The week in Italian startups - Issue #36
The Money
Docebo, a cloud-based learning management system, completed its IPO on Nasdaq, raising $144M. The company, founded in Italy, moved to its current HQ in Canada after the investment received from Klass Capital.
AIKO Space, a startup developing artificial intelligence software for space missions, raised €1.5M from Primomiglio SGR and Gemina Holding. This is the first investment announced by Primo Space, the new fund launched last summer by the firm. Raffaele Mauro, formerly CEO of Endeavor Italy, also joined the team as a general partner. (note: I work for Primomiglio SGR).
H-FARM [FARM.MI], a publicly-listed education hub, digital services company, and startup accelerator, raised €18.6M in equity and debt.
Startup Wise Guys Italy completed its 🇮🇹crowdfunding campaign, raising €1.2M. The capital will be used to support 4 acceleration batches, investing in +40 startups.
M&A
Healthware Group, a digital services & consulting firm for the life sciences sector, acquired Make Helsinki, a Finnish digital agency. Price undisclosed.
CDP Venture Capital
CDP Venture Capital is often the main guest of this newsletter. The financial arm of the Italian government has a lot going on (remember the €1Bn National Innovation Fund?), and it is easy to lose track of all its programs. Fear not, as 🇮🇹this article gives a good overview of the current portfolio of initiatives.
In related news, 🇮🇹CDP announced the launch of WeSportUp, a new sports & health accelerator, in partnership with Startupbootcamp. CDP will finance the accelerator with €1.2M.
Funding in 2020 keeps pace with 2019
According to a report by the Hi-Tech Observatory at the School of Management of Polimi, 🇮🇹investments raised by Italian startups in 2020 amounted to €683M, not much less than 2019 (€694M). From the report, it emerges that startups were quite resilient to the pandemic, with 1/3 of them reporting a pivot to adjust to the crisis.
Apple VS the Italian antitrust
Apple was fined by the AGCM for providing misleading information about its iPhones and their advertised resistance to water. The fine amounts to €10M.
Marchetti steps down as CEO of Ynap
Federico Marchetti, the founder of Yoox, is stepping down as CEO of Ynap, keeping his role as President, after five years of tenure.
The Netflix of Italian culture
Last April the Italian minister of culture, Dario Franceschini, launched the idea of creating a "Netflix of Italian culture" - a streaming platform offering Italian movies, shows, theatrical performances, and other media productions. The project has just found financial backing: Cassa Depositi e Prestiti and Chili (a media streaming platform) are reportedly investing €9M each in the project, and the Ministry of Culture itself has allocated an additional €10M.
The idea is still widely debated. 🙄
The State of European Tech 2020
On December 8th Atomico will present its State of European Tech 2020 report. Subscribe here to attend the live streaming.
Ending notes
Thank you for reading this far. Enjoy the rest of the week and stay safe!
Best,
Nico
