September 2020 Venture capital All rounds in the first 8 months of 2020 EdiBeez srl - head office Corso Venezia, 8 - 20121 Milan - registered office Corso Italia, 22 - 20122 Milan – VAT N° 09375120962 1 In the first eight months of 2020 there were 181 investment rounds, of which 103 rounds concluded by venture capital investors in the broad sense and 78 rounds concluded through equity crowfunding campaigns (net of real estate campaigns). All for a total of 420 million euros invested by venture capital funds, investment holding companies, corporate venture capital, business angels and crowdfunding equity platform crowdfunding crowdfunding crowdfunding crowd, but also by venture debt funds and other lenders, including banks. Excluding the latter, venture capital raised in total 364 million euros. Focusing on the first six months of 2020 alone, 138 investment rounds were counted, including 78 rounds concluded by venture capital investors in the broadest sense and 60 rounds concluded through equity crowfunding campaigns (net of real estate campaigns). Excluding the latter transactions, which in the first half of the year were reduced to only e 5 million of Casavo's minibonds subscribed by Amundi's private debt fund (see other article of BeBeez), it fell to e 259 million. In the first half of The data come from BeBeez Private Data (the BeBeez database available on subscription, click here for the year, information and an upgrade of your BeBeez News Premium subscription) and from Italian startups CrowdfundingBuzz (published by EdiBeez srl as BeBeez). On the latter front, in particular, 60 campaigns were successfully completed in the six months, net of real estate, for a total of 28 million euros. Of these and scaleups 60 campaigns, 11 collected at least 500 thousand euros, for a total of 18.15 million euros. announced 113 investment rounds The figure of 264 million and 138 rounds in total compares with that of 2019 as a whole, when BeBeez had mapped 244 rounds for a total of approximately €605.6 million, up sharply from €510 million, for 259 million spread over 179 companies, registered in 2018 (see BeBeez's 2019 Venture Capital Report here). euros, up from 510 million The first six months, therefore, highlighted the full weight of the Covid-19 pandemic that held back harvesting operations. The trend was also highlighted by the Vem Report of the Liuc University of euros in 2018 Castellanza, which calculated that in the six months overall venture capital and corporate venture capital invested € 119 million out of 36 rounds, syndication activities between venture capital, corporate venture capital and business angels recorded investments of € 98 million out of 21 operations and business angels alone invested € 31 million in 31 rounds. The total of these activities brings the early stage chain, according to Vem, to have invested 248 million euros out of 88 rounds (see BeBeez article). EdiBeez srl - head office Corso Venezia, 8 - 20121 Milan - registered office Corso Italia, 22 - 20122 Milan – VAT N° 09375120962 2 It should be noted, however, that 17 companies collected rounds of at least 3 million euros, for a total of 177 million euros. Of these, 5 startups raised over 10 million euros, for a total of 116 million, but a large part is represented by Progetto Banca Idea, the fintech banking startup promoted by Roberto Nicastro, which alone raised 45 million euros (see BeBeez article). By 2019, however, 31 companies had raised at least 3 million euros in investment rounds, for a total of 491 There are million euros . Of these, 7 had raised over 20 million euros each in the year. Also in 2018 the total 17 companies number of startups and scaleups with rounds over 3 million euro had been 31, but had raised 408 million that have collected at euro. In 2017, however, only 13 startups had collected at least 3 million rounds for a total of €110 million. least 3 million euros in investment rounds At the turn of July and August, however, a certain recovery in the collection activity of Italian startups during the six-month and scaleups was noted, with 25 rounds mapped by BeBeez, for a total of 156 million euros in capital raised, to which must be added 18 crowdufunding equity campaigns (net of real estate campaigns) period. Another 12 did successfully concluded, which raised a total of 6 million euros (source: CrowdfundingBuzz). Of these so between July and new campaigns, 4 have raised more than 500 thousand euros, for a total of 3.3 million euros. August It should be noted, however, that of the total of 156 million, over 51 million is represented by capital raised in the form of debt. In particular, these are the 30 million euros of new finance that the e-Novia startup factory has secured, of which 21 million in bonds converted