The week in Italian startups - Issue #50
Gellify and Azimut Digitech Fund 🇮🇹 invested in Startupbootcamp Fashiontech, a fashion B2B accelerator.
☕️ De'Longhi acquired 100% of Eversys, a Swiss-based espresso machine maker, valuing the company $160m.
Generali Group and Cassa Depositi e Prestiti 🇮🇹 agreed to create a joint venture to support the elderly. I wonder if this might be an opportunity for startups offering patient-care solutions?
The Italian Legaltech map
If you are working on a landscape regarding some vertical market in Italy, please let me know!
Last week I stumbled across two apparently contradictory articles:
🇮🇹 ENPAIA announced investing an aggregate of €15m in three different venture funds (LVenture, Eureka, and Cysero). ENPAIA is the pension fund for the workers in the agricultural sector. This announcement is good news, as Italian pension funds are still reluctant to invest in VC. ENPAIA acknowledges the importance of diversifying its holdings, at the same time supporting investors who will invest in agriculture. A classic win-win decision.
2) Peter Kruger, managing partner of AgFood Ventures, 🇮🇹 published an opinion talking about how little capital has been raised by Italian agri-tech startups in recent times, despite the importance of the sector for our market, and about the relatively small allocation dedicated to agritech in the Italian recovery plan for the next-generation EU funds.
Nothing new here: the Italian VC market is still in its infancy, resulting in many undercapitalized startups. The decision of an LP such as ENPAIA is an important signal that hopefully will pave the way for more systemic LPs and investors.
SIAE, the Italian copyright collecting agency, is transitioning to an open, blockchain-based version of its services. Last week, 🇮🇹 it announced that it created more than 4m non-fungible tokens (NFTs) on the Algorand blockchain, representing the rights of 95k authors.
Azimut, an asset manager that is betting heavily on the digital sector, announced the launch of a security token ("AZIM") that, according to some sources, was used to tokenize a $6m loan portfolio originated by BorsaDelCredito. The token was created in partnership with Sygnum, a digital asset bank. Azimut also announced the launch of a crypto/fintech venture capital fund.
Video of the week
Legendary VC Doug Leone (managing partner at Sequoia Capital) was featured in a long interview with the Oxford Guild. Highly recommended video.
Thank you to the readers who came back with feedback and ideas for the "Jobs in Italian Startups" idea. I'll get back with an MVP after the Easter break. Feel free to drop a few lines if you have any more comments or if you are up for a chat.
Have a great week,