The Board of Directors of Cdp Venture Capital Sgr – National Innovation Fund approved the establishment of a fund called Relaunch Fund, which houses the endowment of 200 million euros entrusted by Ministry of Economic Development in support of startups and innovative SMEs in Italy, in the phase of restarting from the Covid-19 emergency.
The role of qualified investors
The resources were assigned, with the implementing decree of art. 38 paragraph 3 of the Legislative Decree Relaunch of 1 October, from Minister of Economic Development Stefano Patuanelli. The tool will help to support and strengthen the link between the operators of the Italian Venture Capital ecosystem. With the Relaunch Fund, in fact, qualified and regulated investors operating in the area will report the startups and innovative SMEs in which they are about to invest or have invested in the six months prior to the entry into force of the Relaunch Legislative Decree, in compliance with the requirements established by the implementing decree.
“These new resources testify to the trust that the Ministry of Economic Development places in all the operators who work synergistically every day with the aim of making Venture Capital an ecosystem for growth and development of the entrepreneurial culture of our country”, he comments the Chief Executive Officer and General Manager of Cdp Venture Capital Sgr – National Innovation Fund Enrico Resmini. “The relaunch of innovation in Italy must be able to count on a solid network of qualified and regulated investors, able to accompany innovative start-ups and SMEs in their development path”.
How the new fund works
The loans will be made in matching with accredited investors. The capital invested by Cdp Venture Capital Sgr through the Relaunch Fund will amount to a maximum of four times the value of the amount invested by them, up to a total limit of 1 million euros for each individual startup or SME invested.
Tools and strategies to better face the challenges of the near future
The investments, made through the converting financial instrument, will be aimed at startups and innovative SMEs that are carrying out investment rounds or that have already made it, through the mediation of qualified or regulated investors.
The start-ups and SMEs receiving investments by the Relaunch Fund must have their registered office in Italy and carry out their activities and future development programs in Italy, as well as meet the requirements established by the implementing decree.
Creating ecosystems to maximize the use of resources
“The government’s effort in favor of the ecosystem, as we have already underlined several times, has been very positive and goes in the direction desired by all the players in the sector”, he comments Angelo Coletta, President of InnovUp, the main Italian association of startups and Innovative SMEs (born in September from the merger of Italia Startup and Apsti, represents a network of over 3,000 realities). “However it is important to invite all the categories that are part of the wide world of innovation to cohesion – highlights Coletta -. remembering what must be the ultimate goal of these actors: the growth and development of startups and scaleups, the real engine of the ecosystem. It is therefore essential to assign equal dignity to business angels and innovation centers (incubators, accelerators and science and technology parks), venture capital and corporate funds that invest in innovation by favoring collaborative and cooperative logics rather than a fierce competition for obtaining resources “.
“We are happy with the confirmation by the Mise of a provision capable of rewarding the co-matching between startups and private investors by multiplying the amount of loans already received and incentivizing new ones – he comments Gianmarco Carnovale, President of Roma Startup -. Even more today, in the midst of a health and socio-economic emergency on a global scale, we must put the actual goal of ecosystem well-being and development first and overcome the ‘parochial’ logic that has also recently led to some categories of investors to declare themselves more deserving than others in managing the funds themselves “.
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