Step Fund, an EuVECA Pir Alternative Compliant fund focused on seed-stage investments in Italy, was created to invest in digital companies with high technological potential, with a particular focus on those operating in the fintech, health tech, B2B software and connected world sectors, with artificial intelligence as an enabling factor. There are two operational offices, in Milan and Naples, to oversee start-ups that are established not only in the main hubs but throughout the peninsula, with particular reference to the southern regions. In line with the objectives of the PNRR (National Recovery and Resilience Plan), a dedicated capital reserve will be set up to promote the development of the local entrepreneurial ecosystem with an eye on the global market.
Step Fund was created with the aim of becoming the institutional partner for Italian technology start-ups that want to challenge the status quo and seek opportunities, accompanying them from the initial stages through to exit. The model adopted is inspired by the best European seed funds: fast, operational and founder-oriented, with flexible tickets and strategic support that goes beyond the first round.
The first closing exceeded €30 million, with the participation of institutional and corporate investors, including CDP Venture Capital, which acted as anchor investor and invested €20 million through the Digital Transition Fund – PNRR (DTF), which uses resources allocated by the EU through the NextGeneration EU initiative. Zest, a long-standing partner of the management team, is also participating in the operation, with the idea of building a unique supply chain in Italy that ranges from acceleration to early stage, sharing skills, networks and deal flow. Investors include Reale Mutua, Add Value and other strategic partners, who see Step Fund not only as a financial investment, but also as a way to respond to strategic questions related to their business. Fundraising is now continuing and aims to reach a target of €50 million in total (hard cap at €80 million). The first closing also marks the operational launch of Step Fund, which has already approved its first investments.
Step Fund is promoted by a team of entrepreneurs and investors with over twenty years of international experience who have been working together for over ten years. Maria Imbesi, Roberto Montandon, Michele Novelli and Gennaro Tesone (pictured) have founded, grown and sold technology companies in Europe, supporting over 100 start-ups and achieving strategic exits with significant returns through IPOs and M&As with global players such as Xerox, Telefonica, Klarna, +Simple, Blackstone and TripAdvisor. The team has deep expertise and an extensive network in the fund’s target sectors.
The fund is managed by Alternative Capital Partners, an Italian asset management company (SGR) that has already launched and manages FIA with an innovative, thematic and sustainable approach, and is now diversifying and enriching its product offering and management. Michele Novelli recently joined the ACP board and a dedicated investment committee has been set up, comprising all members of the team.
Step Fund is classified as an ESG Article 8+ SFDR fund, in line with European sustainability criteria and the ESG policy adopted by ACP. It is part of the strategy to support the country’s digital transition, consistent with the objectives of the PNRR and CDP Venture Capital’s commitment to promoting innovation.
Michele Novelli, partner at Step Venture, states in a note: “Venture capital is now a fundamental asset class for supporting the growth of the European economy, especially at a time when artificial intelligence and digital technologies are transforming production models and markets. Step Fund was created to support start-ups in the very early stages of their life, offering capital, entrepreneurial skills and a deep understanding of what it means to run a business. I am thrilled about this step taken with Maria, Roberto and Gennaro, with whom I have been working for years and with whom we form a very close-knit team with a wide range of skills.
Emanuele Ottina and Ofelia Harder, respectively CEO and senior manager of business development and fundraising at Acp, say: “The launch of Step Fund represents an important milestone for Acp Sgr as it consolidates our position as an innovative, sustainable and multi-strategy manager. We have expanded our operations to venture capital, and therefore to products with opportunistic returns, and thus access to European and national private and institutional investors, primarily social security institutions on the eve of new regulations that should soon stimulate more active participation. Thanks to the track record of the Step Venture team and the confidence of anchor investors such as CDP Venture Capital Sgr and strategic corporate investors already on board, with others undergoing due diligence, we are confident that we can generate value and make a concrete contribution to the sustainable growth of the country.
Enrico Filì, head of the Digital Transition Fund – PNRR at CDP Venture Capital, states: “Our investment in Step Fund represents a further step in our strategy to support the country’s digital transition, with a particular focus on southern Italy, which will receive at least 20% of the resources. We have great confidence in Step Fund and the expertise of its team, and we are particularly proud to have contributed to its launch. We are confident that they will be able to guide the companies they invest in towards solid growth and international success.
Andrea Birolo, Head of Digital Business, Corporate Venture Capital and Partnership at Reale Group, comments: “This collaboration represents a strategic opportunity for Reale Group to connect with high-level start-ups capable of developing concrete and relevant solutions for our business. Step Fund allows us to accelerate the adoption of new technologies and operating models, strengthening our path of transformation and growth.”
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