H-Farm SpA, a Treviso (Veneto), Italy-based venture incubator that aims to create an international platform to support and facilitate the creation of new start-ups based on internet and digital media business models, has raised €4m in growth capital.
The investment was made by Farm Angels, the finance group formed by several businessmen friends, which acquired 25% of H-Farm Ventures.
The new capital will enable the company to implement its investment programme for 2010 and the first part of 2011.
Thomas Panto, a member of the capital increase group, has been elected managing director, and will sit on the H-Farm Ventures board.
Commenting on the transaction, H-Farm founder Riccardo Donadon, was quoted as saying: “With this operation we have added not only finance but also people able to enlarge our network, our technological abilities and the commercial activities”.
H-Farm started in spring 2005: in the last four years it has generated 18 start-ups, opened sites in Seattle (Wa, USA) and Mumbai, India, and London.
It employs around 190 young people and intends to double that number in the next four years.