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© Giacomo Mollo
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The Week in Italian Startup discusses and analyzes the latest news from the Italian startup ecosystem. Giacomo Mollo is a former academic in philosophy turned tech investor. He is co-founder and partner of iN3 Ventures, a corporate innovation and VC firm. Niccolò Sanarico is an Oxford MBA and a software engineer with a passion for innovation and startups. He is currently an Investment Manager at Primo Ventures SGR, a venture capital firm based in Italy.
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The episode discusses Caracol’s $40M Series B round, Europe-wide venture capital momentum, and deep-tech additive manufacturing. The hosts underline how Italian startups must stop thinking locally and begin raising from pan-European investors early to scale properly. They highlight Omnes and Move Capital as examples of sophisticated European deep-tech investors backing the deal. The conversation then dives into Caracol’s industrial 3D printing traction — especially a 77% cost reduction in marine parts via additive manufacturing pilots, and the shift from polymer to metal. They stress that this deal is not another AI SaaS hype wave but a “real-tech, atoms-not-bits” case. The episode also covers Maia Ventures’ €55M food/agri-tech fund launch as a counter-cyclical signal in the Italian market. Finally, they discuss whether Europe will match last year’s overall VC deployment, and how deal announcements often lag closing dates, causing misleading end-of-year “spikes.”Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9Get in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: giacomo@in3.ventures#venturecapital #italy #startup
This episode dives into the week’s biggest startup, tech, and venture-capital stories: Cyberwave, Eoliann, Arduino’s Qualcomm deal, and Italy’s new pension-fund VC law.The hosts unpack how Cyberwave’s €7 million seed round shows the rise of digital-twin infrastructure for testing industrial robotics safely before real-world deployment.They then explore Eoliann’s €4.25 million raise, combining satellite data and climate-risk modeling for insurance and infrastructure investors—a sign that space-data startups are entering finance.Next, they analyze Qualcomm’s acquisition of Arduino, a historic shift that bridges the open-hardware movement with corporate edge-AI power, potentially letting makers build commercial-grade products faster.The discussion expands to robotics, AI hardware, and the new generation of founders with exits moving into deep tech.Finally, they break down Italy’s Decreto 95/2025, which lets pension funds invest up to 10 percent in VC by 2027 with tax exemptions.Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9Get in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: giacomo@in3.ventures#venturecapital #italy #startup
The episode focuses on a number of Series A rounds, spotlighting Lexroom’s €16M for AI-assisted legal drafting, Serenis’ €12M amid explosive revenue growth, and Lupa’s €20M veterinary operating system. We argue vertical, domain-trained AI is winning where complexity is high, with “proof of love” (user delight) emerging as the decisive product metric. We highlight increasingly international syndicates and urge Italian founders to pitch EU and US investors from day zero to avoid later-stage bottlenecks. Roman-law commonalities make Lexroom’s expansion across continental Europe logical, while Lupa’s workflow unification underscores ROI-driven adoption. Serenis’ B2B wellness surge signals corporate readiness to fund mental-health infrastructure. Finally, we caution that bold “enterprise value” figures are mostly unrealized, so outcomes hinge on eventual distributions, not headlines.Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startupGet in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: giacomo@in3.ventures#venturecapital #italy #startup
Highly syndicated rounds with more international investors backing Italian and European startups. We discuss TIP’s markup implying Bending Spoons’ €5B valuation and speculate on a potential IPO. The centerpiece is BlackRock + EIF’s TrackVC dashboard, giving Europe a rare, official benchmark for DPI, TVPI, and net IRR—albeit with a one-year lag and GP-reported, interim data. We stress the J-curve and argue that judging performance should focus on older vintages (2017–2019) rather than frothy 2021–2022. A key insight: while TVPI gaps look wide between U.S. and Europe, DPI outcomes appear to converge more than many assume. Another takeaway is structural: European funds show a tighter spread between median and 75th percentile, suggesting different risk posture or valuation dynamics. Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startupGet in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: giacomo@in3.ventures
