The integration creates the only platform able to digitise all food-related processes, from quality through safety.
The fresh capital will fund a three-year growth plan leveraging artificial intelligence, aimed at an Italian market worth over €12 billion where digitisation still lags at just 3%.
P101 SGR, a leading Italian venture capital investor with an international outlook, has led a €5.2 million funding round in Biorsaf, Italy’s leading company in the digitisation of food safety and quality processes.
Biorsaf has also acquired Cooki, a platform for the digital management of food information, creating Italy’s first operator able to offer a single solution covering every stage of compliance and data management processes across the food value chain: from food safety (HACCP) to quality, from traceability to nutritional values, through to cost analysis and labelling.
The round and the acquisition mark the start of a three-year plan under which the company’s revenues are set to grow exponentially year on year, with the expanding from 40 to 120 employees within the next eighteen months. At the heart of the plan is the development of a one-of-a-kind AI platform designed to transform and automate quality, safety and operations management.
The aim is to set a new technological standard in Italy’s food, workplace and water safety sector, which comprises around 3.4 million businesses generating over €12 billion in revenue, yet where digitisation remains stuck at just 3%.
Founded in 2021 in Castell’Azzara (Grosseto) by a team with over forty years of experience in food safety, Biorsaf has developed BS-Safe, a vertical platform that makes food safety, workplace safety and water quality management simple and flexible to digitise, enabling businesses to automate control processes, improve traceability and manage data and regulatory compliance centrally.
In just three years, the company has become Italy’s leading player in the sector, reaching over 10,000 active users and winning clients ranging from small businesses to major restaurant groups such as Cigierre Ristorazione SpA (which controls the Old Wild West, American Graffiti, Pizzikotto, Wiener Haus and Shi’s brands), spanning HORECA through to large-scale retail with operators including Conad.
The platform does away with paper altogether and automates checks and tasks traditionally carried out by hand, saving an estimated 30 minutes of work per user per day and cutting operating costs by €30 million across active users in 2025, alongside a direct impact on efficiency, sustainability and safety.
The system serves all stakeholders involved along the control chain, including company managers and specialist consultants. For the latter, Biorsaf has built the first professional AI agent dedicated to digital food safety management, designed to automate monitoring, compliance and document management.
Cooki, founded by Giuseppe Grammatico in 2017, is now active in more than 450 Italian cities, with over 1,000 users and a unique database of more than 35,000 coded products, automating traceability, labelling, food costing, stock management and allergen risk.
Bringing the two platforms together will let Biorsaf offer the only Italian solution able to automate every major process across the food supply chain, accelerating its growth.
Marco Papalini, CEO of Biorsaf, said: “This new funding round and the acquisition of Cooki accelerate Biorsaf’s growth. In just three years, we have built Italy’s reference platform for automating food compliance, and we are ready for the next development stage. Bringing Cooki into the fold rounds out our offering and marks the first step in consolidating a market that is still highly fragmented. Our goal is to scale rapidly, both organically and through market consolidation and technological innovation, putting artificial intelligence to work for the and efficiency of business in the food sector.”
“Biorsaf has everything we look for in a RegTech company: strong technology, deep vertical expertise and position in a highly regulated market” commented Giuseppe Donvito, Partner at P101. “We will be backing the company through this next significant growth phase, working alongside the team, including through buy-and-build strategies, to build a platform capable of accelerating the digital transformation across an entire industry.”
The round also saw the participation from Maia Ventures, a venture capital fund specialising in agrifoodtech and Farming Future – the National Technology Transfer Hub for AgrifoodTech, which originated and supported Biorsaf’s first funding round in November 2024, promoted by CDP Venture Capital SGR in partnership with ToSeed & Partners, and Toscana Next, the co-investment fund established and managed by CDP Venture Capital and backed by Tuscany’s leading banking foundations – Fondazione CR Firenze, Fondazione Cassa di Risparmio di Lucca, Fondazione Caript and Fondazione Monte dei Paschi di Siena – to maximise investment in innovative regional businesses. All were already investors in the company.
The deal further strengthens P101’s presence in RegTech, which now accounts for nearly 20% of the investments made via Programma 103, following its backing of Aptus.AI and A-Cube, while reaffirming its long-standing track record in the food sector, where it has previously backed innovative companies including Cortilia, Soplaya and Tannico.
The investment is the 16th made through Programma 103, Azimut ELTIF Venture Capital P103 and Programma 103R Digital. Programma 103 is also supported by the European Union through the InvestEU Fund. Programma 103R Digital is supported by CDP Venture Capital SGR through the Digital Transition – PNRR Fund, which uses resources allocated by the European Union under the NextGenerationEU initiative to support the digital transition of value chains and small and medium-sized enterprises.
On the transaction announced today, P101 was advised by law firm Gatti Pavesi Bianchi e Ludovici, while Biorsaf and Cooki were advised by DATYCA Legal design Lab.
