(Information sent by the signatory company)
MILAN, Dec. 21, 2022 /PRNewswire/ -- P101 SGR, the Italian venture capital manager that invests in digital and technology companies, signed the first closing of its new Programma 103 fund at €150 million, with the aim of reach 250 million euros in 2023. With this closure, P101's assets under management reach almost 500 million euros. P101 currently manages the two funds Programma 101 and Programma 102 and a retail venture capital fund, ITA 500, managed on behalf of Azimut.
60% of this closing was funded by previous investors and 40% by new ones. Among the investors: Azimut, CDP, European Investment Fund, BPM, Inarcassa, ISP Group Pension Fund and some Italian family businesses.
The investment objective of Programma 103 will be early and growth-stage digital and technological companies that offer B2C and B2B services in these sectors: fintech, proptech, edutech, cybersecurity. Sustainability will be an important feature of all investments. The investment tickets will oscillate between 1 million euros and more than 10 million euros each.
The main focus countries of the fund will be Italy and Spain, where P101 SGR has already made some investments. Other European countries will also be taken into account.
With a track record of more than 100 financing rounds, 15 exits, 46 portfolio companies (with a global turnover of 2,000 million euros), 4 funds under management and operations such as Tannico and Campari, Moet-Hennesy; MusixMatch and TPG, P101 SGR has drawn the attention of international players, confirming the quality of their investments.
"This closing will allow P101 SGR to strengthen its position in Italy and Europe," said Andrea Di Camillo, founder and managing partner of P101 SGR. "Our goal is to raise more investment for each company, in order to create new companies and expansions that can attract foreign capital, as some of our companies have done recently. Corrections in the NASDAQ and US markets have thrown light on the European and Italian stage and have emphasized the appeal of our expanding companies towards corporate and PE players".
P101 has been one of the first European operators to build a dedicated team to support the growth of its portfolio companies.
More information on p101.it
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