Milan-based P101, a venture capital firm focused on early-stage investment in digital and technology companies, announced on Wednesday, December 21, that it has closed its new fund, Programma, 103 at €150M with goal to reach. €250M by 2023.
This investment is 40 percent funded by new investors and 60 percent by existing investors. Some of the investors include Azimut, CDP, European Investment Fund, BPM, Inarcassa, ISP Group Pension Fund, and several Italian family offices.
With this funding, P101’s assets under management have reached over €500M. Currently, the firm manages two funds, Programma 101 and Programma 102, as well as ITA 500, a retail venture capital fund operated on behalf of Azimut.
What to expect from the new fund?
Programma 103 will back early-stage and growth-stage, digital and technology-driven companies, providing B2C and B2B services in sectors including fintech, proptech, edutech, and cybersecurity. All investments will emphasize sustainability tickets are between €1M and €10M+ each.
The main focal countries for the fund are Italy and Spain, where P101 SGR has already made investments. Other European countries will also be considered.
P101 has attracted the attention of international players with a track record of over 100 funding rounds, 15 exits, 46 portfolio businesses (with a combined revenue of €2B), 4 funds under management, and deals like Tannico and Campari, Moet-Hennesy, MusixMatch, and TPG.
Andrea Di Camillo, Founder and Managing Partner of P101, said, “This closing will allow P101 SGR to strengthen its position in Italy and Europe. Our goal is to raise higher investments for each company, to create startups and scale-ups that can attract foreign capital – as some of our companies have done recently. The corrections of the NASDAQ and US markets shed light on the European and Italian scenario and emphasized the appeal of our scale-up companies towards corporate and PE players.”
Briefly about P101
Founded in 2013 by Andrea Di Camillo, P101 is a venture capital firm that supports digital and technology-driven companies in Europe. The firm claims to be one of the first European operators to establish a dedicated staff to help its portfolio companies grow.
The company is backed by Azimut, Fondo Italiano di Investimento, European Investment Fund, Fondo Pensione BCC, Cassa Forense, as well as some of the main Italian business families.
Since its inception, the company has invested in 35 tech companies, including Cortilia, Milkman, MusixMatch, Velasca, and Tannico.