We discuss Bending Spoons’ massive $500M debt financing led by JP Morgan and other global banks, and its headline-making $1.38B acquisition of Vimeo, signaling a bold product consolidation strategy. We highlight speculation of a possible IPO and synergies across Bending Spoons’ video and productivity tools. The episode also covers Shop Circle’s $200M Series B round, emphasizing its acquisition-driven SaaS platform strategy and strong founder-led execution. A landmark deal is Mitsubishi Electric’s $1B acquisition of Italian cybersecurity leader Nozomi Networks, a case study in corporate venture collaboration. Finally, we preview an upcoming analysis of BlackRock’s VC report on European fund performance, focusing on metrics like TVPI, DPI, and IRR.Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startupGet in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: giacomo@in3.ventures#venturecapital #italy #startup
This episode kicks off with Exein, a cybersecurity startup building a “digital immune system” for IoT devices, which raised €70M and achieved 450% YoY growth, highlighting strong demand for device-level protection. We break down the massive opportunity in cybersecurity, noting unicorn creation and strong ARR multiples.Next, the conversation shifts to Tulum Energy, a clean-tech firm producing turquoise hydrogen using methane pyrolysis, which raised €27M in a seed round backed by major corporates like CDP and TDK Ventures. We spotlight Nuclearis, a biotech firm working on theranostics (therapy + diagnostics) for precision oncology, backed by Novartis and Italian VC Angelini Ventures. The final segment covers the booming welfare tech space in Italy and why July 2025 has become the most active fundraising month of the year so far—on track to surpass 2024 totals.Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startup
Sibill, a fintech startup, stands out for its innovative approach to automating accounting for Italian SMEs, saving business owners up to five hours a week and streamlining compliance with government agencies and banks. The conversation highlights a broader trend: “boring” but essential business problems like finance and HR are now lucrative targets for modern startups. ZNEXT’s €60M initiative is spotlighted as a unique hybrid venture builder and M&A engine, self-financed by Zanichelli Editore, and focused on human potential technologies spanning education, wellness, and productivity. LIFTT’s transformation into a multi-vertical VC is discussed as a sign of maturity and diversification in the Italian innovation ecosystem, with deep tech investments in energy and quantum computing. The episode also touches on new nuclear ventures in Turin and the increasing professionalism and ambition of Italian startup founders and investors. Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startup
Jet HR, an HR tech startup, just raised €25M in a growth round from Base10 Partners, Exor Ventures, and the Italian Founders Fund. Known for integrating with over 600 government entities and simplifying Italy’s complex payroll system, Jet HR achieved a 6X increase in ARR and now serves over 700 SMEs. The founders—already seasoned entrepreneurs—are steering the company toward breakeven while scaling rapidly. This marks one of the fastest-growing ventures in the Italian ecosystem this year. The episode also covers the M&A exit of VKey, acquired by Zucchetti, signaling a return to liquidity in Italy’s venture market. In the broader context, Italian investors like Neva SGR are backing next-gen tech such as nuclear fusion and quantum computing, suggesting Italy’s quiet but impactful push into deep tech. The conversation ends with Roberto Bonanzinga’s philosophical take on investor-founder alignment, reminding us that capital doesn’t create maturity—only traction does.Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startupGet in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: giacomo@in3.ventures#venturecapital #italy #startup
We begin by discussing a new AI index comparing AI startups on Euronext Growth Milan (EGM) with Italy’s FTSE index—showing AI outperforming by 42%. They highlight a €3.2M round raised by Nova Talent, a talent-tech company blending professional networking with AI-driven recruitment. The conversation reveals how AI companies, including non-AI-native firms, are rapidly integrating AI, and many now generate significant revenue outside the EU. A segment discusses growing demand for AI and data science professionals across Italy, especially in southern regions, with PyTorch expertise leading to premium salaries. The episode closes on how academia may struggle to meet this accelerating demand for AI-skilled workers.
