€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.

The funds will enable the Italian traveltech startup to open new locations in major European resorts and cities, increase services offered to partner hoteliers, and expand the team.

Currently, there are more than 65 hotel professionals working with Hotiday, including leading groups like TH Resorts, and more than 90 destinations in Europe, such as Italy, France, Greece, Portugal, and Spain.

Italy, May 2025 – Traveltech startup Hotiday announces a €5.5 million capital raise.

The funding round was led by P101 SGR, a leading Italian venture capital player with an international focus and saw the participation of 40Jemz as well as both Italian and international business angels.

The finalisation of this round will enable the startup to further expand its portfolio of European destinations, enter new markets and strengthen its presence in existing ones, enhance the range of services offered to hoteliers, establish new partnerships with premium tourist accommodations, and grow the team.

Founded in 2022 from an idea of Vittorio Gargiulo, Federico Brunelli and Federico Di Carlo and developed thanks to the B4i – Bocconi for Innovation acceleration program, Hotiday has experienced exponential growth since beginning. In 2024, with a lean team of just 15 people, the startup skyrocketed with a 500% revenue growth compared to 2023 and debuted its first international Room Collection in Paris.

Today, Hotiday partners with more than 65 hospitality businesses, including leading hotel groups such as TH Resorts, and operates across over 90 destinations in Europe, including Italy, Spain, France, Greece, and Portugal.

Digital and innovative revolution in the traditional hotel market

Hotiday’s strength lies in the innovative approach it brings to redefining the boundaries of the modern hospitality experience, helping hotels manage and leverage their potential while enhancing the traveller experience.

The model is unique: Hotiday not only solves the problem of natural unsold inventory, increasing revenue and occupancy rates, and generating passive income for the properties it works with, but it also becomes a strategic partner, providing concrete tools. From the proprietary Revenue Management System to advanced data analytics, Hotiday enables hotels to optimise pricing strategies and increase revenues and accompany them into the future.

“Hotiday Room Collections” are rooms that Hotiday locates within selected hotels partly through a proprietary algorithm. In this way, Hotiday enriches the guest’s experience with additional services while enabling facilities to optimise room usage strategically. This model gives rise to the world’s first decentralised hotel: a diffuse hotel housed in dedicated areas within partner facilities. A forward-thinking and scalable approach designed for rapid and global expansion.

“We are building something that is unprecedented in the hospitality industry. In a market that is still strongly tied to traditional logics, we have introduced a clear, yet innovative vision that gives value to the hoteliers we work with and offers a better experience for travellers: digital, fluid, and thoughtless. Our achievements and this new funding give us confirmation that we are on the right track and push us to think even bigger. Hotiday is not just a startup, it is a story of innovation and passion, and we are just at the beginning,” says Vittorio Gargiulo, CEO and Co-founder of Hotiday.

With this new deal, P101 SGR finalises the twelfth investment made through Programma 103, a fund also supported by the European Union through the InvestEU Fund and CDP Venture Capital SGR via Digital Transition Fund – PNRR, which makes use of EU resources through NextGeneration EU initiative to foster SMEs’ digital transition.

Stefano Guidotti, Partner at P101, who led the investment transaction in Hotiday, said, “We are excited to support Hotiday in this new phase of growth. The company has successfully brought innovation to a traditional industry like hospitality, identifying a clear market need and responding with an effective tech-driven solution. With over a decade of experience in traveltech and a strong network, P101 will actively contribute to Hotiday’s further development. Thanks to a highly skilled team and a sophisticated proprietary technology, and with our ongoing support, we are confident that the company will quickly unlock its full potential not only in Italy, but also on an international scale.” 

Milan, April 22, 2025 – P101 SGR S.p.A., a leading Italian venture capital player with an international focus, finalised Programma 103 fundraising at €250 million.

The final close was reached in recent weeks with an additional capital raise of €100 million. This included €35 million commitment from CDP Venture Capital SGR via Digital Transition Fund – PNRR, which makes use of EU resources through NextGeneration EU initiative to foster SMEs digital transition.

Thus, the Fund welcomes new investors, both private and institutional, with some entering the venture capital asset class for the first time via P101. Notable new LPs include Inarcassa, ISP Group Pension Fund, Enpam and Compagnia di San Paolo, joining who already believed in firm’s mission such as Azimut, CDP Venture Capital, European Investment Fund, Cassa Nazionale di Previdenza e Assistenza Forense, Banco BPM, Banca Sella, UniCredit and many family offices.

“This closing is particularly meaningful for P101. It confirms the renewed trust of our long-standing investors and the growing interest in venture capital from newcomers, who decided to invest for the first time by P101. This is a positive signal, not only for us but for the broader Italian ecosystem”, declared Andrea Di Camillo, Founder and Managing Partner of P101. “Over the past decade, the VC sector has shown resilience, with €9 billion invested in startups – as highlighted in our recent State of Italian VC report. Nowadays, patient capital is essential to drive long-term innovation, and we are grateful to all investors supporting our vision”.

“We are very pleased, as CDP Venture Capital, to invest in Programma 103 by P101 SGR, a key player in digital space, acknowledged by the industry” said Enrico Filì, Head of CDP Venture Capital’s Digital Transition fund. “We firmly believe in team’s specific skills and growth plans. With this investment, we are fuelling PNRR resources into a proven reality that will foster the development and growth of new digital companies”.

