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Invitalia Ventures was an investment organization founded in 2015 in Italy, dedicated to supporting innovative startups and companies with high growth potential. The firm was established to promote entrepreneurship and economic development in the region by channeling public capital into early-stage technology startups through a co-investment model. Invitalia Ventures operated until January 2020, when it was rebranded as CDP Venture Capital SGR following a significant acquisition by CDP Equity.
During its active years, Invitalia Ventures managed a fund size of approximately €87 million, primarily focused on seed and Series A investments. The organization aimed to support businesses demonstrating innovative solutions and scalability, particularly within Italy. It maintained strategic partnerships with various private venture capital firms and research and development centers, enhancing its ability to provide not just capital but also valuable industry insights and connections.
Invitalia Ventures was instrumental in the Italian startup ecosystem, contributing to the growth of numerous companies across diverse sectors, including technology, manufacturing, and services. The firm’s legacy continues through its successor, CDP Venture Capital SGR, which now manages approximately €4.9 billion in assets across multiple funds.
Invitalia Ventures focused on early-stage investments, specifically targeting seed and Series A rounds. The firm invested between €500,000 and €1.5 million per round, often participating as a co-investor alongside private capital. This co-investment model was designed to mobilize private sector participation in Italian startups, ensuring that public funds complemented private investments.
The sectors of interest for Invitalia Ventures included artificial intelligence, biotechnology, healthcare, fintech, energy, climate, consumer products, logistics, industrial applications, and food-agtech. The firm sought to support businesses that demonstrated innovative solutions and scalability, primarily within Italy. Its investment thesis emphasized hard-tech startups and SMEs, focusing on companies with genuine technological differentiation across various high-growth sectors.
Invitalia Ventures maintained a broad investment strategy, reflecting its mandate as a government-backed development vehicle. This approach allowed the firm to engage with a diverse range of startups, ensuring a wide portfolio that included both deep-tech and software-driven companies.
Invitalia Ventures built a diverse portfolio of 30 companies during its operational period. Notable portfolio companies included:
This portfolio reflects Invitalia Ventures' commitment to supporting innovative and scalable solutions across various sectors, particularly in hard-tech and deep-tech domains.
Salvo Mizzi — CEO of Invitalia Ventures, Salvo Mizzi is a Kauffman Fellow and internet entrepreneur. He founded the Working Capital Accelerator (TIM#WCAP) and TIM Ventures within the Telecom Italia Group. Mizzi is recognized for his role as a serial founder and innovation market builder with strong international networks.
Ciro Spedaliere — Investment Manager with over five years of experience in the venture capital industry at the time of Invitalia Ventures. Spedaliere contributed to the firm’s investment strategy and portfolio management.
Mario Scuderi — Investment Manager with three years of experience in the venture capital industry at the time of Invitalia Ventures. Scuderi played a key role in evaluating investment opportunities and supporting portfolio companies.
Invitalia Ventures ceased operations under its original name in January 2020, when it was rebranded as CDP Venture Capital SGR. This transition followed CDP Equity's acquisition of a 70% stake in the firm in August 2019. The rebranding marked a significant shift in the organization’s focus and scale, as CDP Venture Capital now manages approximately €4.9 billion in assets across 15 funds.
During its operational period, Invitalia Ventures was known for its commitment to supporting innovative startups in Italy, contributing to the growth of numerous companies across various sectors. The legacy of Invitalia Ventures continues through its successor, which has expanded its investment strategy to include dedicated thematic funds for DeepTech, MedTech, BioTech, Digital, and more.
What are Invitalia Ventures' investment criteria?
Invitalia Ventures focused on early-stage companies, particularly in sectors such as AI, biotech, healthcare, fintech, energy, climate, consumer products, logistics, industrial applications, and food-agtech. The firm sought businesses that demonstrated innovative solutions and scalability, primarily within Italy.
How can I pitch to Invitalia Ventures?
While specific pitch policies were not disclosed, founders typically approached Invitalia Ventures through co-investment opportunities alongside private capital. Engaging with the successor entity, CDP Venture Capital, is recommended for current pitching processes.
What makes Invitalia Ventures different from other investors?
Invitalia Ventures operated as a government-backed investment organization, focusing on mobilizing public capital to support innovative startups in Italy. Its co-investment model aimed to validate private capital participation, distinguishing it from traditional venture capital firms.
What is the geographic focus of Invitalia Ventures?
The firm primarily focused on investments within Italy, supporting local startups and promoting economic development in the region.
What is the typical check size for investments?
Invitalia Ventures typically invested between €500,000 and €1.5 million per round, participating as a co-investor in early-stage funding rounds.
What kind of support does Invitalia Ventures provide to portfolio companies?
Invitalia Ventures provided risk capital, industry know-how, and access to a network for business development, complementing its investments with strategic partnerships with Italian hard-tech R&D centers and private VCs.
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