Digital Magics Closes $3M Convertible Bond; Floats on AIM Italia

Digital Magics, the Milan, Italy-based tech venture incubator, closed a $3m convertible bond and announced its plans to float on AIM Italia.

70 investors participated in the operation, which was launched in December 2012 and will allow them to convert the bond when the flotation will take place, as weel as collaborate in the selection, mentorship and co-investment operations of the startups incubated in Digital Magics.

Among others, backers included Fondo Atlante Seed (Intesa Sanpaolo), Banca Sella and Tamburi Investment Partners.

The flotation aims to enhance Digital Magics’ position as a venture incubator, raising the funds to accelerate the tech startup investment activity.

The venture incubator recently launched 56Cube, an internet venture incubator which aimed to replicate its business model with a focus on Southern Italy (read here).



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