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Fondo Italiano d’Investimento, whose largest partner is CDP, meets Intesa San Paolo and Fondazione Cariplo. Presented the new venture capital fund dedicated to GrowITup, the Open Innovation Platform to support startups
Fondo Italiano d’Investimento, 43% owned by CDP, follows its entrepreneurial model by supporting startup growth.
The €100 million euro venture capital fund devoted to GrowITup, the Open Innovation platform created by Cariplo Factory in collaboration with Microsoft, was presented as way to support business startup growth.
The initiative was launched during the event “Scale Together” in Milan, in which participated the financial and economic players interested in participating in the new fund. Italian Investment Fund, Cariplo Foundation and Intesa San Paolo have already signaled their interest in the new venture capital instrument: the fund's target is €100 million with a First Closing set at €25 million. This initial sum will allow GrowITup to move on to stage two and every year increase investments in Italian startups, up to a billion euros by 2020.
The fund will be the reference for Italian digital transformation investments, focusing on seven areas of interest: Fintech & Insurtech, Agro-Food, Energy & Environment, Manufacturing 4.0, Italian Experience (Tourism, Culture & Entertainment), Fashion & Design, Modern Wellbeing.
"Investing capital for innovation is a factor for competitiveness for economic growth," said CDP Chief Executive Officer Fabio Gallia". In relation to CDP’s support for the Italian business fabric, he added: "In Italy there is a need for systemic intervention to reduce distance from other countries in terms of resources to support Venture Capital. This is why CDP works with businesses and investors by devoting significant resources to promoting and supporting research, accelerating new businesses, technological development and entrepreneurship. "
The Open Innovation GrowITup Platform was launched last July to support startup growth and promote the digital transformation of Italian companies. One year since its inception, GrowITup has involved around 1000 startups and partnered with important businesses such as Intesa San Paolo, Generali, Enel, Accenture, Barilla, with the goal of facilitating more and more contacts between emerging companies and the market.