, said in a statement: “California is a global hub of innovation and entrepreneurship. Bringing IAG into this vibrant ecosystem is a critical step for us. The investment in Lombardstreet Ventures gives us access to a network that will further enhance our commitment to supporting the startup ecosystem and encouraging technological innovation.” Leonardo Giagnoni, IAG managing director, adds: “The growth of an angel club is not evaluated on the numbers but on the quality of its network. IAG has been able to distinguish itself on the early stage VC market by paying attention to the profile of the selected members and partners, hence the term ‘network-powered’ which is recognized as an effective added value by entrepreneurs and various stakeholders. With Lombardstreet Ventures we share the investment logic and we are going to consolidate the bridge of relations between Italy and the United States”. Luigi Bajetti, managing partner of Lombardstreet Ventures, says: “I have always thought that the Silicon Valley ecosystem is not replicable: it moves fast and is able to give rise to large waves of innovation that spread worldwide. I also believe that the best way to spread San Francisco’s culture is to connect with its ecosystem. In this sense, having IAG as an LP of Lombardstreet Ventures brings the Italian ecosystem closer and closer to the American West Coast”. The amount of IAG’s financial commitment to Lombardstreet Ventures was not disclosed. (Photo by Hardik Pandya on Unsplash)
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