The Money

Last week we had only one round raised by an Italian startup. But fear not! Italian entrepreneurs abroad are keeping up the 🇮🇹 flag:

• Out Of, a skying equipment startup, 🇮🇹raised €712k in a round syndicated by In3 Ventures.

• Klink Finance, a London-based crypto-fintech startup, 🇮🇹raised €500k in a pre-seed round led by Blockchain Founders Fund and participated by StartupGym.

• Axelera AI, an Eindhoven-based AI acceleration platform, raised $27m in a Series A round.

• TherapyChat, a Spanish online therapy startup, 🇮🇹raised €6.5m in a round participated by Mediaset Italia and Mediaset España.

M&A and IPOs

• Brandon Group 🇮🇹acquired Asd, a french competitor.

• I am a little late to this one: Tatatu, a social media + crypto startup, went public on 19/10/2022 via a direct listing on the Euronext Growth market. The reference price was set at €2 per share, for a €1.6B market cap. Last Friday, the price was €9,80, for an €8.1B market cap.

• Helbiz announced a merger with Wheels.

• Cy4Gate 🇮🇹signed a preliminary acquisition agreement to acquire 55% of Diateam, a French company, for €5.5m.

New funds

• CDP VC 🇮🇹announced an investment fund dedicated to startups launched in the Tuscany region. The fund will have €30m in dry powder.

• CDP VC also 🇮🇹announced a new tech transfer hub, Extend, in partnership with Evotec SE and Angelini Ventures.

• Oltre III, an impact fund, 🇮🇹announced the third closing at €72m. The goal is to reach €100m by next year.

Reading this week

• Italy: the scale-up boom is now.

• Matt Levine's The Crypto Story.

Fundraising tracker

The fundraising tracker is updated weekly based on the news published in this newsletter. 

Ending Notes

Giacomo Mollo and I comment on the latest news every week: subscribe to our podcast on Spotify, Apple Podcast, and other platforms to get additional insights on what is happening in the Italian ecosystem.

Have a great week,

N.