P101 SGR’s total assets under management reach approximately €500 million, across the vehicles Programma 101, Programma 102 and the newly closed Programma 103, partly backed by the European Union through the InvestEU Fund.

Programma 103 focuses on early and growth-stage investments, with an average ticket size of €5 million. Since inception in April 2023, the fund has already completed 11 investments. Recent additions include Carol Health, Italy’s first fully digital primary care service, and Cosmico, a TaaS (Talent-as-a-Service) platform connecting corporates with freelancers [1].

So far, P101 has completed over 290 transactions in 12 years, finalising about 20 exits. The current portfolio consists of 37 active companies, supported by a combination of capital and operational and strategic support.

[1] The operations were supported by the European Union under the InvestEU Fund.

ROME, Italy & PARIS, France – March 13, 2025 – Cyber Guru, the leading cybersecurity awareness training platform, has announced today its acquisition of Mantra, a leading French start-up specialising in employee awareness and protection. This strategic merger brings together the teams, expertise, and resources of both companies to advance the mission of strengthening employee awareness and resilience against cyber threats and helping organisations better defend against cyberattacks.

Founded in 2017, Cyber Guru is one of the fastest-growing startups in Southern Europe, offering a modern security awareness training platform for organisations of any size. With over 700 customers, Cyber Guru helps change employee behaviours, manage human risk, and achieve compliance with minimal effort. Today, more than 1 million users in 90+ countries are trained through Cyber Guru’s automated learning paths powered by a proprietary AI-driven Machine Learning model.

By joining forces, Cyber Guru will integrate Mantra’s fully automated security awareness training solutions, including real-time defence and chat-enabled awareness training, which have seen tremendous adoption and growth. The two companies’ platforms will combine their advanced ML engines and over 340 billion data points. This collaboration will enhance the machine learning training models, enabling the delivery of highly personalised and effective security training experiences for the combined global customer base of 1,000+ organisations and over 1.5 million active users.

“Joining forces with Mantra marks a significant step in our international expansion and portfolio growth, enabling us to better serve our customers with the most advanced technologies on the market,” said Gianni Baroni, CEO of Cyber Guru. “It marks a significant step toward solidifying our position as Europe’s foremost experts in Cybersecurity Awareness—a goal that has always been our top priority.”

As part of the agreement, the entire Mantra team will join Cyber Guru, including its co-founders, who will become part of the leadership team. Mantra CEO Gaspard Droz will join as Country Managing Director for France and Mantra CTO Guillaume Charhon will join as the Group Chief Architect.

“By combining the go-to-market strengths of Mantra and Cyber Guru, coupled with our cutting-edge technology leadership in AI, machine learning and automation, we are well-positioned to become the leading provider of cybersecurity awareness solutions across Europe,” said Gaspard Droz, CEO of Mantra. “I am thrilled to offer our clients an expanded portfolio of solutions designed to strengthen their security posture while bringing more high-value programs to our partners.”

The newly merged company is poised to create outstanding value for customers, employees, and stakeholders. Leaders from both organisations will collaborate closely to advance their shared mission of solidifying their market-leading position in France and across Europe while rapidly expanding product offerings to better serve new and existing customers. The company is committed to significantly accelerating its growth trajectory over the next 12 months, leveraging strategic initiatives and innovative solutions to achieve remarkable expansion.

Built on a foundation of shared values, the company also intends to expand its workforce in France, and Italy, increasing its overall presence in the French market and significantly boosting human capital investments in R&D.

About Cyber Guru

Cyber Guru is the most effective cybersecurity awareness training platform, enabling organisations to increase their resistance to cyber-attacks by changing employee behaviour. The platform trains employees to become the first line of defence against cyber threats, while minimising the impact on organisational productivity. Leveraging a proprietary AI-powered, adaptive Machine Learning model and behavioural science methodology, Cyber Guru offers a holistic security awareness training platform that is engaging, effective, and which delivers a real improvement in an organisation’s security posture. Leading organisations of all sizes and verticals, in the public and private sector, rely on Cyber Guru to transform employee awareness of, and resilience to, sophisticated attacks – ultimately creating a human barrier against cyber-crime. For more information, please visit www.cyberguru.io

• International funds such as P101 and Autotech, along with the company’s strategic partners like Mutua Madrileña, also participated in this round, reaffirming their commitment to Mundimoto
• Mundimoto will use the new resources to become the leading motorcycle renting operator in Europe
• The company has already sold more than 50,000 motorcycles, consolidating its position as the leading motorcycle trading platform in Europ

Barcelona, March 13, 2025 – Mundimoto, the largest motorcycle trading and renting platform in Europe, has closed a €21.1 million financing round led by Orilla Asset Management, the fund of Francisco Riberas, president of Gestamp, and Endeavor, the leading international high-impact entrepreneurship community, which has joined the company’s shareholding through this round. The operation also saw investments from international funds such as Autotech Ventures, the leading global mobility fund, P101, a leading player in Italian Venture Capital with an international focus, and Mutua Madrileña, Spain’s leading insurer. All of them have renewed their commitment to the company during this new phase, in which Mundimoto aims to become the largest motorcycle renting operator in Europe.

Specifically, the financing round included 8.1M€ in equity, complemented by 13M€ in bank financing from Santander Consumer Finance, Banco Sabadell, and La Caixa. The debt will primarily be used to finance the company’s increased stock dedicated to renting.

