Rome, 23 July 2020 - CDP Venture Capital SGR announces it has closed the latest in a series of follow-on investments in Sardex. This innovative FinTech startup has developed a commercial credit network in which member companies can use an alternative digital currency to finance each other interest-free, thereby contributing to the growth of the local economy.

The investment rounds, overall, amount to €5.8 million and see CDP Venture Capital SGR as lead investor with its "Italy Venture I" Fund (which has been a Sardex shareholder since 2016), together with Fondazione di Sardegna, and Primomiglio. Innogest and Nice Group also took part in the investment consortium. The transaction is accompanied by the strengthening of Sardex’s leadership team with new CEO Marco De Guzzis’ arrival in January, a manager with proven experience both in large groups and in the world of innovation.

CDP Venture Capital SGR CEO and Executive Director Enrico Resmini announced the transaction during the summer edition of SIOS 2020: “This deal is part of the recovery plan of the entire ecosystem of Italian business, which is one of our top objectives. Supporting a company born in Sardinia 10 years ago - which today is ready to accelerate its domestic expansion, - is the concrete sign that the Venture Capital industry is able to play an important role in supporting the economic development and innovation of resilient and visionary companies across Italy.”​

The Sardex platform has totalled over €100 million in transactions and boasts a subscriber base of more than 6,000 members in constant growth (+53% since January). It has demonstrated resilience even after the COVID-19 emergency (+88% from April 2020 in terms of new subscribers and +38% in turnover).

“Sardex represents a real opportunity for SMEs and the real economy, thanks to a community united by a strong value system and capable of generating additional business and complementary liquidity. We are proud that our investors offer us the opportunity to accelerate the spread of this model throughout the country," said Sardex CEO Marco De Guzzis.

“The Sardex service platform offers thousands of businesses the opportunity to expand their customer base and a concrete solution to counteract the negative effects of the COVID crisis. With this investment, the company will be able to accelerate its growth throughout Italy and reach new regions of the country”, Said Gianluca Dettori, President of Primomiglio SGR..

“This is an important step in Sardex's evolutionary process, which today is an open platform capable of becoming a national reference point for the business system, for its growth and development, thanks to the ability to create networks and interconnections, particularly useful in this phase when the economy is getting back up and running again" - said Carlo Mannoni, General Director of Fondazione Sardegna.

CDP Venture Capital SGR – Fondo Nazionale Innovazione

CDP Venture Capital is an asset management company (of which 70% is held by CDP Equity and 30% by Invitalia) with an AuM of €1 billion. The mission of the firm is to make Venture Capital a strategic pillar to Italy's economic growth and innovation, creating the conditions for a comprehensive and sustainable growth of the Venture Capital ecosystem. It operates through a set of funds that aim to support startups in all their development phases and through a mix of direct and indirect investments.