Expansion plan in Europe, with a focus on Italy, for the startup DataKrypto that designs and develops world-unique solutions for data and transaction protection using homomorphic encryption
P101 SGR (“P101”) and the CYSERO EuVECA fund enter the capital of DataKrypto with a total investment of 3 million Euros carried out equally.
Founded in 2021 in Silicon Valley, DataKrypto supports its global clients by designing and developing solutions for data and transaction protection using homomorphic encryption, a state-of-the-art technology with world-unique features.
As a result of this operation, the Cysero fund and P101 will hold a qualified minority stake in DataKrypto, while the majority will remain with the founder of the company and current President, Luigi Caramico.
DataKrypto is the ninth investment of the Cysero EuVECA fund, promoted by AVM Gestioni SGR S.p.a. EuVECA Manager Benefit Company, together with Kilometro Rosso – Scientific and Technological Park of Bergamo – to support the development of new enterprises in the fields of robotics and cybersecurity.
P101 made the investment through two managed funds, Programma 103 and Azimut Eltif Venture Capital P103. The operation announced today represents, in particular, the seventh investment carried out through Programma 103 in about twelve months, i.e., since the start of its operation. The investment in DataKrypto follows those previously made by P101 in the cybersecurity sector, confirming the relevance of a strategic sector characterized not only by a high technological component but also by strong development potential.
Thanks to today’s announced deal, the new investors will be able to support the growth phase in the European market – especially in Italy – of a highly innovative technology developed in the USA by Luigi Caramico, a pioneer in the field with over 25 years of experience in Silicon Valley. The operation has also led to a reorganization of Datakrypto with the establishment of a new Headquarters in Italy (Rome), which now also oversees the US activities.
The company has a team of 22 people and a turnover that exceeded 3 million Euros in 2023 (over 2.5x the turnover of 2022). DataKrypto will use the new capital raised to continue to develop its Fully Homomorphic Encryption solution and its products, especially by strengthening for applications related to advanced algorithms and Artificial Intelligence.
DataKrypto’s solutions are adopted in multiple areas: its flagship products, Phenom and Phenom for Images, are used from the software sector to healthcare, integrating with existing solutions and adding further layers of security. The commitment to innovation and security has led DataKrypto to develop solutions that ensure data protection throughout their lifecycle with unparalleled end-to-end protection.
“This operation marks a decisive turning point for DataKrypto, consolidating our commitment to innovation in the field of Privacy Enhancing Technologies. In a few years, we have managed to establish ourselves as leaders in creating Fully Homomorphic Encryption solutions, solving technological problems that have delayed the commercial adoption of these solutions for many years. Our technology has allowed us to gain the trust of a broad client portfolio in sectors such as Telecommunications, Healthcare, Manufacturing industry, and even SaaS solutions. About 80% of our turnover is generated in the United States, reflecting our ability to effectively respond to the needs of a demanding and constantly evolving global market,” said Luigi Caramico, President of DataKrypto. “With the support of strategic partners like P101 and Cysero, we are committed to expanding our presence and intensifying our impact in Italy and the entire EMEA region, especially by accelerating the expansion of our R&D hub in Italy.”
“We are extremely proud of the investment in Datakrypto, an international deep-tech company with strong Italian roots that, through innovative use of homomorphic encryption, has the potential to revolutionize big data processing, enabling the management of complex data securely and privately. We believe Datakrypto has great development potential and can aim to redefine security standards in the digital landscape, shaping the future of cybersecurity, which must ensure the coexistence of constant innovation and privacy” declared Giuseppe Donvito, Partner at P101. “We have put the expertise gained by the P101 team in the sector at the service of this operation and we look forward to support the new growth phase of Datakrypto, the seventh investment made through Programma 103 just 12 months after its launch.”
“We are convinced that DataKrypto has a very high growth potential thanks to its innovative business” emphasizes Giovanna Dossena – founder and Principal of AVM Gestioni SGR. “The applications that the Cysero fund is studying range from robotics to cybersecurity, from artificial intelligence to the developments of new technologies.”
According to Luca Todesco, keyman of the Cysero Fund who led the team in this operation: “It is a matter of pride to have made an extremely advanced technology Italian; without the contribution of the funds, this result would hardly have been achieved. Homomorphic encryption is the future of this sector. Investing in a company that deals with this represents a novelty in the Italian landscape.”
