Milan-based P101, a venture capital firm that focuses on early-stage investments in digital and technology-driven companies, announced on Wednesday, December 21, that it has closed its new fund, Programma, 103 at €150M with an aim to reach €250M by 2023.
This investment was 40 per cent funded by new investors and 60 per cent by existing investors. Some of the investors include Azimut, CDP, European Investment Fund, BPM, Inarcassa, ISP Group Pension Fund, and certain Italian family offices.
With this funding, P101’s assets under management has now reached over €500M. Currently, the firm is in charge of overseeing two funds, Programma 101 and Programma 102, as well as ITA 500, a retail venture capital fund run on behalf of Azimut.
What to expect from the new fund?
Programma 103 will back early and growth stage, digital and technology-driven companies, providing B2C and B2B services in sectors including fintech, proptech, edutech, and cybersecurity. All investments will emphasise sustainability tickets will range between €1M and €10M+ each.
The major focal nations for the fund will be Italy and Spain, where P101 SGR has already made investments. Other European countries will be considered as well.
P101 has attracted the attention of international players with a track record of over 100 funding rounds, 15 exits, 46 portfolio businesses (with aggregate revenue of €2B), 4 funds under management, and deals such as Tannico and Campari, Moet-Hennesy, MusixMatch, and TPG.
Andrea Di Camillo, Founder and Managing Partner of P101, says, “This close will allow P101 SGR to strengthen its position in Italy and Europe. Our goal is to raise higher investments for each company, in order to create startups and scale-ups that can attract foreign capital – as some of our companies recently have. The corrections of NASDAQ and US markets have shed light on the European and Italian scenario and have emphasised the appeal of our scale-up companies towards corporate and PE players.”
Brief about P101
Founded in 2013 by Andrea Di Camillo, P101 is a venture capital firm that backs digital and technology-driven companies in Europe. The firm claims to be one of the first European operators to establish a 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 tech companies, including Cortilia, Milkman, MusixMatch, Velasca, and Tannico.