A €600 million venture capital hub is born, introducing a new model designed to support technology startups from seed stage to international scale-up.
Prana101, first fund launched by the new platform, targets €100 million to back with seed investments the next generation of European technology companies.
P101 SGR, one of Italy’s leading venture capital operators with an international focus, has integrated PranaVentures, an operational venture capital company specializing in seed investments, creating the first consolidation operation in the Italian Venture Capital landscape.
The combination gives rise to a unique and fully integrated venture capital platform, bringing together more than €600 million in assets raised and creating, for the first time in Italy, a player capable of supporting startups from pre-seed and seed stages through to international scale-up rounds, providing capital, operational skills, international network and follow-on capabilities.
The transaction comes at a time of profound transformation across the European venture capital landscape, where increasing capital concentration, greater institutional investor selectivity and the growing importance of operational support are reshaping the industry. In this environment, scale, specialisation and long-term support capabilities are becoming critical competitive advantages.
Through the integration, P101 expands its investment platform to directly cover the seed segment, further strengthening the team led by Managing Partner Andrea Di Camillo with the highly specialised expertise developed by PranaVentures. The seed investment strategy will continue to be led by Lisa Di Sevo, Founder of PranaVentures, together with Guido Giordano, Partner, ensuring continuity with the model established since 2021 and with the same distinctive approach to seed investing, based on close collaboration with founders, operational expertise and hands-on support across technology, finance and go-to-market execution.
Following the transaction, fundraising has begun for Prana101, the first fund of the new platform, targeting €100 million, with a first closing expected by year-end.
Prana101 will focus on pre-seed and seed investments in Italian and European technology startups, backing founders building companies at the forefront of major technology-driven transformations, particularly those enabled by artificial intelligence, next-generation digital infrastructure and innovative services for businesses and consumers.
With the launch of Prana101, the platform’s total capital raised across nine investment vehicles could increase to €700 million. Today, the combined portfolio includes more than 80 active companies, which generated approximately €2 billion in aggregate revenues in 2025 and employed over 5,500 people.
Andrea Di Camillo, Founder and Managing Partner of P101 SGR, commented: “The integration of PranaVentures marks a significant milestone in P101’s growth strategy. It strengthens our position in seed investing and lays the foundations for a new venture capital model in Italy, one that combines scale, expertise and international networks to support entrepreneurs throughout the entire company-building journey, from inception to global expansion. The market increasingly requires stronger, more specialised and better-capitalised platforms capable of competing at a European level. Together with the PranaVentures team, we will continue building a more comprehensive, institutional and competitive venture capital platform, with the ambition of surpassing €1 billion in assets under management over time.”
Lisa Di Sevo, Founder of PranaVentures, said: “Prana101 is being launched at a moment of profound disruption, both in technology and in the seed investment landscape. Artificial Intelligence has fundamentally reshaped the economics of company building, reducing the capital requirements of early-stage startups by up to 70% while increasing execution speed by as much as eightfold. In this new environment, speed of decision-making and operational efficiency have become as important as access to capital. Through our partnership with P101, PranaVentures evolves while preserving the principles that have defined our approach since inception — deep seed-stage expertise, hands-on operational support and close proximity to founders. At the same time, we strengthen that model with greater capital resources, enhanced follow-on capabilities and access to a broader institutional and international network. We will leverage these synergies to help build the next generation of European technology leaders, capitalising on the opportunities emerging from the new agentic era.”
This is the second operation after the French Ferpection to create a new European centre of excellence in the Digital Quality market, combining AI and Crowd Insights.The union of the two companies gives rise to an international group present in 5 countries with €20 million in combined revenue.
UNGUESS, the European platform combining crowdtesting, AI and human insights to ensure the reliability, quality and security of digital products and experiences, announces the acquisition of Testbirds, the leading provider of crowdtesting services in the DACH and Benelux regions. With offices in Germany, the Netherlands and the United Kingdom, Testbirds has developed a scalable model for digital product quality under the motto “Testing Reality”.
The union of these two centres of excellence creates an international group present in Italy, France, Germany, the Netherlands and the United Kingdom, bringing combined revenue to approximately €20 million.
The transaction marks a fundamental milestone in UNGUESS’s internationalisation journey which, following its entry into the French market with Ferpection in 2024 and revenue growth of 30% in 2025, now has a strong foothold in the DACH and Benelux regions. The new group draws on a team of approximately 100 professionals and a portfolio of over 500 enterprise clients, including prestigious global partners such as BMW, Generali, Allianz, LVMH, Pirelli, Sky and Intesa Sanpaolo.
The transaction was supported by Fondo Italiano d’Investimento SGR, through the Fondo Italiano Tecnologia e Crescita FITEC, the leading growth capital operator for tech companies in Italy and lead investor in the financing round of over €10 million completed by UNGUESS in 2022. UNGUESS’s investors also include P101, one of Italy’s leading venture capital firms, while Round2, the leading European operator in revenue-based financing for B2B software companies and already a partner of Testbirds since its first investment in 2023, supported the transaction as a longstanding partner.
