The European industrial group has formed a unit which will invest in early-stage life sciences and biotech developers through a team headed by Paolo Di Giorgio.

Photo courtesy of Angelini Ventures S.p.A.

Italian industrial conglomerate Angelini Industries has formally entered the corporate venture capital sphere, launching a €300m ($293m) initiative that will focus on biotechnology, life sciences and digital health.

Paolo Di Giorgio is leading Angelini Ventures as managing director and CEO, having been in the role since May this year. He previously led R&D external innovation and corporate ventures for its parent company.

Angelini Industries CEO Sergio Marullo di Condojanni said when announcing the fund: “We have put a lot of work into the development of Angelini Ventures whose mission will be to invest at international level in high-potential ideas, opportunities and projects that use technology to transform the future of the global health system.

“Thanks to our specific skills and expertise, our ambition is to not only further develop our business but also, and above all, to give voice and life to solutions that have a positive impact on patients and communities.”

Elia Stupka is a managing director at Angelini Ventures, having joined the corporate in early 2021 after four years at health data provider Health Catalyst.

The unit’s founding team is spread across Rome, Singapore, Boston, Copenhagen and Milan. It is rounded out by partner Gabriela Manrique, investment director Thomas Thestrup and associate Filippo Piazza, who comes to the unit from TIM Ventures, the corporate VC arm of telecoms firm Telecom Italia.

The progression to a new unit

Angelini Ventures has so far provided €60m for a portfolio which includes Angelini Lumira Biosciences Fund, the $35m joint venture the group formed with Lumira Ventures just over a year ago. It has partnerships in place with Lumira and two other life sciences VC firms: Arch Venture Partners and Kurma Partners.

Although the wider Angelini group is active in a range of industries, its Angelini Pharma division produces treatments for mental health disorders, epilepsy and rare diseases as well as providing consumer health products.

The unit will invest from pre-seed to series A stage, in areas which include connected devices, care delivery technology and therapeutics for central nervous system disorders such as epilepsy.

Image courtesy of Angelini Ventures S.p.A.

Angelini Lumira Biosciences Fund will now be under the auspices of Angelini Ventures along with portfolio companies Damona Pharmaceuticals, Congruence Therapeutics and GenEp. Mitrochondrial therapy developer Pretzel Therapeutics is also among its portfolio, following a $72.5m series A round last month, as are Arclight Therapeutics and startup studio Argobio.

Di Giorgio (pictured) said in a release: “I am incredibly proud to establish Angelini Ventures as a key pillar of healthcare innovation for Angelini Industries. We are building a robust infrastructure to develop and invest in new ideas, partnerships, and technologies.

“Through Angelini Ventures, entrepreneurs will partner with subject matter experts and healthcare leaders who deeply understand the challenges of the healthcare industry and the evolving needs of patients and consumers.”

Robert Lavine

Robert Lavine is special features editor for Global Venturing.