Innovation: Ministry of Economic Development, 2.5 billion euro for innovative start-ups and SMEs
Decree allocating funds to CDP Venture Capital published in Official Gazette
Rome, 7 September 2022 – Now published in the Official Gazette, the decree signed by Minister of Economic Development Giancarlo Giorgetti, which allocates 2 billion euro to CDP Venture Capital Sgr to support and boost investment in innovative start-ups and SMEs, fostering the overall growth of the innovation ecosystem in Italy, has come into force.
The funds have been allocated in implementation of the Infrastructures Decree and are accompanied by an additional 550 million euro allocated under the National Recovery and Resilience Plan (PNRR), to support the ecological and digital transition processes by means of dedicated investment funds called “Green transition Fund” and “Digital transition Fund”.
This makes a total of more than 2.5 billion euro, to which a further 600 million euro will be added from Cassa Depositi e Prestiti and third-party investors, as provided for in the Infrastructures Decree. These funds will increase CDP Venture Capital’s current assets under management, which total 1.8 billion euro.
This significant injection of funds will act as a driver for the growth of the Italian venture capital market, which exceeded 1.9 billion euro last year (+221% compared with 2020).
CDP Venture Capital, 70% owned by CDP Equity (an investment holding company controlled by Cassa Depositi e Prestiti) and 30% owned by Invitalia, will consolidate its current investment strategies by strengthening the activities of its operational funds and, at the same time, broaden its operational scope by launching new instruments aimed at accelerating the growth of all players in the innovation market.