Pepe Talavera, founder and CEO of Mundimoto, stated, “We are especially pleased to have successfully closed an operation of this caliber, which demonstrates that investors continue to trust us.” Talavera added, “Having the confidence of investors and international funds is the result of immense work done by an exceptional team. These past years have been intense, but seeing tangible results like this operation renews our energy and motivation to continue giving our all to a project of this scale.”

The company will allocate the funds raised to further strengthen renting, which has proven to be one of the verticals with the greatest growth potential since its implementation.

The capital raised will also be used to expand Mundimoto’s operations in Italy, one of Europe’s largest motorcycle markets, with over 300,000 new motorbikes registered each year, and a second-hand market that double this number.

The dynamism and dimension of the market is one of the reasons why Mundimoto started its international expansion from Italy, where it has rapidly established itself as the foremost platform for the purchase, sale and rental of motorbikes, with a projected turnover of 30 million euros by 2025.

Stefano Guidotti, Partner of P101 SGR, commented: “P101’s invested in Mundimoto in 2022 and has since worked alongside the company to paving the way for its international expansion, starting from its entry into the Italian market. In less than three years, Mundimoto has achieved remarkable milestones, establishing itself as a leading platform also in Italy. This new investment underscores our unwavering confidence in company’s further development and we are thrilled to be working closely with their exceptional team as we enter this new phase. The new capital will propel Mundimoto to even greater heights, supporting sustained and sustainable growth that will consolidate its position as a leading player in the European market.”

Investors

This new financial operation is the latest success for the company, founded in 2019 but which began operations in 2020, experiencing exponential growth since its inception. The company has managed to attract significant investors who have backed the business model and supported the project from the beginning. Talavera, as the company’s top executive, has successfully closed multiple similar operations, the first of which gained relevance in 2022, valued at €20M, bringing in investors such as P101, Autotech Ventures, and Maniv Mobility.

The next operation of this kind occurred in 2023, introducing high-value investors such as Mutua Madrileña, Orilla Asset Management (Francisco Riberas), and former Inditex CEO Pablo Isla. This €10M equity round was strategically significant for the company, enabling the entry of professionals with deep expertise in both the mobility sector (Mutua Madrileña and Francisco Riberas) and entrepreneurship (Pablo Isla).

Other notable additions to the company’s cap table include Ok Ventures, the venture capital division of OK Group led by Othman Ktiri, and Pablo Fernández, founder and CEO of Clidrive and co-founder of Clicars, a car trading company acquired by Stellantis Group in 2022. Fernández has been an investor and advisor to Mundimoto since its early days and is currently a member of its Board of Directors.

• Over the past five years, VC has invested approximately €7 billion in startups (€1.1 billion in 2024).
• Italy rankstenth in Europe for investments made in the last five years but drops to fourth-to-last place in per capita investments.
• Italian startups and innovative SMEs generated revenues exceeding €8.6 billion in 2024, employing 60,000 people.
• Italy hasdoubled its fundraising capacity over the past decade but still represents only a small fraction (4%) of the European total.

P101, a leading player in Italian Venture Capital with an international focus, has analyzed the evolution of the sector in which it has been operating for over ten years, identifying specific trends and comparing them with European counterparts. The study, “State of Italian VC”, highlights that the growth of Italian Venture Capital (VC) has been ongoing for over a decade, following a steady trajectory that has transformed the sector into an industry capable of contributing to the country’s innovation ecosystem development.

The Italian innovation ecosystem currently includes over 14,000 innovative enterprises: 84% of these are startups (12,054), along with approximately 2,000 innovative SMEs. In 2024, these 14,000 companies generated a total production value of €8.6 billion, with startups contributing €2.4 billion (28%), and employing more than 60,000 people, one-third of whom work in startups (20,000).

“Over the past ten years, Italian Venture Capital has evolved into a fully-fledged industry: we have gone from around 30 to 150 VC operators, increased our investment capacity tenfold, and contributed to the development of innovative businesses that have received almost €9 billion in investments. At the same time, funds have become an attractive asset class,” commented Andrea Di Camillo, Founder and Managing Partner of P101.“However, there is still a lot that needs to be done to bridge the gap with other European countries. Per capita investments rank among the lowest in Europe, leading to clear consequences: fewer companies, undersized operators, fewer success stories, greater difficulties in expanding internationally, and longer entrepreneurial renewal cycles. The market needs to become more dynamic, and VC must continue to grow with the support of patient capital, as innovation requires a long-term horizon. These funds are also beginning to come from abroad, from investors aware that this is the right moment to invest in European innovation and that Italy represents an opportunity, given that its VC ecosystem now has solid foundations and has entered a new and important development phase. But it is not just a matter of capital. The spread of a culture that values innovation and entrepreneurship in Italy can unlock financial resources and fuel a virtuous cycle essential to preventing the country from lagging behind in this era of great change.”

Investment Trends in Italy and Europe

Over the past ten years, Italian VC has invested a total of approximately €8.6 billion in startups (+467% from €194.3 million in 2015), with around €7 billion invested in the past five years alone.

Between 2020 and 2024, Italy gained ground, ranking tenth in Europe for investments. It surpassed Austria (€6 billion) and Portugal (€5 billion) but remains far behind Spain (€13.1 billion) and the three countries that continue to dominate the market: the United Kingdom (€114.2 billion), France (€50.6 billion), and Germany (€48.8 billion).