“In a world where Artificial Intelligence is radically changing the paradigms of software quality, traditional methods are no longer sufficient. The complexity of modern systems requires validation that takes place in the real world, where AI must be put to the test in distributed scenarios, on physical devices and with real users, in order to guarantee high standards of security and trust” – says Federico Malvezzi, CEO of UNGUESS – “The union of UNGUESS and Testbirds gives birth to the new European reference hub for digital product quality, user experience and cybersecurity. We have created an ecosystem where Artificial Intelligence accelerates every phase, but where human intuition remains the only, indisputable source of truth.”
“Today we are no longer just an Italian player looking abroad, but the European reference point capable of accompanying major global clients in their digital transformation, with the strength of €20 million in revenue and a shared vision: to create digital products that truly work, that people love to use and that they can trust” – says Luca Manara, Founder & Executive Chairman of UNGUESS.
Towards a single technological infrastructure
The acquisition aims to unify the technology platforms and tester communities TRYBER and The Nest, making over one million active users across more than 100 countries available to clients. At the same time, the commercial offering is enriched by integrating Testbirds’ IoT and connected-device testing services with UNGUESS’s AI Training and Cybersecurity solutions.
Thanks to this infrastructure, the group is able to stress-test AI models across a vast variety of devices and geographies, while keeping human intelligence as the definitive benchmark for the quality and security of next-generation digital products.
“We are thrilled to join forces with UNGUESS at this pivotal moment in our journey. Both companies share a strong belief in the value of real user feedback and a people-centric culture, which makes this step a natural one. Together, we will be able to accelerate innovation, expand our presence in Europe and offer our clients an even more comprehensive portfolio of testing and research services. I am incredibly proud of the Testbirds team and grateful for the dedication that has brought us here. This partnership marks a milestone and opens new opportunities for our employees, clients and partners.” – says Georg Hansbauer, Co-Founder and CEO of Testbirds.
Next steps
While the Testbirds brand will be retained in the DACH region (Germany, Austria and Switzerland) during the transition phase, the group will operate globally under the UNGUESS brand. The company plans to pursue further M&A transactions in the coming years to extend its presence into other strategic European markets.
Alongside the funding round, the Group completes the acquisition of 100% of Flatmates two years ahead of schedule. Building on a 2025 of €24M in revenues (+109% YoY) and €20M already contracted in the first four months of 2026, Cosmico is targeting €40 million by year-end and is preparing three new M&A deals in Italy and Spain as the holding company of the Future of Work.
Cosmico, the European Future of Work holding company active in Italy and Spain, today announces the closing of a €12 million funding round (equity and debt) led by P101 SGR[1] as lead investor. The round also saw the participation of long-standing investors, including Prana Ventures, which has been backing the company since 2023. At the same time, Cosmico has finalised the acquisition of 100% of Flatmates Srl — the creator agency co-founded by Michele Pagani and Marcello Ascani that applies the Talent-as-a-Service model to the creator economy in Italy, Spain and the USA. The round will fund the next phase of expansion, with three new acquisitions planned by the end of 2026.
The announcement comes against the backdrop of a sharp acceleration in the business. After closing 2025 with €24 million in revenue (+109% YoY), the Cosmico Group has already contracted €20 million of sales in the first four months of 2026, of which €1.5 million in Spain. The year-end target is €40 million in revenue from organic business, to which the three M&A deals in the pipeline will add further contribution. The trajectory points to €100 million by 2028.
A Future of Work Holding
The Group’s ecosystem is now structured around four complementary verticals: Cosmico (Talent-as-a-Service for digital professionals), Flatmates (Talent-as-a-Service for the creator economy), Creative Harbour (Community-as-a-Service for employee engagement), and Play New (Talent Process Design for building teams of SuperAgents — AI-augmented professionals). This architecture is the framework within which the next acquisitions will fit.
Three new M&A deals by year-end, along two directions
The three transactions expected by the end of 2026 will move along complementary lines. On one side, new business units that broaden the Group’s footprint in the Future of Work space. On the other, the strengthening of existing business units by acquiring competitors. The M&A strategy looks with equal focus to Italy and Spain, where the Group is already structured with dedicated operating companies.
Flatmates at 100%, the Group’s second vertical
Founded in 2021 by Michele Pagani and Marcello Ascani, Flatmates is today one of the most recognisable players in the Italian creator economy, with a strong positioning on YouTube and a roster of more than 60 clients including Ducati, NordVPN, Google, Xiaomi, Trade Republic, Generali. The company operates across four business areas — Factory (talent representation), Agency (brand–creator talent matching), Studio (production of original content), and Originals (proprietary editorial channels such as FuoriBrief and Clickbait) — all driven by the same community-driven philosophy that characterises the Cosmico Group. The move to 100% completes the journey begun in 2024 with the acquisition of a majority stake.
