Italian venture capitalist with a focus on international markets P101 SGR Manager Euveca reports that it has closed the fundraising of the Programme 103 fund at EUR 250 million.
The closing of the fund was finalised in recent weeks, thanks to a further progressive raising of EUR 100 million, of which EUR 35 million subscribed by CDP Venture Capital through the Digital Transition – PNRR fund, which uses resources allocated by the EU through the NextGeneration EU initiative, with the aim of fostering the digital transition of supply chains and small and medium-sized enterprises.
With this operation, the Fund opens up to new investors, both institutional and non-institutional, including companies that have chosen P101 to invest for the first time in venture capital. New entrants include names such as Inarcassa, ISP Group Pension Fund, Enpam and Compagnia di San Paolo, who join those who have already believed in the company: Azimut, CDP Venture Capital, European Investment Fund, Cassa Nazionale di Previdenza e Assistenza Forense, Banco BPM, Banca Sella, UniCredit and numerous family offices.
‘This closing is doubly important for P101. On the one hand, we have been renewed in the confidence of those who have already been with us for some time. On the other, we are counting new investors who have decided to bet on venture capital for the first time through P101: a positive sign, not only for us, but for the entire Italian ecosystem,’ said Andrea Di Camillo, founder and managing partner of P101 (in the photo), in a note. – Over the past ten years, the sector has proven to have solid foundations, with investments of nine billion euro in innovative start-ups, as highlighted in our recent State of Italian VC report. At this stage, patient capital, capable of accompanying innovation over the long term, is essential. Therefore, we welcome new investors and thank those who continue to support our vision.”
“We are very pleased as CDP Venture Capital to have invested in P101’s Programma 103 fund, a key player in the digital sector, appreciated by all market operators,” said Enrico Filì, head of CDP Venture Capital’s Digital transition fund. “We have great confidence in the specific skills and growth projects of this team. With this investment, we are entrusting PNRR’s resources to a proven player, whose expertise in digital will foster the advancement and growth of new businesses in the sector”.
With the new closing, P101’s assets under management rise to approximately EUR 500 million, divided between the Programme 101, Programme 102 and the more recent Programme 103, which is also supported by the European Union through the InvestEU Fund.
Programme 103 invests in the early and growth stages, with an average ticket of EUR 5 million. Since the start of operations in April 2023, it has already made eleven investments. Among the most recent are Carol Health, the first digital primary care service in Italy, and Cosmico, a TaaS (talent-as-a-service) platform that connects companies and freelancers (the operations were supported by the European Union under the InvestEU Fund).
With the new investments, the number of deals realised in 12 years of activity by P101 rises to over 290. Today, after some 20 exits, P101 has 37 innovative companies in its portfolio, accompanied not only with capital, but also with operational and strategic support.
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