In 2024, European investments came close to EUR 60 billion through 13,451 deals (-22%), with Italy investing EUR 1.1 billion (-9.5% on 23) through 628 deals (-28%) made by a growing number of VC operators, which rose from around 30 to 150 over the decade.  The median capital invested in Italian start-ups reached EUR 540,000, more than doubled from EUR 250,000 in 2023 and quintupled from EUR 110,000 in 2015. However, Italy remains well below Spain (€1.0 million), France (€2.19 million) and Germany (€3.22 million).

Despite being Europe’s fourth-largest economy, venture capital investment in Italy remains disproportionately low: per capita investment in 2024 amounts to €114, a figure that slips Italy to 24th place, fourth last among countries in the European Union.

In 2024, the Italian market remained concentrated on pre-seed operations. Italy continues to be the country with the highest number of these rounds (56% of the total), which, however, attracted only 5% of the total capital. On the other hand, Late Stage deals accounted for only 16% of the number of deals, but absorbed 69% of the EUR 1.1bn invested (up from 25% in 2015). Spain showed a similar pattern, in contrast, France and Germany showed a more balanced allocation as did Europe as a whole.

Sectors

2024 marked a strategic shift, with a substantial reallocation of capital towards sustainability, automation, and aerospace, departing from the previously dominant digital economy. In recent years, VC investments in Italy were focused on FinTech, E-Commerce, and SaaS—which attracted €1.77 billion, €1.46 billion, and €1.46 billion, respectively, over five years. However, in 2024, Italy accelerated its deeptech investments, reaching €693 million (+14% vs. 2023 and 7.5 times the €84 million invested in 2015), positioning itself as a potential hub for frontier technologies.

CleanTech led the sector and with €306 million (+71% vs. 2023 and +1,327% since 2020) is the most financed sector in Italy, followed by Space Technology (€161 million, +233% vs. 2023 and +1,508% since 2020) and Robotics & Drones (€161 million, +443% vs. 2023 and +1,230% since 2020). These three segments demonstrated exponential five-year growth, confirming the evolving investment trends.

Italy’s Artificial Intelligence and Machine Learning (AI and ML) sector, ranked first in France (EUR 2.97 billion, +66%) and Germany (EUR 1.77 billion, +19% year-on-year), is sixth in Italy (EUR 155 million from EUR 193 million in 2023), while Cybersecurity has almost tripled its funding to EUR 52 million, reflecting the growing concern for digital security.

Milan: The FinTech Capital, Rome: The AI Hub

From 2020 to 2024, the North-West dominated the Italian VC landscape, attracting €5.3 billion (76% of total capital) across 1,900 deals, with Milan receiving €4.1 billion, continuing to lead in FinTech investments.

The North-East secured EUR 459 million, mainly invested in SaaS, Life Sciences and CleanTech, with Bologna as the main hub (EUR 89 million). Central Italy secured €796 million, driven by Rome (€295 million), particularly active in AI, EdTech, and Robotics, and Pisa (€201 million). The South recorded €304 million in investments, led by Naples (€95 million), showing promising growth in Digital Health and SaaS.

Exits

In 2024, the 27 VC exits were dominated by acquisitions and buyouts while IPOs fell to zero from 3 in 2023. The European IPO market is much more dynamic: in 2024, Europe recorded 235 total IPOs (22 in Italy), of which 18 were VC-backed (7.7%).

VC-backed companies contributed the least to the IPO market in Italy, with a total of only 24 listings in ten years, while over the decade, Europe saw 616 VC-backed IPOs, 25 times more than Italy.

Acquisitions remain the main route for Italian exits, stabilising between 20 and 26 deals per year since 2015, although the 21 in 2024 remain below Spain (31), France (108) and Germany (93). Private equity is showing more interest in Italian startups, but the market remains small compared to the main European countries. Overall, the Italian exit market is developing, but remains illiquid and dynamic, with a significant lag in IPOs and an absolute number of deals still limited.

Funding

In 2024, more than EUR 20 billion was raised in Europe through 228 funds, 17 of which exceeded EUR 500 million in capital raised, while two closed above the EUR 1 billion mark. Of these 228 funds, only 15 are Italian: none of them exceeded EUR 250 million, and Italian fundraising in 2024 closed at EUR 837 million, showing, however, a much smaller drop (-28% on 23) than in Spain (-63%), France (-45%) and Germany (-64%), confirming the resilience of the Italian ecosystem and its growing role in European VC.

In ten years, EUR 7.4 billion have been raised through 119 funds in Italy, 5 of which in the last 5 years.  Although Italy has doubled its fundraising capacity in ten years, it still represents a small fraction of the European total: between 2020 and 2024, European funds raised EUR 164.5 billion, driven by three countries, the United Kingdom (EUR 47.4 billion), Germany (EUR 18.9 billion) and France (EUR 15.3 billion).

Increasing the size of funds, ideally driven by institutional investors, will be crucial to strengthen Italy’s capacity to invest in innovation and keep up with European countries that dominate the sector.

Investors

There is a growing presence of foreign investors in Italy, which in 2024 came to represent 45% of the 498 investors in startups, up sharply from 29% in 2020, driven mainly by European players, while the participation of North American operators has remained relatively stable over time at 10-12%, as has that of investors from Asia and the rest of the world, which represent less than 6%.