Subscribe to the channel for weekly updates.Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Listen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startup
IAMA Therapeutics, a neuroscience startup, 🇮🇹raised €15m in a Growth round from Indaco Venture Partners SGR, Fondazione Enea Tech e Biomedical, Claris Ventures SGR, and CDP Venture Capital SGR.WSense, a marine deep-tech startup, 🇮🇹raised €7.2m in an Early-stage round from CDP Venture Capital SGR, Blue Ocean, RunwayFBU, Axon Partners Group, Fincantieri, and Rypples.Tundr, an employee-benefits startup, 🇮🇹raised €7.2m in a Seed round from 360 Capital, CDP Venture Capital SGR, Azimut Libera Impresa SGR, Vento, Alecla7, and Vesper Holding.Keplera, a legal-tech startup, 🇮🇹raised €770k in a Seed round from Magic Mind, OpenT, and Frontech.San Marino-based BKN301 raised €21.5m in a series B round from CDP VC, Azimut, SIMEST, and other investors. (well, kind of international).
Medicud, a medtech startup, 🇮🇹raised €1.3m in a Seed round from CHMBR Partners, 50 Partners Capital Health, and Business Angels des Grandes Écoles.Exsensia, a robotics startup, 🇮🇹raised €1m in a Seed round from RoboIT, Elettrocablaggi, and Pariter Robotics.Saturnalia, an agri-tech startup, 🇮🇹raised €600k in a Seed round from Farming Future.Prensilia, a robotics startup, 🇮🇹raised an undisclosed amount in a Early-stage round from RoboIT, Pariter Robotics, and Toscana Next.LIFTT 🇮🇹joined a €21.5m round in Sparrow Quantum.Nextalia Ventures joined a $75m Series B round raised by Rain, a fintech company.Arising Ventures 🇮🇹acquired Softgen AI.Neva SGR 🇮🇹invested €2.5m in Galaxia, the technology hub for space technologies.Stanford published the AI Index 2025.Jeff Bezos 🇮🇹will be the main guest at the Italian Tech Week 2025.The European Commission presented the AI Continent action plan. Italy to host one of the 13 supercomputers for AI.
Blubrake, a bike-tech startup, 🇮🇹raised €12m in a Growth round from Algebris Climatech, Fundracer, and Tri-Star group, Growth Capital.Covision Media, a 3D AI startup, 🇮🇹raised €5m in a Early-stage round from CDP Venture Capital SGR, Redstone, The Techshop, and Business Angels.GenomeUp, a medtech startup, 🇮🇹🇮🇹raised €4.5m in a Early-stage round from The Techshop, CDP Venture Capital SGR, and OPES.Next Generation Robotics, a robotics startup, 🇮🇹raised €4.5m in a Series A round from CDP Venture Capital SGR, RIF-T, Cysero EuVeca, Kilometro Rosso, Simest, Pariter Robotics, RoboIT, and Toscana Next.Axyon AI, an AI-first asset management startup, raised €4.3m in a Growth round from CDP Venture Capital SGR, Green Sands Equity, Montage Ventures, Investment Opportunity 1, and SIMEST.Collecto, a marketplace for fractional ownership of luxuriy goods, 🇮🇹raised €2.8m in a Seed round from Business Angels.Arxax, a road transport decarbonization startup, raised €1m in a Seed round from CDP Venture Capital SGR, Zest, and EIT Urban Mobility.Memori, a conversational AI startup, 🇮🇹raised €500k in a Seed round from TreCuori.