“This round is the financial foundation of a strategy we are proud of”, says Francesco Marino, CEO and co-founder of the Cosmico Group. “Cosmico is no longer a scale-up with a single product: we have become a Future of Work holding company, with five verticals today and a growth ambition that also runs through strategic transactions like this one. The €20 million already contracted in the first four months tell the story of a machine moving at full speed: €40 million from organic business is, in turn, the foundation from which we will build the €100 million of 2028.”
“For several years now, and with an increasingly rapid dynamic driven also by AI, the world of work has been radically shifting in shape and scale”, adds Stefano Guidotti, Partner at P101. “The thesis that convinced us about Cosmico from our very first investment in 2024 was that the market would reward those able to read these dynamics and support workers and corporates in constantly adapting to them. The results of the last two years have confirmed both the soundness of that thesis and the capability of the management team that is putting it into practice — which is why we decided to double down and become lead investor of the Group.”
“Joining the Cosmico Group at 100% means multiplying the tools and opportunities for the creators we represent and the brands we work with”, concludes Michele Pagani, CEO of Flatmates. “We share with Cosmico the same mission: putting talent at the centre. For us, this transaction means being able to scale even faster in Italy, consolidate our growth in Spain, and continue to produce content that tells the story of the present and anticipates the future of communication. We can dream big.”
Cosmico was advised on the transaction by Bird & Bird and Growth Capital.
[1]P101 SGR invested through Programma 103, Azimut Eltif Venture Capital P103, and Programma 103R Digital. In particular, Programma 103 is also supported by the European Union through the InvestEU Fund, and Programma 103R Digital is supported by CDP Venture Capital SGR, including through the Digital Transition – PNRR fund, which uses resources made available by the EU under the NextGeneration EU initiative, with the aim of fostering the digital transition of Italian supply chains and small and medium-sized enterprises.
Operating in over 10 countries, the company is accelerating its European expansion to become the definitive benchmark for digital tax compliance in a shifting regulatory context
A-Cube, the innovative technology partner specialising in automated digital tax compliance internationally, secures a €4 million investment round. The funding was led by P101 SGR, a leading venture capital firm in Italy with an international focus, which will also provide strategic operational support as the startup enters this new development phase.
Sella Direct Ventures, a specialist fintech and financial services technologies investor, also participated in the round and will make its global network available to A-Cube to further accelerate its scale-up.
This capital injection consolidates A-Cube’s footprint across key European markets and will serve to accelerate the technological development of its platform, also by integrating Artificial Intelligence models.
The funds will also support the product expansion, developing solutions adjacent to digital tax reporting, to meet the evolving regulatory framework and compliance needs of multinational companies operating in complex, multi-jurisdictional environments.
Since 2019, A-Cube has processed over 70 million invoices. The company serves more than 450 customers in over 10 countries and connects 120,000 entities, providing its ability to operate effectively in complex international contexts.
“Global taxation is undergoing a radical shift, where regulatory changes and technological innovation are converging towards increasingly digital and integrated reporting models.” – comments Antonino Caccamo, Co-founder & CTO of A-Cube – “Italy has been a pioneer in this space, particularly with the recent mandates on electronic payments, came into force on 20 April. This trend is now sweeping across Europe, with the VIDA (VAT in the Digital Age) directive set for 2028, real-time tax reporting will gradually become the standard. In this scenario, we want to provide the infrastructure capable of supporting companies through increasingly complex multi-country environments, turning compliance into an integrated and strategic process.”
“By investing in A-Cube, we are doubling down on Regtech, a fast-growing and increasingly strategic sector” – underlined Giuseppe Donvito, Partner at P101. “We will support the company in the new phase of growth, seizing the opportunities associated with the spread of electronic invoicing which, in light of regulatory developments, is projected to be adopted by 90% of European companies by 2030, creating a market valued at over 20 billion euros1. At the same time, a profound technological transformation is underway: tax data are becoming strategic assets within new emerging systems that integrate digital tax reporting and digital trade. In this scenario, we will support the product development towards new application areas and A-Cube will be able to evolve into an enabler of financial, tax and operational processes, also via AI integration, bringing greater automation, data quality and predictive capability.”
Founded in 2018, A-Cube provides an API-first platform for end-to-end management of tax and document flows, connecting business systems, financial institutions and public administrations in a single interoperable architecture. The solution enables real-time management of electronic invoicing, e-reporting and compliance processes across heterogeneous regulatory contexts, ensuring scalability and business continuity.