A snapshot of VC (‘Limited Partner’ or ‘LP’) fund investors reveals some Italian peculiarities: they are 68.5% national, a figure that compares, for example, with Germany’s 43.8%, and are predominantly banking institutions (20.3%), while the participation of insurance companies is low: in Italy they account for only 3.5% of fund commitments, compared, for example, to France’s 15.9%. The latter also sees a high involvement of high-net-worth individuals (7.9%) who in Italy contribute only 2.8% to commitments.

This snapshot highlights the need for the country’s VC to accelerate the diversification of its investors, an essential element in increasing the size of funds and the capacity to invest in innovation.

This fresh capital injection, also participated by CDP Venture Capital, will enable Habacus to enhance its proprietary AI-driven technology and expand its service offering, allowing the company to scale its market reach—including new B2B opportunities. 

Aiming to grow its community to 100,000 students by 2026, Habacus continues to position itself as a key partner in supporting student success.

December 20, 2024 – Habacus, an innovative SME and integrated service ecosystem for students, has successfully secured €5 million in fresh funding. The round was led by P101 SGR S.p.A. Gestore Euveca (“P101”), a leading player in Italian venture capital with an international focus.

Habacus stands out as an essential partner for students, leveraging a business model that blends innovation with sustainability. At the heart of Habacus’ value proposition is the seamless integration of educational guidance, certification of competencies, and validation of information—all critical enablers for student loans. Coupled with housing solutions and job placement support, Habacus has built a comprehensive ecosystem to foster students’ personal and professional development. By 2026, the company’s ambitious goal is to support a community of 100,000 students.

P101 is the lead investor in the operation with an investment of €4 million realised through the funds Programma 103 and Azimut Eltif Venture Capital P103. This investment brings to 11 the companies backed by Programma 103 within just two years of its launch, and is consistent with P101’s mission to invest in innovative companies with high growth potential that, among other things, promote social characteristics in line with SFDR standards.

CDP Venture Capital SGR, through Fondo Rilancio Startup, participated in the transaction with a €1 million investment and also converted a participative financial instrument of equal value subscribed in 2022, further strengthening its support to Habacus’ growth.

Founded in 2017 by Paolo Cuniberti, an industry veteran with over 30 years of experience in the financial sector, Habacus acts as a bridge between students, educational institutions, financial operators, and companies, promoting personal and professional development pathways. Today, the company serves major banking groups and prominent players in the national industrial system.

With this investment, Habacus will significantly ramp up its technological development, particularly in AI-driven algorithms, with the goal of evolving into a proper human-capital intelligence platform. This platform will support student growth, education, and career development—key areas of interest for both banks and corporate stakeholders. By expanding its B2B services, Habacus aims to maximize its market impact and strengthen its leadership position.

With €220 million in student loans disbursed in the first nine months of 2024 (Source: Facile.it and Prestiti.it), the Italian market for student financing is rapidly expanding. In comparison to mature markets like Germany and France, Italy offers significant growth potential. As the market leader in supporting student loan disbursement, Habacus plays a critical role in enabling access to higher education. Its impact is evidenced by a stark reduction in university dropout rates: while the national dropout rate is 17% for students who do not complete their first year[1], Habacus’ student community reports a remarkably low 0.8% dropout rate.

Paolo Cuniberti, founder and CEO of Habacus, commented: “Today’s investment represents a strategic accelerator for Habacus, consolidating its role as a key intermediary between education, finance, and the job market. Through certification, we provide a vital tool to ensure transparency and accountability, fostering efficient allocation of human capital and financial resources. Our goal is to build an integrated ecosystem that supports students’ growth, while strengthening the competitiveness and resilience of the national economic system.”

“We are thrilled to support Habacus in this new phase of technological and commercial expansion,” said Andrea Di Camillo, Managing Partner at P101. “Habacus is a pioneer in student financing in Italy—a sector with high social impact that remains underdeveloped compared to the US, UK, France, and Germany. Investing in Habacus means supporting the development of this market, the edutech sector, and, most importantly, human capital and future talent. We firmly believe that Habacus’ data-driven and tech-oriented approach will enable more deserving students to access high-quality education and achieve their full potential. We look forward to supporting Habacus on this exciting journey to achieve its next big milestones.”

“We have been supporting Habacus since 2022, and we are proud to strengthen our commitment with this new injection of capital,” said Caterina Siclari, Senior Partner and Head of the Startup Relaunch Fund at CDP Venture Capital. “Making academic education more accessible and inclusive has a transformative impact on the personal and professional development of thousands of students. Habacus has already demonstrated its ability to forge successful partnerships with financial institutions, and we’re confident in its potential for future growth.”

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About Habacus

Founded in 2017 by Paolo Cuniberti, Habacus offers integrated services for students, including educational guidance, skill certification, and data validation, enabling access to financial resources, housing solutions, and job placement opportunities. With a model that combines innovation and sustainability, Habacus facilitates dialogue between students, educational institutions, financial operators, and businesses, promoting personal and professional growth pathways. Habacus has partnered with over 1,300 educational institutions, banks, and companies, certifying more than 30,000 students to access services provided by its platform. This win-win system leverages digital innovation to support educational pathways, empower young people, and ease their future transition into the workforce.

