Vento, one of Italy's most active private early-stage venture capital firms, has announced the launch of its second fund, hard-capped at €75 million. The sector-agnostic fund is specifically designed to back Italian startup founders, both in Italy and abroad, in an effort to re-patriate the entrepreneurial mindset back to the country.

The fund's origins can be traced back to the organizers of Italian Tech Week, an annual event held in Turin that has hosted prominent figures such as Sam Altman, Reid Hoffman, and Elon Musk. The event was launched by John Elkann, chairman of Vento and chairman of Stellantis (the parent company of Fiat) and Exor (the holding company of the Agnelli family, which controls Fiat and other assets). Elkann's extensive network in Europe and Silicon Valley has helped bring top tech industry veterans to the event, including Diego Piacentini, Mike Volpi (formerly of Index Ventures), and Jean de La Rochebrochard, who have joined Vento's Investment Committee.

Vento has already invested in 100 startups, including Bee, JetHR, and Qomodo, and plans to invest in 375 startups over the next five years. According to Diyala D'Aveni, CEO of Vento, the fund aims to address the lack of success stories in Italy, which is hindering the growth of the country's ecosystem. "Italy is quite behind compared to other European countries, but we think the trajectory is the same as the others," D'Aveni said. "We just need some success stories, and then the whole flywheel will kick off, and we will see what we saw in France."

Italian Tech Week plays a crucial role in Vento's strategy, allowing the firm to evaluate over 3,500 startups that apply to appear at the event. The event maintains a selective 2.5% conversion rate, with a standardized €150,000 ticket size, and some follow-on investments are made. This approach has helped Vento identify and support exceptional Italian founders, providing them with not just capital but a comprehensive platform that combines direct investment, venture building, and network development.

Despite Italy's company law being considered less favorable to startup founders compared to the UK or US, Elkann is confident that the country is making significant strides to become increasingly competitive in the international technology landscape. "Our primary commitment is to identify exceptional Italian founders and support them in their global entrepreneurial journey," he said. "We are confident that soon these regulatory differences between countries will become less and less relevant."

According to Dealroom data, venture capital investment in Italian startups has seen a significant increase, totaling $5.72 billion across the last five years (2020 to 2024), a more than threefold increase from the previous five years. This growth is a promising sign for Italy's tech scene, and Vento's new fund is well-positioned to capitalize on this trend.

Looking ahead, Vento plans to expand its reach internationally, with plans to tap into micro-communities of Italians in New York, London, Berlin, and Paris, among others. "We already have a network of founders outside of Italy who are sending us deals," D'Aveni said. As Vento continues to grow and support Italian startup founders, it will be interesting to see the impact of this fund on the country's entrepreneurial ecosystem.