This operation benefited from support from the European Union under the InvestEU Fund.
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DataKrypto
Founded in 2021 by Luigi Caramico, Datakrypto is a leader in the innovation of software in Privacy Enhancing Technologies, a rapidly growing segment of cybersecurity. With expertise stemming from three decades in the world of advanced cryptography primarily cultivated in Silicon Valley by its founder, DataKrypto’s mission is to provide highly performing data encryption solutions that protect data at every stage of its lifecycle. Its flagship product, Fhenom, employs a proprietary homomorphic encryption algorithm to ensure unprecedented data security, allowing operations on encrypted data without ever exposing its content. Meanwhile, Fhenom for Images is dedicated to encrypting images with a level of security resistant to quantum computing. Located in Silicon Valley with a strategic presence in Italy, DataKrypto relies on an exceptional team of over 20 individuals, including engineers, physicists, and mathematicians specializing in cryptography and data security.For more information on DataKrypto: https://www.datakrypto.com
P101 SGR
P101 SGR stands as a prominent venture capital fund manager in Italy, specializing in investments in innovative and technology-driven European companies. Established in 2013 by Andrea Di Camillo, the firm boasts a diverse investor base, including Azimut, CDP, European Investment Fund, Fondo Pensione BCC, Unicredit, Cassa Forense, and other institutional investors, along with significant contributions from major Italian entrepreneurial families. P101 SGR currently manages five funds, including the first retail investment vehicle for venture capital developed in collaboration with Azimut Group. With assets under management totalling 400 million euros, P101 has completed over 260 investments in more than 50 companies, generating approximately 1.7 billion euros in revenue in 2023 and employing over 5000 people. Throughout its 10+ years of operation, P101 has been instrumental in fostering the development of the Italian innovation ecosystem, supporting the growth and international expansion of companies such as Fatmap (Strava), Habyt, Milkman, MusixMatch, Tannico, Deporvillage, and Musement. www.p101.it
AVM Gestioni SGR
The AVM group has been operating in the Private Equity and Venture capital sectors since 1995 with a network of Italian entrepreneurs and institutional investors. Avm’s investment teams are specialized and dedicated to the development of Italian SMEs to realize their growth potential through aggregations with a view to medium-long term strategies. AVM invests with dedicated funds in the Life Essentials (Food&Beverage, Health&Beauty, Home Automation), robotics and cybersecurity and impact finance sectors. Giovanna Dossena is founder and Principal of AVM Gestioni. Fondo Cysero – AVM Gestioni
Kilometro Rosso
Kilometro Rosso is one of the main European innovation districts, a campus that is now home to 80 Resident Partners – companies, laboratories and research centers -, for a total of 2,500 employees and researchers. Developed on a private initiative, the technology park has been operating since 2009 with an inclusive and collaborative logic between the business system, the University, the territory and institutional references, with the mission of encouraging and supporting the innovation processes of the manufacturing system. To this end it has built a system of skills in the fields of Robotics, Cybersecurity, AI, materials science, additive manufacturing, mechatronics, life sciences and environmental impact which have led to the development of 31 laboratories, R&D projects for over 170 million euros, 750 patents filed, and an intense dissemination activity that reaches thousands of people every year. Alberto Bombassei is the President, Salvatore Majorana is the Director.
- Impressive growth trajectory over the decade in terms of volumes, investments, the establishment of innovative companies, and its impact on the economy.
- Approximately 8 billion euros invested in Italian startups over the past 10 years, reflecting a valuation of 67 billion euros in 2023.
- Italian startups and innovative SMEs collectively generated a turnover exceeding 9.3 billion euros in 2023.
- Investments in Italian startups reached €1.1 billion in 2023, with a notable increase in the prevalence of Growth Stage rounds.
- In the last 5 years, VC fundraising activity in Europe totalled EUR 108.7 billion; although 2023 witnessed a decline (-32% YoY), Italy defies the trend with a notable increase (+88% YoY).
P101 has delved into the evolution of its sector over the past decade, scrutinizing specific trends and aligning them with the broader European landscape.
The report, titled “State of Italian VC,” shines a light on the impressive growth of Italian Venture Capital (“VC”) in the last 10 years, acting as a catalyst for the nation’s innovation ecosystem. From 2013 to 2023, Italian VC has injected a substantial 8 billion euros into startups, witnessing a remarkable surge from 152.1 million euros in 2013 to a staggering 1.1 billion euros in 2023. This growth, averaging an impressive 644%, outpaces the European average of 492.5%.
