Venture capital fund launched in Italy
Intesa Sanpaolo and Quadrivio have joined forces to launch a new venture capital fund which aims to raise €120m.
The fund, called Venture Capital has already secured a €70m commitment from its founding partners.
The focus of investments will be on high-tech companies with high growth potential in the medtech, advanced electronics and cleantech industries. The fund may also conduct limited seeder capital investments in particularly promising companies.
Intesa Sanpaolo-owned IMI Investimenti, Quadrivio Italia and the senior managers of the respective Venture Capital divisions will become the corporate structure of the new management investment company.
After signing the agreement, Intesa Sanpaolo and Quadrivio will each hold a 40% share in the new company, while the remaining 20% will be held by the management team under Davide Turco, who is currently Intesa Sanpaolo’s Venture Capital business manager, and who will also become CEO of the management company.
The chairman of the board of directors will be Elizabeth Robinson, Quadrivio’s current Investments Venture Capital manager.
Four Intesa Sanpaolo’s venture capital funds currently managed by the promoters Atlante Ventures, Atlante Seed and Atlante Ventures Mezzogiorno, will be transferred to the new management company; as Quadrivio Italia’s TTVenture will be also relocated.
“The integration of the venture capital funds of Intesa Sanpaolo and Quadrivio is a big step forward for the innovation ecosystem, whose major investors will now include an even stronger investor, with a track record of success and enormous growth potential” said Maurizio Montagnese, CIO of Intesa Sanpaolo.
“The new fund will have the resources to make important investments in the most promising technological companies, starting from those in Italy, but with a perspective that will extend to the European market, the US and Israel,” Turco said.