The Italy-based bank will own 40% of the fund, which has reached its first close, and which will invest in medtech, cleantech and advanced electronics.
Italy-based financial services firm Intesa Sanpaolo and asset management firm Quadrivio Capital have jointly formed a venture capital fund that aims to raise €120m ($135m) in capital, Il Sole 24 Ore reported yesterday.
Intesa Sanpaolo and Quadrivio will each take a 40% stake in the fund, IMI Investimenti, with the remaining 20% to be held by a management team led by CEO Davide Turco, Intesa Sanpaolo’s director of venture capital, and president Elizabeth Robinson, a venture capital investment director at Quadrivio.
The founding partners have provided €70m for IMI Investimenti, which will target companies developing medical and diagnostics technology, cleantech and advanced electronics, in particular embedded systems and internet-of-things technology.
In addition to making new investments, the fund will also oversee the Atlante Ventures, Atlante Seed and Atlante Ventures Mezzogiorno units run by Intesa Sanpaolo and the €100m TTVenture fund owned by Quadrivio.
The formation of IMI Investimenti comes in the wake of news that Intesa Sanpaolo has launched a strategic investment fund called Neva Finventures which will supply funding to digital payments, big data, capital markets and insurance technology developers.
