Investor Profile: CDP Venture Capital — Thesis, Cheque Size & How to Apply

CDP Venture Capital is Italy's largest venture capital operator, and for founders building in Italy, or building for Europe from Italy, it is the single most important institutional investor to understand. It is an asset management company owned 70% by CDP Equity and 30% by Invitalia, set up to make venture capital a cornerstone of Italy's economic development, and it invests both directly in companies and indirectly through other funds.

Thesis: building Italy's innovation ecosystem

CDP Venture Capital exists to grow the whole Italian innovation ecosystem, not to chase one sector. It supports innovative companies at all stages of their life cycle, from pre-seed through to large growth rounds, and it pairs direct investment with a fund-of-funds strategy that seeds independent Italian managers.

Sectors and stages

The firm's direct sectors span artificial intelligence, cybersecurity, agrifood technology, clean technology, space technology, healthcare and life science, industry technology, and infrastructure technology and mobility, with a strong Italian footprint. Its fund family is organised by stage and theme, including Fondo Acceleratori for early-stage and accelerator-linked investing, Fondo Corporate Partners I for corporate venture investing, Fondo Boost Innovation as a venture builder, and the Large Ventures fund for later-stage companies.

Fund size and cheque size

CDP Venture Capital manages 15 investment funds amounting to over €4.9 billion in resources, according to its own homepage and company releases. Cheque size varies by fund rather than following one house ticket: its Corporate Partners I fund invests in post-seed companies that have validated their solution, with tickets up to €7 million. Its newest early-stage vehicle, Fondo Acceleratori II, backs pre-seed and seed funds run by independent managers, with scope for direct Series A and B investments, but that fund's size is not publicly disclosed.

Notable portfolio

It led a $27 million investment in London-based pay-by-bank company TrueLayer, founded by two Italians, which operates in 22 countries and counts Ryanair and Just Eat among its customers. It has also backed quantum software company Multiverse Computing and participated in robotics manufacturer Caracol's $40 million Series B round through its Large Ventures fund, whose head is Mario Branciforti.

Partners, programmes and support

CDP Venture Capital is led by chief executive officer Emanuele Levi, and its most distinctive programme is the National Accelerator Network, built through its first accelerator fund. That network backed more than 570 startups over five years, created roughly 1,200 jobs, and generated €150 million in combined revenue, with more than 150 startups raising follow-on rounds and 22 reaching Series A and B. Regional co-investment funds, such as PiemonteNext, and vertical programmes including Takeoff for aerospace, Personae for welfare, and Magic Spectrum for internet of things and 5G, extend the same model across Italy.

How to apply for funding

There is no single open application form for CDP Venture Capital, because its funds invest through different routes: direct investment, accelerator programmes, and co-investment alongside regional and sector funds. Founders should start from the firm's website at cdpventurecapital.it, identify the fund that matches their stage and sector, and approach that fund's team, or apply to one of its accelerator programmes where a call is open.