Over the same period, the number of completed transactions has risen from 294 to 387, marking a 31% increase, compared to Europe’s 80%. This hints at a notable upswing in the average size of Italian deals. Despite 2023 macroeconomic uncertainties causing a dip in investments (-55% YoY) and in number of rounds (-30% YoY) in 2023, in line with European trends (-43% and -21% in France and -37% and -19% in Spain), the overall growth trajectory of the Italian ecosystem (+644% over the decade) remains robust.
The burgeoning investment pace has also contributed to the growth of over 13,000 startups and around 2,000 SMEs in Italy. In 2023 alone, these entities generated a turnover of over 9.3 billion euros, employing approximately 62,000 people. The valuation of the Italian Startup ecosystem, standing at around 67 billion euros (Enterprise Value), has increased 25 times over the past 10 years, more than double the European average, with accelerated growth in 2023 recording a 27% YoY increase (7% in Europe). This growth underscores the scalability of business models and the emergence of entities with further development potential, particularly in the technology sector.
While the value of Italian startups in 2023 is comparable to Spain in 2020, France in 2016, and Germany in 2015, indicating a temporal gap in development, the surge in the number of VC-backed companies in Italy (from 726 in 2013 to 2,983 in 2023, a +271% increase) sets the stage for accelerated development. The average valuation of Italian startups in 2023 surpassed 22 million euros, recording the highest compound annual growth rate (+19%) of the decade. Countries like Germany and France still showcase average valuations nearly twice as high as those in Italy, which is still in the early stages of development. However, the data highlights an ongoing maturation process within the Italian ecosystem.
In the last 5 years, European VC funds have raised approximately 109 billion euros, experiencing a 32% decline in 2023 (YoY). However, Italy stands out with an 88% year-on-year increase, with 3.6 billion euros raised by new VC funds. In addition to that, 2023 also witnessed a notable 71% increase in the average size of Italian funds. Despite being in a growth phase, the Italian market lags behind more mature ecosystems. Nevertheless, the consistent increase in the number of new VC funds (from 3 in 2019 to 11 in 2023) and their increasing average size signal a deepening and diversifying market, reflecting growing investor confidence and a broader range of investment opportunities in the country.
“We aim to conduct a comprehensive analysis to spotlight the remarkable journey undertaken by Italian Venture Capital and shed light on its potential for further growth,” remarked Andrea Di Camillo, Founder and Managing Partner of P101. “The overall growth trajectory over the past decade has been substantial, encompassing volumes, investments, the creation of innovative enterprises, and a significant impact on the economy. In 2023 alone, the 52 companies in which P101 has invested generated approximately 1.7 billion euros in revenue – contributing to a total of 5 billion over the decade – while providing employment to over 5,000 people. Industry insights affirm that the groundwork for the Italian Venture Capital ecosystem is now complete. We must look forward to the next decade, furtherly bridging the gap with leading European countries. More importantly, we must brace ourselves for the challenges the ecosystem will encounter as it evolves into a new phase of maturity, ushering in changing rules of the game. Opportunities and competition will escalate, with international players showing a growing interest in our country. Emerging drivers, such as Artificial Intelligence, will reshape investment trends, increasingly honing in on services for businesses. We expect an upswing in the sizes of funds, investments, and startups: companies that have thrived in the past decade now showcase the scalability of their business and stand poised for a dimensional leap that will frequently extend beyond borders. As Venture Capital players, our role is not just to navigate but to lead this transformative shift towards new business models, keeping in mind the core objective of the sector: contributing to the development of the Italian innovation ecosystem.”
State of Italian VC
Tracing Evolution and Market Opportunities
The foodtech startup has developed a platform that connects Italian restaurateurs with producers, enabling one-click procurement of all supplies with fast, frequent and reliable deliveries
The deal was led by “Sinergia Venture Fund” (Alkemia Capital), with participation from pre-existing investors P101, Azimut and CDP Venture Capital through Italia Venture I fund and Intesa San Paolo.
Udine, November 28, 2023. Soplaya, a foodtech startup that has developed an groundbreaking digital procurement channel for Italian restaurants, has announced the closing of a 12.5 million euro financing round, including 11.5 million in equity – provided by Sinergia Venture Fund (Alkemia Capital), which was lead investor in the deal, and by investors who had participated in the previous round (P101, Azimut and CDP Venture Capital, through the Italia Venture I fund) – and one million provided by Intesa San Paolo in debt financing.