About P101 SGR

P101 SGR is one of the leading venture capital fund managers in Italy, specialising in investments in innovative and technology-driven companies in Europe. Founded in 2013 by Andrea Di Camillo, its funds’ investors include Azimut, CDP, European Investment Fund, Fondo Pensione BCC, Unicredit, Cassa Forense and other institutional investors, as well as some of Italy’s leading entrepreneurial families. P101 SGR currently manages five funds, including the first retail investment vehicle for venture capital developed in collaboration with the Azimut Group. With assets under management totalling around EUR 500 million, P101 has made more than 260 investments in more than 50 companies that in 2023 generated around EUR 1.7 billion in turnover and employed more than 5,000 people. In over 10 years of activity, P101 has contributed to the development of the Italian innovation ecosystem by supporting the growth and international expansion of companies such as Fatmap (Strava), Habyt, Milkman, MusixMatch, Tannico, Deporvillage and Musement.

[1] Source: Istat

P101 is backing Cyber Guru since 2021 and with this second follow on investment the capital injected into the company rises to € 6 million

October 24, 2024 – Cyber Guru, the fast growing cybersecurity awareness training platform which enables organisations to increase their resistance to cyber threats by changing employee behaviour, today announced it has raised $25 million in Series B funding.

Riverside Acceleration Capital, a growth equity investment firm that specialises in partnering with B2B software companies to navigate the transition from their early scale-up phase to their rapid acceleration stage, led the round with participation from EduCapital, the largest European Edtech and Future of Work focused investment fund, and existing investors Adara Ventures and P101 Ventures.

P101 has supported Cyber Guru since 2021 and with this second investment – made through the Programma 102 fund – the capital injected into the company rises to EUR 6 million.

The investment announced today will capitalise on Cyber Guru’s leading market position by accelerating the company’s aggressive AI-driven contextual training roadmap, increasing sales and marketing resources, and expanding its Go-To-Market operations across Europe to sustain the company’s continued customer growth.

Founded in 2017, Cyber Guru has now established itself as one of the fastest growing startups across Southern Europe as it delivers a comprehensive and modern security awareness training platform to security leaders of organisations of any size and vertical. Cyber Guru’s over 700 customers benefit from a complete platform to change employee behaviours, manage human risk, and achieve compliance with minimal resources. Today, over 1 million active users in more than 90 countries are continuously trained by the platform’s automated training paths, which are based on advanced learning methodologies and powered by a proprietary AI-driven Machine Learning model. 

“We are delighted to continue supporting Cyber Guru on its international growth path. Their cutting-edge platform has the potential to go global, and we will continue to put the experience gained by P101‘s cyber security team at the service of this new stage of their journey” declared Giuseppe Donvito, Partner at P101. “In an increasingly digital world, cybersecurity is not just a technical requirement; it’s a foundational pillar for trust and innovation. At P101, we believe that investing in robust cybersecurity solutions is essential for fostering resilient businesses and protecting the future of technology.”

“Securing this investment from Riverside and EduCapital, along with the continued support from Adara and P101, is a monumental step in our journey to scale internationally. Our mission is to improve an organisation’s resistance to cyberattacks, by transforming user behaviour. With our proprietary Machine Learning model and the use of advanced learning methodologies, we’ve built a comprehensive security awareness training platform that is effective in managing and reducing human risk, and now we are poised to take this vision worldwide” added Gianni Baroni, CEO and founder of Cyber Guru.

About Cyber Guru

Cyber Guru is the most effective cybersecurity awareness training platform, enabling organisations to increase their resistance to cyber-attacks by changing employee behaviour. The platform trains employees to become the first line of defence against cyber threats, while minimising the impact on organisational productivity. Leveraging a proprietary AI-powered, adaptive Machine Learning model and behavioural science methodology, Cyber Guru offers a holistic security awareness training platform that is engaging, effective, and which delivers a real improvement in an organisation’s security posture. Leading organisations of all sizes and verticals, in the public and private sector, rely on Cyber Guru to transform employee awareness of, and resilience to, sophisticated attacks – ultimately creating a human barrier against cyber-crime. For more information, please visit www.cyberguru.io

P101 SGR

P101 SGR stands as a prominent venture capital fund manager in Italy, specializing in investments in innovative and technology-driven European companies. Established in 2013 by Andrea Di Camillo, the firm boasts a diverse investor base, including Azimut, CDP, European Investment Fund, Fondo Pensione BCC, Unicredit, Cassa Forense, and other institutional investors, along with significant contributions from major Italian entrepreneurial families. P101 SGR currently manages five funds, including the first retail investment vehicle for venture capital developed in collaboration with Azimut Group. With assets under management of around 500 million euros, P101 has completed over 260 investments in more than 50 companies, generating approximately 1.7 billion euros in revenue in 2023 and employing over 5000 people. Throughout its 10+ years of operation, P101 has been instrumental in fostering the development of the Italian innovation ecosystem, supporting the growth and international expansion of companies such as Fatmap (Strava), Habyt, Milkman, MusixMatch, Tannico, Deporvillage, and Musement.

Expansion plan in Europe, with a focus on Italy, for the startup DataKrypto that designs and develops world-unique solutions for data and transaction protection using homomorphic encryption  

P101 SGR (“P101”) and the CYSERO EuVECA fund enter the capital of DataKrypto with a total investment of 3 million Euros carried out equally.