A-Cube’s enhanced market position is set against a European landscape increasingly defined by regulatory harmonisation. The introduction of the VIDA (VAT in the Digital Age) directive – estimated to generate over €110 billion in additional VAT revenue over the next decade [1] – alongside the steady rollout of continuous transaction control models, is driving the rapid adoption of e-invoicing and real-time tax reporting. Consequently, tax compliance is being transformed into a vital infrastructure that underpins both corporate competitiveness and operational efficiency. Within this framework, A-Cube intends to evolve its role significantly, transitioning from a compliance platform into a comprehensive technology layer for Integrated Digital Trade. This evolution will enable the integration of tax, financial and operational data, enabling new levels of automation and oversight across the entire administrative cycle.
For P101, the transaction announced today is the second in the Regtech industry – after the investment in Aptus AI in 2023 – and the 15th carried out through Programma 103, Azimut Eltif Venture Capital P103 and Programma 103R Digital. In particular, Programma 103 is also supported by the European Union through the InvestEU Fund and Programma 103R Digital is also supported by CDP Venture Capital SGR through the Digital Transition – PNRR fund, which leverages resources made available by the EU under the NextGeneration EU initiative to foster the digital transition of supply chains and small and medium-sized enterprises.
As part of the transaction, P101 was assisted by Deloitte Advisory on due diligence.
[1] Source: Deloitte Market Study
P101 marks its first exit of 2026, reinforcing its cybersecurity footprint by re-investing in the new European leader formed by Libraesva’s acquisition of Cyber Guru.
P101 SGR, a leading venture capital firm in Italy with an international focus, has announced its exit from Cyber Guru, a leading cybersecurity awareness training platform. This marks P101’s first divestment of 2026, bringing its total track record to 24 successful exits to date.
Founded in 2017 by Gianni Baroni, Cyber Guru provides an advanced training platform that leverages artificial intelligence and behavioural science to mitigate human risk and strengthen organizational resilience against cyber threats.
P101 first backed Cyber Guru in 2021 via its Programma 102 and Italia 500 funds (the latter managed on behalf of Azimut Libera Impresa SGR). At the time of the initial investment, the company was focused exclusively on the Italian market with revenues of approximately €1 million. Over the past five years, P101 has played a pivotal role in supporting the company’s strategic and operational growth, guiding its international expansion.
With P101’s support, Cyber Guru successfully entered the Spanish and French markets, achieving significant growth both organically and through M&A – specifically via the acquisition of the French firm Mantra. The company closed 2025 with a robust European presence, serving 1,500 clients. Furthermore, Cyber Guru attracted substantial international capital, notably through a €25 million Series B round in 2024 (which P101 participated in), bringing its total funding to over €30 million.
Today’s announcement signals the successful closing of the Cyber Guru investment while simultaneously initiating a new venture for P101 in the cybersecurity industry. Part of the exit proceeds have been re-invested into the combined entity formed by the acquisition of Cyber Guru from Libraesva – a leading Italian e-mail security provider. Announced earlier this year, the merger has created LibraCyber, a new global player and European leader in “human-centric” cybersecurity.
This strategic combination of two highly complementary Italian companies creates a group capable of delivering an integrated, end-to-end solution that unites prevention, detection, and human risk reduction. The new entity will support over 3,500 clients worldwide through an extensive ecosystem of more than 500 partners. Its core offering will integrate Libraesva’s privacy-first email security technologies with Cyber Guru’s advanced AI platform, addressing the evolving needs of a constantly growing market.
P101’s re-investment in this new global player was made alongside a syndicate of international investors, including Riverside Acceleration Capital and EduCapital.
This move underscores P101’s commitment to the strategic and high-growth cybersecurity market.
According to 2026 Clusit data, global cyberattacks have surged by 49%, with Italy seeing a 42% increase, remaining a primary target. Estimates suggest a significant attack occurs every 21.5 seconds – totalling over 1.8 million daily – with increasing sophistication driven by AI.
These trends are driving significant capital into the sector; in Italy, venture capital investments in cybersecurity reached approximately €200 million in 2025, a tenfold increase over the previous two years, according to P101’s recent “State Of Italian VC” report.
“We believed in Gianni Baroni’s entrepreneurial vision from day one, and it has been a privilege to support Cyber Guru’s extraordinary growth over these five years,” commented Giuseppe Donvito, Partner at P101. “While today marks the successful end of one investment story, we are simultaneously opening a new chapter as shareholders in a European leader with global ambitions. We currently have three cybersecurity companies in our portfolio and will continue to invest heavily in this space. In the era of AI, digital security is more vulnerable than ever, requiring increasingly sophisticated defences and constant vigilance”.
“When we founded Cyber Guru back in 2017, we were convinced that the human element would become the ultimate battlefield in cybersecurity. Our journey with P101 has fully validated that vision,” stated Gianni Baroni, Founder of Cyber Guru. “P101 supported us from the very beginning through a hands-on partnership, guiding our international expansion and the strategic moves that have established Cyber Guru as an industry benchmark. With the launch of LibraCyber, we are starting an even more ambitious chapter under the leadership of Paolo Frizzi, founder and CEO of Libraesva, who takes on the role of Group CEO. I will join the Board of Directors as an advisor, helping to unite the expertise of two Italian leaders into a truly human-centric approach to security—especially as artificial intelligence redefines both threats and defences. I am immensely proud of our team’s work and excited for the future ahead.”
