TWIS #210
Cubbit, Subbyx, Illuminem, Fluid Wire Robotics raised funding. New funds from Nextalia and Primo Ventures. Acquisitions for Bending Spoons, Mavriq, Contents, Cosmico, and Qapla.
Hello,
Welcome back to The Week in Italian Startups, after a few days afk 🏖️🏖️. This is Niccolò from Primo Ventures: every week, I publish my curated list of the latest news from the Italian startup ecosystem.
The Money 💰
Cubbit, a distributed enterprise storage startup, raised $12.5m in a round led by ETF Partners and LocalGlobe, with participation from existing and new investors including Primo Ventures, CDP VC, 2100, Azimut, Growth Engine, and Moonstone.
Subbyx 🇮🇹came out of stealth with a €5.5m pre-seed round.
Illuminem, a data-for-sustainability startup, 🇮🇹raised €2m from Techstars, Blackwood Venture, Fortino Capital, Genesis Venture, and other investors.
Fluid Wire Robotics, a startup developing robotic arms for hostile environments, raised €0.8m from RoboIT, Scientifica VC, and Pariter Partners.
While I was offline, we had quite a few other rounds announced: LimoLane (€35m), HUI (€25m), Exein (€15m), BionIT Labs (€5.5m), Wopta (€4.1m), 🇮🇹Rent2Cash (€3m), 🇮🇹Starting Finance (€1.5m), 🇮🇹Newarc (€0.8m)
The Money, but abroad 💰🌎
Vaire Computing, a reversible computing startup, raised $4.5m in a round led by 7percent Ventures.
Brembo Ventures 🇮🇹invested in US-based Spoke Safety.
New Funds 💫
Nextalia announced the final closing of its €150m VC fund.
Primo Ventures announced its new climate-tech fund, with a €40m first closing.
Rancilio Cube announced a second international VC fund-of-funds with an allocation of €50m.
M&A 🥩
Bending Spoons acquired Issuu.
Mavriq 🇮🇹acquired Switcho at a €20m valuation.
Contents acquired Zulla.
Cosmico 🇮🇹acquired a majority stake in Flatmates.
Qaplà 🇮🇹acquired Transactionale.
Reading this week 📚
What does the perfect seed round look like? [Adam Shuaib]
Conio and Mesh teamed-up to 🇮🇹launch the first bitcoin-based open banking platform in Europe [Blockchain4innovation].
How to go from Seed to Series A to Series B funding [Medium].
Status of Italian Life Sciences VC [Pierpaolo Padula].
Satispay to 🇮🇹expand into offering investment products [Forbes].
D-Orbit launched a new US-based joint venture [SpaceNews].
Neva SGR invested in Bio4dreams, a startup incubator.
An 🇮🇹interview with Alessandra Mazzilli [StartupItalia].
Coatue’s EMW 2024 conference presentation on the state of the markets [Coatue].
The State of Enterprise Tech [Insight Partners].
The valzer of the fundraising numbers for H1 2024 has begun: Growth Capital / ITA, VeM.
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Startup Events in Italy🎪
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Fundraising Tracker 📈
July has been a positive month so far. I decided to add LimoLane to the tracker (though the CEO 🇮🇹would not agree with me).
Check out the full tracker in real-time on the TWIS dashboard!
Ending Notes📝
Don’t forget to look at the TWIS dashboard for the latest updates.
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Have a great week,
N.