Digital Magics, a Milan, Italy-based startup incubuator listed in Milan (DM), received a €2m debt financing from Gruppo Bancario Credito Valtellinese (Gruppo Creval).
The transaction is guaranted by Fondo di Garanzia per le PMI, the public fund managed by the Ministery for Economic Development.
According to a note, the agreement aims to contribute to grow the digital economy by investing in the territories where Creval has branches.
Digital Magics will provide its digital know how and incubation services and, along with Gruppo Creval will offer financial resources to promote the growth of innovative startups and develop Open Innovation programs to support local companies.
Gruppo Creval will enter the Digital Magics Angel Network and will participate in the selection and will invest in innovative startups along with other 100+ private investors already present in the platform.
FinSMEs
08/08/2014