Leveraging fresh capital and a leading position in Italy, TeiaCare aims to scale its business and fast-track international expansion
P101 SGR, a leading venture capital player in Italy with an international focus, has invested €5 million in TeiaCare, leading a €7 million funding round.
Alongside P101, the round saw participation from existing shareholders as well as two new healthcare-focused investors, Spanish family offices Namarel and Inderhabs. The latter complements its investment activity with direct operations in the residential care sector.
TeiaCare is Italy’s leading provider of care monitoring solutions for residential healthcare facilities, including nursing homes, rehabilitation centers, intermediate care facilities, hospices, and dedicated units for patients with Alzheimer’s and other forms of dementia. Through its proprietary platform Ancelia, the company supports nurses, caregivers, physicians, directors, and coordinators with tools that enhance care awareness, enable personalized treatment, and improve decision-making.
Powered by an integrated system of optical sensors and artificial intelligence algorithms, Ancelia monitors care environments and transforms collected data into actionable insights to prevent risk situations, support care pathway planning, and optimize daily staff operations.
Founded in 2018 by Guido Magrin and Luca Iozzia, TeiaCare now serves over 150 clients across more than 200 facilities, covering approximately 75,000 residents—equivalent to a quarter of the total in Italy—positioning itself as a reference player domestically and one of the few specialized operators in Europe.
The company operates in a highly sensitive sector under significant pressure. In Italy alone, around 300,000 people currently reside in long-term care facilities, with a similar number on waiting lists. In addition, approximately four million people require home care services. The sector is also facing a growing workforce shortage, with an estimated gap of 50,000 nurses. During night shifts, facilities often rely on just one nurse and two healthcare assistants per 100 patients.
“In a context where the fragility of the residential healthcare sector is becoming increasingly evident, technology has rapidly evolved from being an opportunity to a necessity,” said Guido Magrin, CEO & Co-Founder of TeiaCare. “Today, we have a unique opportunity to help define a new category of care solutions: practical tools that support care professionals, improve the quality of life for vulnerable individuals, and structurally address one of the major challenges of our time—population aging.”
TeiaCare will use the new capital to accelerate the scaling of its business model towards new geographical and functional frontiers. The goal is to evolve the offer through the development of advanced Data, Spatial and Care Intelligence solutions, also extending the application patterns from the residential to the healthcare and domestic context. With the operational support of P101, TeiaCare will also initiate its international expansion, with an immediate focus on France and Spain, promoting a model of care continuity across hospitals, nursing homes, and home care.
P101′s investment in TeiaCare comes at a time of strong growth in the Health Tech sector, which accounts for approximately 20% of the investments made through Programma 103. More broadly, aggregating its different segments, the Health & Life Science sector also stands out in capital raising in 2025, with around 600 million euros invested by Venture Capital funds, as highlighted in P101’s latest State of Italian VC report.
“Technology applied to care is becoming increasingly central: it enhances care capacity, reduces inefficiencies, and improves service quality. We are strongly committed to HealthTech, where we have already allocated 20% of Programma 103’s deployed capital” said Stefano Guidotti, Partner at P101. “In a sector as complex and sensitive as the one TeiaCare operates in, we believe technology can provide extraordinary added value. TeiaCare has already established itself as a leader in Italy, and thanks to its flexible and scalable solution, it is well-positioned to expand rapidly at the international level, starting from Southern Europe where it can introduce a truly differentiated offering. We are therefore pleased to support the company in this new phase of growth.”
With this transaction, P101 completes its fourteenth investment through Programma 103, Azimut ELTIF Venture Capital P103, and Programma 103R Digital. Programma 103 is also supported by the European Union through the InvestEU Fund, while Programma 103R Digital is backed by CDP Venture Capital SGR, including through the Digital Transition – PNRR fund, which leverages resources made available by the EU under the NextGeneration EU initiative to foster the digital transformation of industrial supply chains and small and medium-sized enterprises.
Cyber Guru and Libraesva today announced a strategic combination that brings together two highly complementary Italian cybersecurity companies to form a new European leader in human-centric cyber protection. The combined group will offer organisations an integrated approach to defending against email-based threats, social engineering, and human-targeted attacks, integrating advanced technology with behavioural resilience.
Cyber threats are evolving rapidly, with attackers focusing less on infrastructure and more on the weak link in security – human behaviour. Phishing, business email compromise, smishing, QR-code attacks, social engineering and many other forms of attacks targeting humans continue to be primary breach vectors and are rapidly growing in sophistication with support of widely available AI tools. By integrating Libraesva’s advanced, privacy-first email security technologies with Cyber Guru’s AI-driven training, awareness and real-time protection platform, the combined group will deliver a complete, end-to-end solution combining prevention, detection, and human risk reduction.
