Milan, 11 November 2024 – The Board of Directors of The Techshop SGR has approved the closing of the Techshop I fund placement, welcoming new investors in addition to the approximately 40 existing subscribers. The total subscriptions received amount to approximately 53 million euro, thus exceeding the original 50 million euro target.

Launched in 2021 by Aurelio Mezzotero and Gianluca D’Agostino, experienced managers and entrepreneurs in the digital sector, the AMC also welcomed CDP Venture Capital as a limited partner (LP) through its Digital Transition Fund, which uses resources allocated by the EU under the NextGenerationEU initiative to support the digital transition of supply chains and small and medium-sized enterprises.

Among the LPs of Techshop I are FoF VenturItaly and Italia Venture II Fund of CDP Venture Capital SGR, along with several major banking foundations and a select group of private investors. The latter often contribute to screening and developing the portfolio. They include entrepreneurs, consultants and business leaders in telecommunications, finance and industry.

Techshop I is a Pre-Seed and Seed fund dedicated to Italian start-ups in the B2B software space, with a particular focus on SaaS (Software as a Service). It positions itself as a hands-on investor focused on technologies capable of improving business processes, such as AI applied to customer care and stock market investments, payment infrastructure and e-commerce, as well as solutions capable of radically transforming sectors lagging behind in digitalisation, such as banking, mobility services and hospitality.

The fund provides not only financial resources to support a growth plan shared with the start-up’s founders, but also managerial experience and networks that often have a positive impact on the success of the investee companies.

Investment activities began in spring 2022, targeting high-potential B2B tech startups in Italy with global ambitions, with a specific focus on southern Italy and Italian founders abroad. Typical investment tickets range from 100 thousand euro to 500 thousand euro at the Pre-Seed stage, and from 500 thousand euro to 1.5 million euro at the Seed stage.

To date, Techshop I's portfolio comprises 11 equity investments, which management plans to grow to more than 20: Hlpy, Tiledesk, Smartpricing, Qodeup, Sbp, Qomodo, AxyonAI, Shop circle, Tot, Syllotips and one that is still confidential. Some of these are already established players in their respective sectors, having completed multiple funding rounds in two-and-a-half years, an indication of strong operational growth and heightened investor interest. Among these emerging leaders are Smartpricing, Shop Circle and Hlpy, which Techshop has supported in their development and international expansion, participating in all follow-on rounds alongside leading international venture capital firms such as Partech, QED, NFX, Montage Ventures, 3VC and Green Sands.

As a result, during 2024 the Fund’s Net Asset Value (NAV) increased significantly, with a Total Value on Paid-In (TVPI) ratio – the most widely used indicator in the industry to measure unrealised gains in the portfolio – showing steady growth, placing it among the sector’s best-in-class funds.

In a year like 2024, where the Italian VC market is becoming increasingly competitive and efficient, with a growing number of active players and investment flows that are consistently rising, Techshop has emerged as a benchmark investor for B2B digital startups.

"The first 30 months of our fund’s journey have validated the Techshop investment and growth support model beyond expectations in some of the most promising Italian enterprise software startups", said Gianluca D’Agostino. "Encouraged by the results and the lessons learned, we are now aiming for an even more ambitious challenge: helping create true European champions that bring innovation to key industrial supply chains".

"We’ve focused on careful portfolio selection, fully aware of the risks inherent in innovation but also convinced of the often underestimated potential of Italian startups", added Aurelio Mezzotero. "All of this with the sole purpose of creating sustainable value for investors and startups alike. A TVPI ratio that’s currently among the market’s best in class tells us that we’re on the right path, but there’s always room for improvement".

"CDP Venture Capital’s Digital Transition Fund manages resources from NextGenerationEU aimed at supporting the innovation and growth of Italian companies in a rapidly changing technological landscape, both by investing directly in startups and by stimulating a new generation of investors able to help build a virtuous ecosystem", remarked Enrico Filì, Senior Partner and Head of the Digital Transition Fund at CDP Venture Capital. "We are especially pleased to further strengthen Techshop I, a fund dedicated to the B2B digital world that in its first few years has already proven to have actively contributed to the growth of successful digital players, fully aligned with our mission of building the Italy of tomorrow by identifying and funding opportunities that create long-term value".