Techshop SGR has announced the first closing of its second venture capital fund at 43 million euros, surpassing the target set for this initial stage. The new vehicle, Techshop II, will invest in pre-seed and seed startups across Italy and Europe that apply artificial intelligence to B2B processes. The firm aims to reach a total fund size of 100 million euros by 2027 and to evolve into a multi-fund platform with 150 million euros in assets under management.
A Dedicated Focus on AI-Driven B2B Software
Techshop II is designed to capture the expansion of AI-powered software as a service solutions that automate decisions, activities, and operational workflows. Its investment scope includes consulting, healthcare, finance, software development, customer conversations, data management, enterprise applications, robotics, and production processes. The fund will target software businesses at the earliest stages where artificial intelligence can reshape established B2B processes.
The firm was founded in 2021 by Aurelio Mezzotero and Gianluca D'Agostino with a focus on early stage B2B software. With the launch of Techshop II, the management company now operates as a multi-fund platform. Its strategy remains concentrated on pre-seed and seed investments, where specialized investors can offer both capital and operational guidance.
Performance and Team Expansion
Techshop II builds on the track record of Techshop I, which has assembled a portfolio of 23 companies including Shop Circle, now Circeus, Smartness, hlpy, Qomodo, Tot, AxyonAI, GenomeUp, SylloTips, and Allsides. A little more than four years after launch, the first fund reports a multiple on invested capital of 1.8 and a total value to paid-in capital of 1.5. The firm describes this performance as among the strongest in Europe for funds launched in the same period.
Giovanni Strocchi has joined as a Partner alongside Gianluca D'Agostino and Aurelio Mezzotero. He brings experience from McKinsey, Vodafone, ADmantx, Blacksheep, and Eden, with a background in innovation, artificial intelligence, and digital business development. His founder background is intended to reinforce the operational support and Founders-to-Founders approach that characterizes the firm.
Institutional Backing and Investor Base
CDP Venture Capital remains the cornerstone investor in Techshop II through its FoF VenturItaly II and the Digital Transition Fund. The Digital Transition Fund uses resources from the NextGenerationEU initiative to support digital transformation in supply chains and small and medium-sized enterprises. The commitments from these vehicles may increase progressively as the fund attracts additional third-party investors.
The first closing also includes bank foundations, Italian funds of funds, and selected private investors, among them founders of companies supported by Techshop I. The fund plans to broaden its investor base to include pension institutions, social security funds, and international players interested in applied technology for industrial and B2B services. This mix is intended to support a long-term collaboration with the Italian and European innovation ecosystem.
Regulatory Design and First Investments
Techshop II has been structured to qualify as a venture capital fund under current Italian regulations. It aims to allocate at least 70 percent of its capital to unlisted companies resident in the European Union or the European Economic Area with a stable organization in Italy. This design is intended to align the vehicle with the investment requirements of pension funds and social security institutions seeking regulatory benefits.
The first investments from Techshop II will be announced in the coming weeks and will address AI solutions for sales, development tools, and advisory services. Legal assistance for the fund structuring and investor agreements was provided by Giovanni Meschia and Rodolfo Margaria of Giovannelli e Associati. The new vehicle is expected to continue the firm's focus on startups that can scale internationally.
With its first closing, Techshop II positions itself as a specialized seed investor for European startups applying artificial intelligence to B2B processes. The combination of institutional backing, a proven portfolio track record, and an expanded partnership gives the fund a credible foundation for its 100 million euro target. Its upcoming investments will offer an early indication of how the firm intends to support the next wave of AI-driven business software.