The transaction combines Libraesva’s advanced email security capabilities with Cyber Guru’s human-centric security awareness and risk management expertise, addressing one of the most critical challenges facing organisations today: protecting people, inboxes, and digital communications from increasingly sophisticated attacks designed to bypass traditional security solutions.
The combined organisation will serve more than 3,500 customers worldwide and operate through a partner ecosystem of over 500 resellers and managed service providers. Customers will benefit from stronger protection across the entire human attack surface, measurable security outcomes, and simplified vendor management. Partners will gain access to a broader, differentiated European cybersecurity portfolio designed to meet modern compliance, data sovereignty, and security requirements allowing them to combine leading technologies with their own value-adding services.
“This strategic combination is a major step in building a strong and credible European cybersecurity group,” said Paolo Frizzi, CEO of Libraesva. “By bringing together our email security expertise with Cyber Guru’s human risk capabilities, we are creating a fully integrated platform that protects organisations where attacks most often start: in the inbox and with people.”
“This combination is about solving a real and urgent problem our customers face every day,” said Gianni Baroni, CEO of Cyber Guru. “By combining human-centric security awareness with advanced email protection, we enable organisations to defend against attacks that target people, not just technology, while building an Italian and European cybersecurity leader.”
Libraesva’s recognition in the 2025 Gartner® Magic Quadrant™ for Email Security underscores the strength, maturity, and international relevance of its technology. Combined with Cyber Guru’s adaptive, AI-powered awareness and training capabilities, the group is well positioned to support organisations across Europe and internationally as they navigate an increasingly complex and regulated threat landscape.
The combination is expected to close in the coming months, subject to customary closing conditions and regulatory approvals.
1. The Introduction: The Healthcare Paradox
The demographics of Italy and Europe paint a stark picture: we are facing a perfect storm. On one hand, an ageing population is driving up the demand for care; on the other, a structural shortage of General Practitioners (GPs) threatens to leave millions of citizens without a primary medical point of contact by 2030.
The National Health System (SSN), the pillar of our welfare state, is under immense pressure. Yet, while public debate often fixates on resources, as investors, we are observing a subtler but more radical shift: the evolution of demand. People—and companies—are no longer seeking mere symptom management. They are looking for integrated health: a journey that combines general medicine, mental wellbeing, prevention, and nutrition.
This is the moment HealthTech ceases to be a niche and becomes a fundamental asset class. But be warned: the days of simple booking apps or standalone video consultations are behind us.
2. Our Thesis: Solving the Fragmentation Puzzle
Our investment thesis for the HealthTech sector stems from a key observation: the primary issue with modern healthcare is not just a lack of resources, but the fragmentation of the patient experience .
Today, patients must navigate an obstacle course: specialists who don’t communicate, scattered clinical data, and bureaucracy that delays access to care. For P101, the real value lies in technological solutions capable of flipping this paradigm, moving from a “siloed” logic to a truly patient-centric approach.
We are not interested in merely digitising existing processes (such as the basic video visit). We are looking for platforms that act as “orchestrators”: intelligent systems that use data to centralise the patient journey, ensuring continuity of care. Technology thus becomes the connective tissue uniting prevention, acute care, and monitoring, making the system more efficient, accessible, and scalable.
Investing in HealthTech today means betting on models that integrate different dimensions of health (physical, mental, nutritional) into a single, coherent flow, breaking down the barriers that currently separate clinical disciplines.
3. From Theory to Practice: The Carol Case
It is within this precise theoretical framework that our renewed investment in Carol sits. We chose to continue supporting the company in this new funding round not just because of its growth metrics, but because Carol is the exact embodiment of our thesis on “integrated health”.
Carol turns this theory into a working product:
- Overcoming Fragmentation: It is not just a medical service, but a true “Full-Stack Clinic”. Thanks to the acquisitions of Mindwork and Welfood, it unites primary care, psychotherapy, and nutrition on a single platform.
- Institutional Credibility: It is the first virtual clinic fully authorised to operate, bridging the gap between digital innovation and the rigour of the National Health System.
- Scalability via Welfare: It has validated the market by bringing healthcare directly into the workplace, answering a concrete need for corporate efficiency and organisational wellbeing.
With Carol, our vision of a connected and accessible healthcare ecosystem becomes an operational reality. We are rebuilding continuity of care, powered by data.
€3.5M to power the next-gen tech provider for corporate welfare
Rethinking corporate benefits in the future of work era
We are experiencing a radical shift in the way work is seen. In this new landscape, employee welfare is no longer a nice-to-have, it’s a strategic pillar.
Today’s companies are challenged to go beyond static benefits embracing a new model: digital, customised, and people-first. Welfare becomes more than just a perk, it’s a retention tool to improve engagement, reflecting company values.
