Vento, a prominent Italian early-stage venture capital firm, has announced the launch of its second fund, capped at €75 million, aimed at supporting Italian startup founders both domestically and internationally. This initiative draws inspiration from the successful model pioneered by Paris-based Kima Ventures, which focused on repatriating entrepreneurial talent by investing in founders from a specific country, regardless of their location.

Key Highlights:

Focus on Italian Founders:Vento's Fund II will invest in 375 startups over five years, with a sector-agnostic approach.
The fund aims to support Italian founders globally, fostering a stronger entrepreneurial mindset within Italy.
Origins from Italian Tech Week:The fund originates from the organizers of Italian Tech Week (ITW), an annual event in Turin that attracts prominent figures from the tech industry.
Italian Tech Week was initially launched by John Elkann, chairman of Vento, Stellantis, and Exor.
Strategic Network and Expertise:John Elkann's extensive network in Europe and Silicon Valley provides Vento with valuable connections.
Vento's Investment Committee includes experienced tech industry veterans such as Diego Piacentini, Mike Volpi, and Jean de La Rochebrochard.
Addressing Ecosystem Gaps:Vento aims to address the perceived gap in Italy's startup ecosystem by providing capital, venture building, and network development.
The fund seeks to create more Italian success stories, which are believed to be crucial for driving ecosystem growth.
Investment Strategy:Vento utilizes Italian Tech Week to evaluate over 3,500 startup applications, maintaining a selective 2.5% conversion rate.
The firm typically provides initial investments of €150,000, with potential for follow-on funding.
International Outreach:Vento is actively building a network of Italian founders and micro-communities in major global tech hubs, including New York, London, Berlin, and Paris.
Italian VC growthAccording to Dealroom data, venture capital investment in Italian startups totaled $5.72 billion across the last five years (2020 to 2024), a more than threefold increase from the previous five years, when it hit only $1.7 billion.

Rationale and Vision:

Vento's CEO, Diyala D’Aveni, emphasized the potential for growth in the Italian startup ecosystem, drawing parallels with the development of the French tech scene. John Elkann highlighted the need to address the historical under-servicing of Italian technological and entrepreneurial potential. While Italy's company law has been perceived as less founder-friendly compared to other jurisdictions, Vento remains committed to supporting Italian founders and believes that regulatory differences will diminish over time.

Impact and Future Outlook:

Vento's new fund is expected to play a significant role in accelerating the growth of the Italian startup ecosystem. By investing in Italian founders both domestically and abroad, Vento aims to foster a culture of innovation and entrepreneurship, ultimately contributing to the development of a thriving tech sector in Italy. The firm's strategic network, experienced leadership, and focus on addressing ecosystem gaps position it as a key player in the Italian venture capital landscape.

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