Friday, November 7, 2014

Innogest SGR helds Second Closing of Innogest II Fund at €70M

Innogest SGR, the leading Italian venture capital firm, announced the second closing of Innogest Capital II fund at €70M (around $90M), out of a non declared target of 60-80 millions. Innogest Capital II is the second fund raised by Innogest SGR and fundraising will be closed next February 2015. Total capital under management currently amounts to over €160M (over $200M). New investors contributing to the second closing include the European Investment Fund and some leading industry experts in the firm's areas of interest, that joined existing private and institutional investors as well as the Italian Innovation Fund (Fondo Nazionale dell'Innovazione). The raised funds - €70 million - should be considered over a period of five years, i.e. as if the fund invests about €15 million a year.

Founded by Claudio Giuliano, the VC firm targets companies in the ICT/digital and med-tech space. Since its founding in 2007 the Innogest investment team invested in 24 companies, 4 of which through its new fund, and helped its portfolio companies in raising over 120 millions in co-investments. Innogest SGR is the leading Venture Capital fund in Italy with offices in Milano and Torino. Its investment strategy targets Italian companies with global ambitions, with specific focus on two areas of interest: ICT/Digital and Medical Technologies. Since 2007 the Innogest team has invested in 24 companies, 4 of which through its current Innogest Capital II fund, and helped its portfolio companies in raising over € 120 million in co-investments.

“The commitments received by the European Investment Fund and by so many qualified investors make us extremely proud, and confirms the feeling that Italy based start-ups represents an opportunity in the European venture capital ecosystem” – says Claudio Giuliano, founder and managing partner of Innogest SGR. “Yet, it takes an incredible amount of capital, expertise and reach to build global companies. We are building since 2007 an un-paralleled network of investors and experts: through them Innogest SGR is best positioned to create industrial value and provide high returns to its investors”.

Industry focus is both Innogest’s creed and a necessity to support effectively the growth of our portfolio:  Stefano Molino is leading the effort to bring together experts and network around the ICT/Digital space. Claudio Rumazza is leading the effort to build an industrial/medical practice.

Innogest investment team built a sound experience in financing and supporting dynamic and innovative entrepreneurs and in transforming Italian start-ups into global leaders.  A recent example of that is the acquisition by Menarini Group of Silicon Biosystems, an Innogest Capital portfolio company that developed a technology to isolate and manipulate circulating rare cells, for which Innogest SGR was awarded with the 2013 edition of the “Premio Claudio Demattè - Private Equity of the Year” in the Early Stage category.

Since the first Closing in April 2013, Innogest Capital II invested in NEW VISION (the company’s 4ME suite, a SaaS platform that makes easy and intuitive for IT and Marketing functions to manage, store, publish and trace media content across any media and social channel), WITHFOUNDERS (the seed accelerator founded by Giulio Valiante along with five entrepreneurs, all serial entrepreneurs - ex startuppers - of some Italy's leading companies such as Buongiorno, Vitaminic, DigiTouch, Jobrapido, Glamoo, Volagratis and Saldi Privati)FORMABILIO (online brand made of pieces of furniture designed by independent designers and selected through a contest-based model, leveraging a community of 100.000 design fans), ATRICATH (medtech company developing a patent pending catheter for pulmonary vein ablation to treat atrial fibrillation).   After this closing, Innogest is ready to step up its investment activities in the next years.

Its predecessor, Innogest Capital, that in 2007 raised €80M and since then invested in 20 companies and exited two of them (Silicon Biosystems has been sold to the Italian pharmaceutical group Menarini, and Singular ID, which was sold back in 2008 to Bilcare Singapore).

Some of the companies backed by Innogest’s previous fund include ERYDEL (red-cell based therapeutic and diagnostic solutions), HT (global market and technology leader in security solutions for law-enforcement agencies), IGEA (European leader in electrochemotherapy for cancer treatment), BEINTOO (provider of mobile loyalty and gamified ads solutions), SAVELLI (the global ultra-luxury smartphone specifically designed for women), USERFARM (leading video crowdsourcing platform in Europe).

Innogest finances the innovation and entrepreneurs of tomorrow. A challenge for the future, even to revive the Italian economy itself. Innogest helped over time Italian start-up companies to become global leaders in their field. A challenge for the future that of Innogest. A risk required to support Italian businesses and business ideas Made in Italy. In the face of the brain drain, in short. Finance start-ups to finance Italy, in short. The best way out of the crisis. Do it head-on, creating the future and creating value.