P101 SGR, an Italian venture capital firm, said that its second fund, called Programma 102, raised €75m and made its first investment.
The final target of the fund is €120m.
The first investment was made in Wonderflow, a customer feedback analysis software company, which has received €1.5m in funding.
Launched earlier in May 2018, the fund has received investments from EIF, Fondo Italiano d’Investimento, Azimut and Fondazione Sardegna.
Programma 102 invests in B2C and B2B digital and technology driven companies a) based in Italy, b) led by Italian entrepreneurs located abroad and c) European companies planning to enter the Italian Market.
Founded in 2013 by Andrea Di Camillo and also led by Giuseppe Donvito, Partner, the firm has invested over €130m in 26 companies including BorsadelCredito.it, Cortilia, Tannico, Musement and MusixMatch. P101’s backed companies employ over 700 people generating a growing turnover of over €110m a year in total.