What we do

At P101, we partner with founders from seed to early growth and beyond, sharing their journey for the long term. We take minority stakes and act as hands-on advisors — not just funding companies, but helping them grow, expand, and succeed.

Through Prana Ventures, our dedicated seed platform, we back teams from their earliest steps, supporting product-market fit and early traction. As companies scale, we help refine strategy, strengthen teams, and open access to our investor and corporate network, providing the capital and guidance needed for international growth and lasting success.

Our Fund Platform,
a total AUM of €500m

  1. PROGRAMMA 101

    Our first fund, focused on early-stage technology companies, invested in 26 startups including Cortilia, Opyn (formerly BorsadelCredito.it), Milkman, and Velasca. Notable exits include Musixmatch, Musement, Octorate, Tannico, Viralize, and Deporvillage. The fund closed its subscription period in November 2016 with €67 million AUM.

  2. PROGRAMMA 102

    Supported by the European Investment Fund, Fondo Italiano d’Investimento, BCC Pension Fund, Cassa Forense, Fondazione Sardegna, Azimut, Banca Sella, and other private investors, Programma 102 extended P101’s focus to early and growth-stage digital companies. It has invested in Cyber Guru, Habyt, Unguess, Wonderflow, and achieved successful exits such as Bipi, Civitfun and Keyless. The fund closed fundraising in June 2020 with €102.5 million AUM.

  3. ITALIA 500

    Created by Azimut Libera Impresa SGR and managed under mandate by P101 SGR, Italia 500 is the first Italian VC fund open to retail investors, investing in startups and SMEs. It has raised €40 million and co-invests with Programma 102, supporting follow-on operations from Programma 101.

  4. PROGRAMMA 103

    Launched in December 2022 as P101’s new multi-stage flagship fund, Programma 103 invests from seed through growth, with a first close at €150 million and a final target of €250 million by 2025. It is supported by Azimut, CDP, European Investment Fund, BPM, Inarcassa, ISP Group Pension Fund, ENPAM, and leading Italian family offices.

  5. AZIMUT ELTIF – Venture Capital P103

    Created by Azimut Investments S.A. and managed under mandate by P101 SGR, the Azimut ELTIF – Venture Capital P103 allows retail investors to participate in venture capital opportunities, co-investing alongside Programma 103. It has raised €40 million to date.

  6. AZIMUT RAIF – FoF P1001

    P101’s Fund of Funds is a multi-manager venture capital program providing limited partners with curated access to high-potential emerging VC managers. The strategy focuses on early-stage innovation (Pre-Seed and Seed) across Europe and the United States, with a strong technology-first approach. The Fund of Funds combines diversification and disciplined manager selection with exposure to high-growth technology ecosystems. Investments span key technology verticals including Enterprise SaaS, AI, Deep Tech, Fintech, Cybersecurity, Energy Tech, and Consumer & Media, with a balanced mix of B2B and B2C strategies.