Startups based in the sunny South of Italy will receive support from new Italia Venture Fund II together with external partners. Meanwhile, Italian entrepreneurs raise funds from bespoke members of the global financial community
Xriba, a provider of Artificial Intelligence (AI) for accounting that Gianluca Massini Rosati founded, is closing its second phase of fundraising worth 10 million of US dollars , after having raised 6 million US dollars already (see here a previous post by BeBeez). Venture capital firms and family offices are investing in the company ahead of its ICO (initial coin offering) that will allow raising further 4 million from the crowd next May. Ian Morley, a seasoned hedge fund investor and founder of Alternative Investment Management Association (AIMA), is one of the business Angels that supported Xriba through his family office Wentworth Hall Consultancy.
Italia Venture II – Fondo Imprese Sud, the venture capital firm that the Italian Government promoted for supporting SMEs based in the South of Italy, started its activity with an available amount of equity worth of 150 million of euros (see here a previous post by BeBeez). The new fund is managed by Invitalia Ventures sgr and will be able to equally co-invest in target companies (with at least 10 million of euros in sales) only with external partners.