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The week in Italian startups - Issue #89

The week in Italian startups - Issue #89
By Niccolò Sanarico • Issue #89 • View online
I am Niccolò from Primo Ventures. Welcome back to my digest of the latest news from the Italian startup ecosystem.
What an issue! InnovHeart, Moneyfarm, Apparound, HAL, and many others raise funding. D-Orbit to become a unicorn in a SPAC deal. Cazoo acquires Brumbrum, while FACEIT merges with ESL Gaming in a $1.5Bn deal. CDP gets 2.5b to invest in the Italian startup ecosystem. And much more.
Enjoy the reading,

The Money
  • InnovHeart, a Milan-based developer of novel Transcatheter Mitral Valve Replacement (TMVR) systems for the treatment of mitral valve disease, raised a $55m Series C round led by Grand Pharmaceutical Group Limited.
  • Moneyfarm raised a £44.1m Series D round from M&G.
  • Apparound, a CPQ software company, raised $10m from Fondo Italiano d'Investimento.
  • HAL, a “zapier for the blockchain”, raised a $3m seed round led by CoinFund, Eden Block, and Animoca Brands.
  • Roboze, an additive manufacturing startup specialized in “super materials”, raised “several millions” 🤔 from a syndicate of investors.
  • Folks Finance, a capital markets protocol for borrowing and lending built on top of the Algorand blockchain, raised $3m in a seed round led by Borderless Capital.
  • CercaOfficine, a car servicing digital platform, raised €1m from CDP Venture Capital.
  • WordLift, an AI-powered SEO platform, raised €800k from Primo Ventures.
  • Blacksheep, a madtech fund launched last year, 🇮🇹announced its first two investments in ID Ward (🇬🇧) and Scibids (🇫🇷).
  • Creation Dose, a martech startup, 🇮🇹raised €1m from a syndicate of investors including CDP Venture Capital.
  • HBI, a startup developing circular economy solutions for the industrial sector, 🇮🇹raised an undisclosed amount from Nova Capital.
M&A, IPOs, Liquidity events
  • D-Orbit, a space tech company, announced a combination with Breeze Holdings Acquisition Corp., a SPAC with a $150m market cap. The deal will value D-Orbit $1.28b after the merger. The SPAC stock price is currently at $10.23, slightly above the $10 of the listing. Did we want an unicorn in 2022? Yes! Did we get one? Also, yes? ✌🏻🚀
  • Cazoo acquired BrumBrum for €80m.
  • ESL Gaming and FACEIT merged, after a Saudi-backed group acquired both for $1.5b. FACEIT was reportedly paid some $500m.
CDP Venture Capital grows its AUM
  • The Ministry for Economic Development 🇮🇹assigned €2.5b in additional capital to CDP VC, to invest in the Italian startup ecosystem.
Italian Founders Office hours
  • A group of Italian VCs from across Europe joined forces to open their calendars to Italian founders to provide some mentoring and support. A great way to get in touch with international VCs. Here the form to apply.
Reading and watching this week
  • An interesting article from the Founder Collective about startup exits.
  • Andrea Orlando from Startup Wise Guys published a new and revamped map of the Italian ecosystem.
  • AppQuality rebranded as
Opyn and Credimi on parallel tracks
  • It seems that the two leading Italian fintech platforms for SME lending are sharing a similar path: Opyn 🇮🇹lent €391.5m, for €19m revenues, while Credimi 🇮🇹lent €434m, with €15m revenues.
EY Venture Capital barometer
  • EY is presenting on February the 8th their 2021 Venture Capital barometer. I’ll be joining a panel to discuss exits in 2021. The live event will be streamed, you can register here.
Recent job positions from XJobs
About XJobs:
  • The XJobs platform is a free portal listing open job positions from the Italian startup ecosystem, managed by CDP Venture Capital. If you desire, you can apply for free and have your job positions posted on the platform by following this link.
Ending Notes
This is probably a good time to congratulate with the United Ventures team: last week was all theirs, as they are investors in D-Orbit, FACEIT, Brumbrum and Moneyfarm. Good job! 🚀✌🏻🍷
Join the conversation between Giacomo Mollo and myself commenting on the latest news, every Monday at 6:30 pm CET (follow us on twitter for a live reminder and the link: Nico / Jack). If you miss the live discussion, you can subscribe to our podcast on SpotifyApple Podcast, and other podcast platforms.
Have a great week,
Did you enjoy this issue?
Niccolò Sanarico

The week in Italian startups is a weekly collection of the most interesting news in the Italian startup ecosystem, with a focus on funding rounds, milestones, major partnerships, and innovation news. The weekly email will be in your inbox on Monday morning(-ish).

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