NVM Ventures has been launched as a multi-compartment venture capital fund targeting frontier technologies in Italy and Europe. Founded by Andrea Bonabello and Niccolò Bienati, the initiative combines national and international venture capital experience with expertise in enterprise finance, technology growth, and critical sectors such as aerospace and defense. The fund has completed a first closing for its Lazio-focused compartment, marking its entry into the regional innovation ecosystem.
Fund Launch and First Closing
The NVM Venture Lazio compartment has raised €23.6 million in a first closing and is targeting €35 million in total commitments. It plans to build a portfolio of 10 to 15 dual-use companies at the Pre-Seed and Seed stages that are active in STEP technologies. The vehicle will operate mainly as a lead investor for startups with international potential and a concrete commitment to the Lazio ecosystem.
Lazio Innova is the main investor in this first closing, committing €18.83 million through Lazio Venture 2, the regional fund of funds cofinanced by the PR FESR 2021-2027. The multi-compartment model gives each investment strategy a dedicated team with vertical skills while offering emerging managers shared governance, risk management, and compliance. Roberta Angelilli, Vice President of the Lazio Region, said the fund supports companies in high-technology sectors where the region has strong industrial and scientific capabilities.
Dual-Use Investment Focus
NVM Venture Lazio will invest in deep tech startups with dual-use applications across aerospace, maritime, robotics, autonomous systems, cybersecurity, defense AI, energy infrastructure, advanced materials, advanced manufacturing, and biotechnology. Fund manager Giorgio Gulienetti said the team wants to identify ambitious companies early and help them reach customers with long purchasing cycles and stringent requirements. He added that technical expertise and knowledge of supply chains are as important as capital.
Market data show increasing investor interest in this area. According to a Dealroom and NATO Innovation Fund report, European dual-use startups raised a record US$8.7 billion in venture capital in 2025, a 55% increase from the prior year and nearly four times the level of five years earlier. Dual-use activity now represents 43% of all European deep tech investment, up from 20% in 2022, although capital remains concentrated in the United Kingdom and Germany.
The Lazio Advantage
Lazio is the only Italian region with the entire aerospace value chain, from research and production to services. Regional data count more than 300 companies and approximately 23,000 workers in advanced technologies, producing annual revenue above €5 billion and exports of €1.6 billion. NVM Venture Lazio will support startups at the delicate transition from technology validation to product building and from first customer acquisition to industrialization.
Andrea Ciampalini, Director General of Lazio Innova, said the investment expands the regional venture capital platform with specialized capabilities in frontier dual-use technologies. He noted that backing a first-time fund confirms the goal of supporting emerging managers with distinctive skills and contributing to new professional and investment capacity for the ecosystem. This position reflects a broader effort to strengthen the Lazio innovation economy.
A Favorable Market Shift
After decades dominated by software investing, venture capital is returning to hardware, deep tech, advanced manufacturing, energy, and space, where Italy maintains a relevant industrial and scientific base. Bonabello cited an IPEM report showing 88% of limited partners are interested in first, second, or third funds, up from 65% a year earlier, and 64% are willing to subscribe to a Fund I. He also cited US research showing 700 basis points of outperformance for emerging manager programs.
NVM Ventures is positioned as a structured response to the growing institutional interest in emerging venture capital managers and the strategic demand for dual-use innovation. By combining regional public capital with specialized investment expertise, the fund aims to help early-stage deep tech companies move from validation to market and to strengthen Italy's role in European frontier technology. Its first Lazio-focused closing is a targeted step toward building a new generation of competitive European startups.