Tech with a purpose
Toduba has the infrastructure to meet this need. Its fully cloud-native platform enables companies to manage employee’s welfare stuff in one place, such as meal vouchers, fringe benefits, gift cards and local services. Leveraging a unique app, employers can design and distribute fully customisable benefit packages, while employees enjoy a seamless, intuitive experience tailored for them.
The platform comes with a proprietary transactional engine built on private blockchain, allowing for unmatched flexibility. Benefits can be used cumulatively, fractionally, and even down to the cent, making it a top-notch solution within Europe’s fintech landscape.
Toduba stands out for its impact vocation. It empowers employees to activate their favourite shops and restaurants, strengthening local ecosystems and creating a welfare model that’s decentralised, inclusive and rooted in community.
Tapping into a high-potential market
Italy’s corporate welfare sector is still emerging with only 18% of companies currently offering structured welfare programmes, compared to more mature geographies, such as 48% in France. Yet regulatory and fiscal reforms are paving the way for digital, transparent solutions.
This evolving landscape is opening the door for innovative, real-world solutions and Toduba is leading the change. It powers top-tier HR and welfare providers such as WTW, Randstad, and Happily via its Platform-as-a-Service model and serves 2,000 companies – mainly SMEs, covering over 30,000 merchant partners across Italy.
Why we invested
Toduba is not just responding to a market trend but it’s shaping it. In just three years, it has scaled from a concept to a fast-growing platform, reshaping the way welfare is delivered across Italy. Its revenue growth, from €1.6 million in 2022 to over €40 million in 2024, reflects not just the momentum but extraordinary product-market fit.
We’re proud to support Gianluca Enrietti, Bruno Cavigioli, and the whole team as they expand their reach, enhance their product, and continue to turn welfare into a competitive advantage for businesses—and a real, daily benefit for people.
Leading hospitality check-in technology provider acquired by HBX Group, a global B2B traveltech leader
Milan, Madrid – 14 May 2025 – P101 SGR S.p.A. EuVECA Manager (“P101”), a key player in Italian venture capital with an international focus, has successfully completed the sale of its stake in Civitfun, a notable provider of digital hotel check-in technology, to HBX Group, a Madrid-listed global leader in B2B traveltech.
Since 2022, P101 acted as lead investor in Civitfun via its Programma 102 fund, alongside Italia 500 (the latter managed on behalf of Azimut Libera Impresa SGR). Over the past three years, P101 has supported the company’s business and commercial growth, as well as its international expansion, leveraging its ten-year track record in the traveltech industry to offer a combination of financial backing and strategic and operational guidance.
Driven by a distinctive technology able to analyse raw data and seamlessly integrate across a highly complex value chain, Civitfun has more than tripled its revenues in just three years. In 2024, the company managed over 500,000 hotel rooms—doubling its volume since 2022—and has become a key player in the European traveltech ecosystem. Its solutions are used by top-tier OTAs, such as Booking.com, leading tour operators and industry stakeholders across Europe, meaningfully contributing to the digital transformation of the tourism sector.
Founded in Mallorca by Mariano de Oleza, Germán March and Javier Gómez, Civitfun is set to continue its growth trajectory partnering with HBX Group. The new alliance accelerates the adoption of data-driven management models within the hospitality sector.
“Spain is our second-largest market after Italy and continues to be of great interest to P101,” commented Stefano Guidotti, Partner at P101. “We have identified high-potential companies in the region and benefitted from a dynamic ecosystem that consistently offers strong exit opportunities. We have been proud to support Civitfun through three vital years of growth, offering the full span of P101’s expertise in traveltech, a sector we have been active in for a decade. We are confident that the company will continue to thrive as part of HBX Group. To the team and the founders, we extend our best wishes for continued success and future milestones.”
Mariano de Oleza, Founder and Managing Director of Civitfun declared: “This acquisition marks a strategic milestone for Civitfun, enabling us to accelerate our growth and expand our impact within the hospitality tech ecosystem. Partnering with P101 over the past three years has been instrumental in shaping the company we are today – their deep expertise in traveltech and unwavering support have been key drivers of our progress. As we begin this new chapter within the HBX Group, we remain focused on delivering innovation and value to our partners and clients around the world. We’re grateful to the P101 team for their trust and commitment, and we look forward to building on this strong foundation as part of the HBX Group”.
To date, P101 has completed approximately 20 exits. Today’s transaction marks the third exit from the Programma 102 fund, following previous successful exits such as Fatmap (acquired by Strava) and Bipi (acquired by Renault Group).
This deal also represents P101’s fourth exit in Spain—following Bipi, Deporvillage, and Forcemanager—out of seven total investments made in the country through various funds, including Programma 103 which recently completed a capital raise of €250 million, bringing P101’s total assets under management to over €500 million.
With this latest transaction, P101 has now completed around 300 operations in 12 years, finalising about 20 exits. The current portfolio consists of 36 active companies, supported by a combination of capital and operational and strategic support.