Milan-based Step Venture has officially launched Step Fund, marking its first closing at over €30 million. The fund, structured as an EuVECA PIR Alternative Compliant vehicle, will focus on seed-stage investments in Italian startups with international growth potential. Managed by Alternative Capital Partners SGR (ACP SGR), the initiative is designed to strengthen Italy’s digital and technological innovation landscape.
Anchor Investors and Strategic Partners Join Step Fund
The first close attracted institutional and corporate backers, including CDP Venture Capital SGR, which anchored the fund with a €20 million investment through the Digital Transition Fund – PNRR, supported by the EU’s NextGenerationEU initiative. Additional partners such as Zest Group, Reale Mutua Assicurazioni, and Add Value also joined the round. The fund aims to raise €50 million, with a hard cap of €80 million, underscoring strong investor confidence in Italy’s early-stage ecosystem.
Aiming to Support Early-Stage Entrepreneurs Nationwide
Founded by Maria Imbesi, Roberto Montandon, Michele Novelli, and Gennaro Tesone, Step Venture brings together a team with decades of experience building and exiting technology companies across Europe. The firm has supported over 100 startups, contributing to successful IPOs and M&A exits with global players like Xerox, Telefónica, Klarna, +Simple, Blackstone, and TripAdvisor. Through Step Fund, the team plans to channel capital and entrepreneurial expertise into emerging ventures across FinTech, HealthTech, B2B software, and connected-world technologies.
Strategic Role of AI and Digital Transformation
Step Fund’s creation coincides with a surge in Italian early-stage investment activity, particularly in AI-enabled startups. Recent funding rounds by Skillvue, SylloTips, and Lexroom reflect a maturing digital landscape, highlighting investor appetite for transformative technologies. “Venture capital today is a key asset class for supporting Europe’s growth, especially as AI and digital tools reshape production models and markets,” said Partner Michele Novelli.
National Reach and Southern Italy Focus
Step Fund will operate from offices in Milan and Naples, extending its reach to startups outside major innovation hubs. A portion of the fund’s resources will be dedicated to Southern Italy, aligning with the objectives of the National Recovery and Resilience Plan (PNRR). “Our investment in Step Fund reinforces our strategy to accelerate Italy’s digital transition, particularly in the South, which will receive at least 20% of the fund’s capital,” said Enrico Filì, Head of the Digital Transition Fund – PNRR at CDP Venture Capital SGR.
Institutional Backing from Alternative Capital Partners SGR
The fund’s management by ACP SGR marks a key step in the firm’s strategy to expand its thematic and sustainable investment approach. “The launch of Step Fund consolidates our position as an innovative, multi-strategy manager,” said ACP SGR CEO Emanuele Ottina and Senior Manager Ofelia Harder. A new Investment Committee, composed of Step Venture’s founding partners, has been established to oversee portfolio decisions and ensure alignment with long-term growth objectives.
Industry Collaboration and Corporate Innovation
Corporate partners such as Reale Group view the fund as a pathway to innovation. “This partnership enables us to engage with high-quality startups that can create meaningful solutions for our business,” said Andrea Birolo, Head of Digital Business and Corporate Venture Capital at Reale Group. The collaboration reflects a broader trend of Italian corporates using venture investment to drive digital transformation and adopt emerging technologies.
Step Fund’s launch represents a pivotal moment for Italy’s venture capital ecosystem, providing much-needed early-stage capital to a growing pool of innovative startups. With the backing of CDP Venture Capital, ACP SGR, and leading corporate investors, the initiative is positioned to bridge regional investment gaps and promote sustainable technological development. As Italy strengthens its role within Europe’s digital economy, Step Fund signals a new phase of coordinated growth and entrepreneurial acceleration.