CamGraPhIC Srl, a photonics startup, 🇮🇹raised €25m in a Series A round from CDP Venture Capital, NATO Innovation Fund, Sony Innovation Fund, Join Capital, Bosch Ventures, Frontier IP Group, and Indaco Ventures.Novac, an energy storage startup, raised €3.5m in a Seed round from Eureka! Venture, CDP Venture Capital SGR, and Galaxia.Cassandra.app, a martech startup, raised €2m in a Seed round from Italian Founders Fund, PitchDrive, Webranking, Mana Ventures, and Business Angels.Compri, an AI-driven procurement startup, 🇮🇹raised €1.6m in a Pre-seed round from Italian Founders Fund, DFF Ventures, and Business Angels.HypeSound, a biotech startup, 🇮🇹raised €1.2m in a Pre-seed round from Eatable Adventures, CDP Venture Capital SGR, Nextup, Vento, Athena, and Ulixes SGR.Sicuro.it 🇮🇹acquired Chino.Bain Capital 🇮🇹acquired a controlling stake in Namirial from Ambienta.An 🇮🇹update about 360 Life II, a (C)VC fund launched in late 2024.🇮🇹Ten space startups from Italy to follow.A 🇮🇹tool to drive AI coding assistants with user stories.Tether Invests in Be Water, Strengthening Its Commitment to Modern Media Innovation | Tether.ioBaillie Gifford writes up investment in Bending Spoons by 89%🤯, as company raises further funding for acquisitions.Speaking of BS, Silver Point leads Financing of Acquisition of Brightcove Inc. by Bending Spoons.
RESILCO, a waste management startup, raised €5m in a Series A round from 360 Capital, CDP Venture Capital SGR, and Tech4Planet.BRUM, an edtech startup, 🇮🇹raised €3.5m in a Early-stage round from Italian Founders Fund.Bevy, a drink delivery startup, 🇮🇹raised €2.5m in a Early-stage round from Linfa, FoodLabs, and Business Angels.Cyberating, a cybersecurity startup, 🇮🇹raised €1.85m in a Pre-seed round from FNDX.Quickfisco, a tax management startup, 🇮🇹raised €1.5m in a Seed round from Albemarle asset management.Genenta Science, a biotech company listed on the Nasdaq, raised €20m through a mandatory convertible bond from ENEA Tech and Biomedical Foundation.AQUILA.is, a sustainable finance startup, raised an undisclosed amount from Vento.Pangea Aerospace, a Spanish space tech startup, raised €23m in a Series A round from Hyperion Fund, Primo Capital (through Primo Space Fund), and CDTI Innvierte.Bending Spoons acquired Komoot.Primo Climate (a Primo Capital fund) 🇮🇹raised an additional €5m from Fon.Te.Italian newspaper says it has published world’s first AI-generated edition.
Valo Therapeutics Oy, an immunotherapy startup, raised €19m in a Growth round from Indaco Venture Partners, CDP Venture Capital SGR, Fondazione ENEA Tech e Biomedical, and Freeman Road.Matix, a hardware startup, 🇮🇹raised €2.1m in a Seed round from auxiell, B-Heroes, and Business Angels.Lexroom.ai, an AI legal-tech startup, raised €2m in a Seed round from Entourage, Verve Ventures, Banyan Ventures, Vento, X-Equity, and FNDX.Biorsaf, a food safety startup, 🇮🇹raised €1.4m in a Early-stage round from Maia Ventures, Farming Future, CDP Venture Capital SGR, ToSeed & Partners, and Toscana Next.Augmenta, an automated building design platform, raised $10m in a Seed round from Prelude Ventures, and Montage Ventures.Neuromod Devices Ltd. raised €10m in a Series B round from Fountain Healthcare Partners, Panakès Partners.Vantis, a Munich-based healthcare company, raised €10m in a Series A round from Angelini Ventures, Bayern Kapital, Twip Impact Ventures, firstminute, and b2venture.Jaipur Robotics 🇮🇹raised €800k in a Pre-seed round from Swiss investors.Vento rolled out new €75M fund for Italian founders, no matter where they live | TechCrunch.
