Milan-based P101, a venture capital firm focused on early-stage investments in digital and technology companies, announced on Wednesday, December 21, that it has closed its new fund Programma, 103 at €150 million with the aim of reaching 250 million euros by 2023.
This investment was financed 40 percent by new investors and 60 percent by existing investors. Some of the investors are Azimut, CDP, European Investment Fund, BPM, Inarcassa, ISP Group Pension Fund and certain Italian family offices.
With this funding, P101’s assets under management have now reached over €500 million. The firm is currently in charge of overseeing two funds, Program 101 and Program 102, as well as ITA 500, a retail venture capital fund managed on behalf of Azimut.
What to expect from the new fund?
The 103 program will support early and growth stage digital and technology-driven companies, providing B2C and B2B services in sectors including fintech, proptech, edutech and cyber security. All investments will emphasize that sustainability tickets will range between €1M and €10M++.
The main focal countries for the fund will be Italy and Spain, where P101 SGR has already invested. Other European countries will be considered.
P101 has attracted the attention of international players with a track record of over 100 funding rounds, 15 exits, 46 portfolio businesses (with a total revenue of €2 billion), 4 funds under management and businesses such as Tannico and Campari, Moet-Hennessy, MusikMatch and TPG .
Andrea Di Camillo, founder and managing partner of P101, says: “This closure will allow P101 SGR to strengthen its position in Italy and Europe. Our goal is to raise larger investments for each company, in order to create startups and scales that can attract foreign capital – as some of our companies have done recently. The corrections in the NASDAQ and the US markets shed light on the European and Italian scenario and highlighted the attractiveness of our growing companies to corporate and PE players.”
Briefly about Exhibit P101
Founded in 2013 by Andrea Di Camillo, P101 is a venture capital firm backing digital and technology companies in Europe. The company claims to be one of the first European operators to establish dedicated staff to help its portfolio companies flourish.
The firm is supported by Azimut, Fondo Italiano di Investimento, European Investment Fund, Fondo Pensione BCC, Cassa Forense, as well as some of the main Italian entrepreneurial families.
Since its inception, the company has invested in 35 technology companies, including Cortilia, Milkman, MusikMatch, Velasca and Tannico.