Founded in 2021 in Silicon Valley, DataKrypto supports its global clients by designing and developing solutions for data and transaction protection using homomorphic encryption, a state-of-the-art technology with world-unique features.

As a result of this operation, the Cysero fund and P101 will hold a qualified minority stake in DataKrypto, while the majority will remain with the founder of the company and current President, Luigi Caramico.

DataKrypto is the ninth investment of the Cysero EuVECA fund, promoted by AVM Gestioni SGR S.p.a. EuVECA Manager Benefit Company, together with Kilometro Rosso – Scientific and Technological Park of Bergamo – to support the development of new enterprises in the fields of robotics and cybersecurity.

P101 made the investment through two managed funds, Programma 103 and Azimut Eltif Venture Capital P103. The operation announced today represents, in particular, the seventh investment carried out through Programma 103 in about twelve months, i.e., since the start of its operation. The investment in DataKrypto follows those previously made by P101 in the cybersecurity sector, confirming the relevance of a strategic sector characterized not only by a high technological component but also by strong development potential.

Thanks to today’s announced deal, the new investors will be able to support the growth phase in the European market – especially in Italy – of a highly innovative technology developed in the USA by Luigi Caramico, a pioneer in the field with over 25 years of experience in Silicon Valley. The operation has also led to a reorganization of Datakrypto with the establishment of a new Headquarters in Italy (Rome), which now also oversees the US activities.

The company has a team of 22 people and a turnover that exceeded 3 million Euros in 2023 (over 2.5x the turnover of 2022).  DataKrypto will use the new capital raised to continue to develop its Fully Homomorphic Encryption solution and its products, especially by strengthening for applications related to advanced algorithms and Artificial Intelligence.

DataKrypto’s solutions are adopted in multiple areas: its flagship products, Phenom and Phenom for Images, are used from the software sector to healthcare, integrating with existing solutions and adding further layers of security. The commitment to innovation and security has led DataKrypto to develop solutions that ensure data protection throughout their lifecycle with unparalleled end-to-end protection.

“This operation marks a decisive turning point for DataKrypto, consolidating our commitment to innovation in the field of Privacy Enhancing Technologies. In a few years, we have managed to establish ourselves as leaders in creating Fully Homomorphic Encryption solutions, solving technological problems that have delayed the commercial adoption of these solutions for many years. Our technology has allowed us to gain the trust of a broad client portfolio in sectors such as Telecommunications, Healthcare, Manufacturing industry, and even SaaS solutions. About 80% of our turnover is generated in the United States, reflecting our ability to effectively respond to the needs of a demanding and constantly evolving global market,” said Luigi Caramico, President of DataKrypto. “With the support of strategic partners like P101 and Cysero, we are committed to expanding our presence and intensifying our impact in Italy and the entire EMEA region, especially by accelerating the expansion of our R&D hub in Italy.”

“We are extremely proud of the investment in Datakrypto, an international deep-tech company with strong Italian roots that, through innovative use of homomorphic encryption, has the potential to revolutionize big data processing, enabling the management of complex data securely and privately. We believe Datakrypto has great development potential and can aim to redefine security standards in the digital landscape, shaping the future of cybersecurity, which must ensure the coexistence of constant innovation and privacy” declared Giuseppe Donvito, Partner at P101. “We have put the expertise gained by the P101 team in the sector at the service of this operation and we look forward to support the new growth phase of Datakrypto, the seventh investment made through Programma 103 just 12 months after its launch.”

“We are convinced that DataKrypto has a very high growth potential thanks to its innovative business” emphasizes Giovanna Dossena – founder and Principal of AVM Gestioni SGR. “The applications that the Cysero fund is studying range from robotics to cybersecurity, from artificial intelligence to the developments of new technologies.”

According to Luca Todesco, keyman of the Cysero Fund who led the team in this operation: “It is a matter of pride to have made an extremely advanced technology Italian; without the contribution of the funds, this result would hardly have been achieved. Homomorphic encryption is the future of this sector. Investing in a company that deals with this represents a novelty in the Italian landscape.”

This operation benefited from support from the European Union under the InvestEU Fund.

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DataKrypto

Founded in 2021 by Luigi Caramico, Datakrypto is a leader in the innovation of software in Privacy Enhancing Technologies, a rapidly growing segment of cybersecurity. With expertise stemming from three decades in the world of advanced cryptography primarily cultivated in Silicon Valley by its founder, DataKrypto’s mission is to provide highly performing data encryption solutions that protect data at every stage of its lifecycle. Its flagship product, Fhenom, employs a proprietary homomorphic encryption algorithm to ensure unprecedented data security, allowing operations on encrypted data without ever exposing its content. Meanwhile, Fhenom for Images is dedicated to encrypting images with a level of security resistant to quantum computing. Located in Silicon Valley with a strategic presence in Italy, DataKrypto relies on an exceptional team of over 20 individuals, including engineers, physicists, and mathematicians specializing in cryptography and data security.For more information on DataKrypto: https://www.datakrypto.com