Valuematic, a cloud optimization startup, 🇮🇹raised €850k in an Early-stage round from CDP Venture Capital SGR, Progress Tech Transfer, and Toscana Next.Nlcomp, a composite materials startup, 🇮🇹raised €600k in a Seed round from Samer & Co Shipping, CDP Venture Capital SGR, and Zest.Klear, a fintech startup, 🇮🇹raised €500k in a Pre-seed round from Business Angels.Searcode, a consumer electronics startup, 🇮🇹raised €400k in a Early-stage round from Intesa Sanpaolo.Relief, a medtech startup, raised an undisclosed amount in an Early-stage round from Panakès Partners SGR, Vento, and Club degli Investitori.Axelera AI Secures up to €61.6 Million Grant to Develop Scalable AI Chiplet for High-Performance Computing | BusinessWire
Arsenale Bioyards raised $10m in a Seed round from Planet A, byFounders, CDP Ventures, Acequia Capital, Plug N Play, Business Angels and Grey Silo Ventures.Mopso raised €1m in a Seed round from Apside, Fin+Tech, CDP Venture Capital, Centro Istruttorie, and Business Angels.Lilac-Centro DCA raised €693k in a Seed round from Personae, CDP Venture Capital, SocialFare Seed, Sullivan Venture, Generaimprese, and Milano Venture.Shop Circle raised €60m in equity and debt in a Series B round from Nextalia Ventures, Endeavor Catalyst, NFX, QED Investors, 645 Ventures, 3VC, CDP Venture Capital, The Techshop, Primo Capital, GS Futures, and i80 Group.Fedrigoni invested in France-based Papkot, alongside Square Capital and previous investors.Bancomat 🇮🇹acquired FlowPayFacile.it 🇮🇹acquired Italfinance GroupTeamSystem 🇮🇹acquired Golden Soft in Spain and Cle’mentine in France.
Newronika, a company specialising in advanced deep brain stimulation, raised €13.6m in a Series B round from Fondazione ENEA Tech e Biomedical, Indaco Venture Partners SGR, Innogest Capital SGR, Wille Finance, TNBT Capital, and F3F.NOB 4.0 Srl (Imatra) 🇮🇹raised €8m in an Early-stage round from CDP Venture Capital, and Fintech Partners.Approxima, a biotech startup, 🇮🇹raised €7.3m in a Series A round from ENEA Tech and Biomedical Foundation, Panakès Partners, Club degli Investitori, and Business Angels.ExoLab Italia, a biotech company, raised €5m in a Series A round from dsm-firmerich venturing, CDP Venture Capital, Linfa, and Maia Ventures.TimeFlow, an IT-supplier management company, raised €4m in a Early-stage round from Vertis, Azimut, CDP Venture Capital, Growth Engine, FNDX, and Duccio Vitali.Drivesec, an IOT cybersecurity startup, 🇮🇹raised €3m in a Series A round from LIFTT and Levante Capital.VST Srl 🇮🇹raised €3m in a Early-stage round from ENEA Tech and Biomedical Foundation.Focoos AI, an AI-vision startup, 🇮🇹raised €2.65m in a Seed round from Galaxia, CDP Venture Capital, PiemonteNext, VC Partners SGR, Vertis SGR, Vento, and Exor Ventures.Bnbkit raised €1.5m in a Seed round from business angels.
Akamas, a cloud optimization startup, raised $10m in a round led by United Ventures.Krill design, a sustainable materials startup,🇮🇹raised €6m from Algebris Investments, Primo Capital, and Crédit Agricole Italia.AIKO, an AI for space startup,🇮🇹raised €520k from Club degli Investitori.Chapeau Media 🇮🇹raised €140k in a Seed round from Marcello Ascani.Contents.com🇮🇹raised a round from Side Angels, for an undisclosed amount.Claro AI, an AI startup based in Berlin, raised €650k from Atlas SGR, Antler, Founders Factory, Fastweb, Plug & Play, and D11Z.EssilorLuxottica acquired the Canadian med-tech start-up Cellview | EssilorLuxottica.LimoLane 🇮🇹acquired Asia Car Service.Teamsystem 🇮🇹completed the acquisition of Muscope Cybersecurity announced back in Novembre 2024 (disclaimer: this was a portfolio company of Primo Digital).
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