Milan-based venture capital firm P101 SGR has announced the final close of its €250 million fund, Programma 103—its largest to date and one of the most significant in Italian VC history.
The new fund aims to supercharge early-stage tech investment and position Italy as a stronger force within the European innovation landscape.
This raise comes at a pivotal moment: despite having a growing talent pool and a handful of success stories, Italy continues to lag behind peers like Germany in venture funding, securing just €1.1 billion in VC capital in 2023 compared to Germany’s €10.2 billion. This funding gap is particularly pronounced in early-stage rounds, where limited capital has historically slowed the growth of Italy’s startup ecosystem.
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A Mission to Scale Italian Innovation
Founded in 2013 by Andrea Di Camillo, P101 SGR has long championed the development of digital and tech-driven startups. With Programma 103, the firm doubles down on its mission to help early-stage companies in Italy and Spain scale, attract international capital, and achieve global relevance.
“Our ambition isn’t just to fund startups,” said Di Camillo, “but to reshape Italy’s economic DNA for the digital age.”
The fund targets sectors including fintech, proptech, edtech, and cybersecurity, with a strong emphasis on sustainability and digital transformation. It allocates 30% of capital to Spain and other European markets, part of P101’s broader cross-border strategy to benchmark Italian startups against their European peers.
A Strong Network of Institutional Backers
Programma 103 is supported by a mix of returning and new limited partners, including the European Investment Fund, Azimut, CDP Venture Capital, Banco BPM, UniCredit, and Inarcassa, along with several prominent Italian family offices. Notably, CDP Venture Capital is channeling resources from Italy’s National Recovery and Resilience Plan (PNRR) into digital innovation through its participation in the fund.
Beyond Capital: Strategic Growth Support
P101 SGR provides much more than capital. The firm works closely with founders over 5 to 10 years, offering:
- Executive recruitment (45 C-level hires placed in 2024 alone)
- Go-to-market and pricing strategy guidance
- ESG toolkits, co-developed with Politecnico di Milano
- DevOps resources to optimize infrastructure costs
The firm’s unique dual-fund structure also allows retail investors to participate via Azimut’s investment platform—broadening Italy’s investor base and democratizing access to innovation.
A Track Record of Impact
To date, P101 SGR has invested in over 50 companies, including standout names like MusixMatch, Multiply Labs, Strava, Citynews, Cortilia, and Tannico. The firm has managed over €500 million across five funds, completed 100+ funding rounds, and achieved 15 exits.
- MusixMatch was acquired for $500 million by TPG in 2023.
- Cortilia, an AI-powered grocery delivery platform, cut food waste by 30% through smart inventory management.
- CyberGuru, another portfolio company, helped reduce fraud by 22% in central Italian banks.
Looking Ahead: Jobs, Revenue, and Global Reach
By 2030, P101 SGR expects Programma 103 to:
- Create 3,000+ high-skilled jobs, with a focus on gender diversity
- Generate €5 billion in cumulative portfolio company revenue—double the output of its prior funds
- Attract €1.5 billion in follow-on capital from global investors
This latest milestone signals not just the growth of P101 SGR, but the evolution of Italy’s tech ecosystem—from an underfunded landscape to a serious player in European innovation.