P101 SGR

P101 SGR stands as a prominent venture capital fund manager in Italy, specializing in investments in innovative and technology-driven European companies. Established in 2013 by Andrea Di Camillo, the firm boasts a diverse investor base, including Azimut, CDP, European Investment Fund, Fondo Pensione BCC, Unicredit, Cassa Forense, and other institutional investors, along with significant contributions from major Italian entrepreneurial families. P101 SGR currently manages five funds, including the first retail investment vehicle for venture capital developed in collaboration with Azimut Group. With assets under management totalling 400 million euros, P101 has completed over 260 investments in more than 50 companies, generating approximately 1.7 billion euros in revenue in 2023 and employing over 5000 people. Throughout its 10+ years of operation, P101 has been instrumental in fostering the development of the Italian innovation ecosystem, supporting the growth and international expansion of companies such as Fatmap (Strava), Habyt, Milkman, MusixMatch, Tannico, Deporvillage, and Musement. www.p101.it

AVM Gestioni SGR

The AVM group has been operating in the Private Equity and Venture capital sectors since 1995 with a network of Italian entrepreneurs and institutional investors. Avm’s investment teams are specialized and dedicated to the development of Italian SMEs to realize their growth potential through aggregations with a view to medium-long term strategies. AVM invests with dedicated funds in the Life Essentials (Food&Beverage, Health&Beauty, Home Automation), robotics and cybersecurity and impact finance sectors. Giovanna Dossena is founder and Principal of AVM Gestioni. Fondo Cysero – AVM Gestioni

Kilometro Rosso 

Kilometro Rosso is one of the main European innovation districts, a campus that is now home to 80 Resident Partners – companies, laboratories and research centers -, for a total of 2,500 employees and researchers. Developed on a private initiative, the technology park has been operating since 2009 with an inclusive and collaborative logic between the business system, the University, the territory and institutional references, with the mission of encouraging and supporting the innovation processes of the manufacturing system. To this end it has built a system of skills in the fields of Robotics, Cybersecurity, AI, materials science, additive manufacturing, mechatronics, life sciences and environmental impact which have led to the development of 31 laboratories, R&D projects for over 170 million euros, 750 patents filed, and an intense dissemination activity that reaches thousands of people every year. Alberto Bombassei is the President, Salvatore Majorana is the Director.

The company eliminates capsule waste with a “bean-to-cup” offer and ensures the quality of the supply chain by working directly with farmers from around the world.  

Shareholders JME Ventures, Atresmedia, the Portuguese fund Bynd and the Drago family office – De Agostini group, invested alongside P101

INCAPTO – the Spanish startup that promotes sustainable and fair trade specialty coffee beans consumption through an advanced technological approach, born in the midst of the pandemic in Barcelona with the aim of offering an alternative to capsules – closes a €6 million investment round led by P101 SGR (“P101”), a leading player in Italian Venture Capital with a European focus.

P101 invested in INCAPTO through the Programma 103 and Azimut ELTIF Venture Capital P103 funds and is the Lead Investor of an operation that also involved previous shareholders JME Ventures, Atresmedia and the Portuguese fund Bynd.  The family office of the Drago family – De Agostini Group –also joins the company in this latest round.

The operation will allow the Barcelona based company to boost its European expansion, starting with Italy, France, and Portugal.

“This capital injection is also a significant vote of confidence for us, especially at such a crucial moment as our entry into the Italian market, where coffee is much more than a beverage: it’s an institution, a source of national pride. We believe that change should be everyone’s everyday job, and we commit ourselves every day to ensure the transition to a better and more sustainable coffee for the planet, for consumers, and for growers,” says Francesc Font, co-founder of INCAPTO.

INCAPTO originated from the fortunate encounter between Francesc Font and Joaquim Mach, co-founders of the company, who wanted to create an online sales business for recurring and sustainable purchases, and Beatriz Mesas, a professional coffee taster and co-founder. Together they found in coffee a potentially ideal product, although its consumption translates nowadays into a serious impact on the planet.

Indeed, every year 80% of 60 billion coffee capsules produced worldwide, end up in landfills or incinerators. These data make the transition to sustainable solutions even more urgent from both an environmental and human perspective, considering that 91% of the population drinks at least one cup a day in Italy, the 7th country in the world for consumption, with over 5 million sacks every year. At a global level, 9.5 billion kg of coffee are produced annually, volumes set to triple by 2050.

Thanks to a subscription-based business model for specialty coffee for companies as well as for individuals, INCAPTO has reached 20,000 customers in just over 3 years and more than 2,000 businesses connected to the platform, closing 2023 with a turnover of over €7,000,000, projected to double in 2024. INCAPTO also allows the purchase of super-automatic coffee machines connected to a proprietary IoT platform, to enjoy freshly ground coffee quickly and without generating any unnecessary waste.

“We have made an ethical and sustainable approach our flag, in a market where 44% of small coffee producers live in extreme poverty. By combining fair trade with responsible agricultural processes, we are working to introduce a new standard of coffee consumption, stemming the consequences of climate change and respecting the biodiversity surrounding the growing areas. And we are doing all this starting from our technological and digital soul, a fundamental part of our company and of our unique offer” commented Joaquim Mach, co-founder of INCAPTO.

Stefano Guidotti, Partner at P101, concluded: “We welcome INCAPTO as Portfolio Company of Programma 103. INCAPTO is a new chapter in our so far successful experience in Spain and consolidates P101 as an important player in the digital innovation space in Southern Europe. Furthermore, this investment allows us to support the international growth of a company that, like few, combines two elements that are central to P101’s future: sustainability and technology, in this case applied to a particularly interesting sector such as specialty coffee”.

This operation benefited from support from the European Union under the InvestEU Fund.