Italian venture capital investor P101 has hit a €65m first close for its new fund thanks to backing from the European Investment Fund and Fondo Italiano d’Investimento.
Azimut, Fondazione Sardegna, family offices and entrepreneurs also committed to the first close for Programma 102, which is eyeing a €120m final total.
The firm said it planned to use the vehicle to invest in early to late-stage companies in the B2B and B2C sectors, providing between €1m and €10m per business, as well as a few selected seed operations.
It said the main target of the vehicle would be digital and technology driven companies working in food, fashion, design and travel, as well as real estate, FinTech and cybersecurity.
P101 held a €66.7m final close for its debut fund, Programma 101, in late 2016.
The firm has invested more than €40m from that fund in 26 companies over the past four years.
Those businesses have included SME lending platform BorsadelCredito.it, fresh food online retailer Cortilia, online wine retailer Tannico and retail data platform Musement.
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