and 9 million in bank credit lines (see BeBeez article); 15 million euros collected from the scaleup of the new space sector D-Orbit, which has secured financing from the European Investment Bank (see BeBeez article); 5.85 million euros in a credit line granted by Banco Bpm to ArteOlio (see BeBeez article); and 500 thousand euros in bonds converted by Sealance, the producer of the DeepSpeed marine electric motor (see BeBeez article). It should also be noted that between July and August, 12 startups announced rounds of over 3 million euros and four of them raised at least 15 million euros. On the podium of the equity collection is Enthera, a biotech company dedicated to the development of new therapeutic approaches for diabetes and gastrointestinal diseases, which grossed a round of 28 million euros, led by Sofinnova Partners and AbbVie Ventures. EdiBeez srl - head office Corso Venezia, 8 - 20121 Milan - registered office Corso Italia, 22 - 20122 Milan – VAT N° 09375120962 3 This was followed by Innovheart, a company developing new mitral valve replacement systems, which closed a €20 million round, led by Genextra, Panakes Partners, Cdp Venture Capital and Indaco Venture Partners (see BeBeez article). And if we also consider the capital raised in the form of debt, then it was e-Novia, with its 30 million euros in bonds and credit lines, that beat all of them, as mentioned above. Finally, a certain m&a activity on the startups financed is worth mentioning. In particular, by far the most important transaction was the one announced at the beginning of June on Tannico, with Campari Group taking over 49% of the well- known e-commerce platform dedicated to wine in Italy for 23.4 million euros in cash (see BeBeez article). Campari Group acquired 39% of the capital of Tannico from the founder Marco Magnocavallo and the investors P101 sgr and Box srl and simultaneously subscribed a reserved capital increase to reach a total stake of 49%. EdiBeez srl - head office Corso Venezia, 8 - 20121 Milan - registered office Corso Italia, 22 - 20122 Milan – VAT N° 09375120962 4 Notes: * US dollars (dollar-euro exchange rate 1.10); **new investors in bold; previous investors who participated in the last round in bold and italics. Venture capital operations on Italian companies (or founded by Italians) in the first half of 2020 Total capital Last round Last Company Type of activity Founders Investors raised Article date round (millions of euros) 360 Capital Partners, Banca Agricola Popolare di Ragusa scarl, Banca Ifis, Banca Sella Holding, Close to Media srl, Von Furstenberg family, Generali Assicurazioni, Istituto Atesino di Sviluppo spa (ISA), Progetto Banca Online credit Federico Sforza, Micheli e Associati, Sergio Bommarito, Idea spa 30/06/2020 activities Roberto Nicastro business angel, Other investors 45,000 45 BeBeez Smart logistics that can adapt the delivery Boox srl, WorkWave, 360 Capital Partners, service to the needs of P101 (P101 sgr), Vertis Venture 2 Scaleup the individual Antonio Perini, (Vertis sgr), Italia 500 (Azimut Libera Milkman spa 25/05/2020 customer Tommaso Baù Impresa sgr), Poste Italiane spa 25,000 32,7 BeBeez Claudio Costamagna, Davide Malacalza, Development of Giovanni Savio, Equiter spa, Eraldo Bianchessi, Gaudenzio Planet Smart City affordable housing Susanna Roveda, Ruben Levi, Stefano Buono, Elysia ltd 16/01/2020 estates Marchionni Capital srl, Others investors 24,000 30,5 BeBeez Systems for facilitating access for Frank Strauss, Giovanni Daprà, H14 spa, Ott companies to bank Kaukver, Roberto Nicastro, Taavet Hinrikus, client information for HV Holtzbrinck Ventures, Local Globe, Yapily Ltd. 07/04/2020 customers Stefano Vaccino Lakestar 13* 16,8 BeBeez EdiBeez srl - head office Corso Venezia, 8 - 20121 Milan - registered office Corso Italia, 22 - 20122 Milan – VAT N° 09375120962 5 Total capital Last round Last Company Type of activity Founders Investors raised Article date round (millions of euros) Web platform that Club degli Investitori, Endeavor Catalyst, R301 allows anyone to Capital, business angel, members of Italian order groceries from Angels for Growth 360 Capital Partners, FII their favourite Tech Growth (Fondo Italiano d'Investimento S24 spa supermarket and sgr), Innogest II (Innogest Capital sgr), Dip (Supermercato24) 03/02/2020 receive them at home Enrico Pandian Fund 1 11,000 27,8 BeBeez Software to support business intelligence activities based on IGenius srl 31/03/2020 artificial intelligence Uljan Sharka business angel 11* 22 BeBeez Lorenzo Dal Investment vehicle in Verme, Luigi Fin-novia 10/03/2020 e-Novia Bruno BackToWork crowd 7,650 7,650 BeBeez business angel, investment holding company Startup investment and employees, Politecnico di Torino and LIFTT 24/04/2020 holding company Stefano