Including the €3.5 million raised in July 2020, the round brings the total funding raised by the foodtech company to €16 million.
Launched five years ago, Soplaya operates as a digital wholesaler for restaurants, providing easy access to a new range of artisan, local, or niche products, as well as food brands, and aggregating delivery orders via its mobile app, its 3 logistics hubs, and its fleet of refrigerated trucks. To date, it has performed more than 100,000 deliveries, supplied more than 1,000,000 products, and served more than 2,000 restaurants, bars and hotels in 15 Italian cities. The company democratizes access to the B2B food supply chain to all producers, big and small, by avoiding any investment in sales, logistics, deliveries, orders, payments and invoice management. It is not just a marketplace, but a comprehensive tool that empowers chefs and restaurant owners to take back control of their purchase data, create ingredients lists for menus, place orders in a single click, receive tailored product suggestions, and get precise delivery notifications to the minute.
With its technology and network of logistics hubs, Soplaya is able to serve thousands of products from more than 300 suppliers to hundreds of customers every day within 24 hours, without delivery fees.
Mauro Germani, CEO of Soplaya, envisions a future where independent restaurants and small-medium chains have equal access to fast, efficient deliveries and quality ingredients at transparent, fair prices, irrespective of their size or negotiating skills. He commented, “Technology and automation, applied to every step of the restaurant supply chain, will radically improve transparency, efficiency and sustainability, and ultimately bring time and cost savings that were previously only available to huge hospitality players. After our first round in 2020, we set up 3 lean and modular hubs and we are now able to launch them in just 45 days, and grow three times faster with each launch. Also thanks to the resources raised through this round, we now aim to consolidate our presence in the Italian market, while preparing for the expansion in new geographies. Applying AI to operations and demand prediction will be the next big thing in the coming years for Soplaya and our community of restaurants and suppliers.”
Giacomo Picchetto, Partner at Alkemia Capital, commented, “We are honoured to be the lead investor in this round of Soplaya. Our fund invests in innovative B2B technology scale-ups with high growth potential in Italy and abroad, cutting-edge technology and a complete and excellent team: Soplaya presents all these characteristics, which position it in the European scenario as a potential leader in “disrupting” a high-growth, anti-cyclical but still traditional sector such as the supply of ingredients and products to the HoReCa industry.”
Over the past two years Soplaya has invested significantly in expanding its team with top talents, reaching 55 people, and automating every aspect of a B2B food supply chain where 20% of the value is lost due to distribution inefficiencies.
Soplaya’s transformation of the B2B food supply chain involves automating all operations and transitioning them online to bring forth a better, fairer, and more sustainable digital end-to-end supply chain. This initiative aims to boost profits for chefs and suppliers by up to 10%, reduce carbon emissions by 50%, and minimize food waste to just 1%.
Soplaya was assisted in the deal by law firm LCA (attorneys Andrea Messuti and Flavia Visco) while law firm McDermott (attorneys: Enrico Raso and Stefano Pardini) supported Sinergia Venture Fund.
About Soplaya
Soplaya is a foodtech startup launched in 2019 that has developed a platform that provides restaurants with access to quality ingredients with transparent pricing and efficient, reliable delivery. By automating and digitizing the B2B food supply chain, Soplaya strives to reduce waste, increase customer and supplier profitability, and make the industry more sustainable.
Press Office
Albanesi PR | Communication Advisory
Marco Albanesi | +39 329 3987262 | marco@albanesipr.com
Lead investor in this new transaction the VC P101, with the important contribution of Fin+Tech, accelerator of CDP Venture Capital
Pisa, 24 November 2023. Transforming compliance activities from a mere obligation and cost center into a lever to generate business opportunities by changing the way large organizations and companies, starting with banks and insurance companies, access, consult, and utilize the immense volume of legal documents. This is the mission of Aptus.AI, which announces today a pre-Series A of €3 million. The lead investor in the transaction is Programma 103 by VC P101 Sgr, making its entry into the share capital of Aptus.AI, supported by some business angels and Fin+Tech, the accelerator of CDP Venture Capital, which followed this round after also participating in the previous one.
Aptus.AI serves as a compelling example of a startup that adeptly translates vision into action. Established in Pisa by Andrea Tesei and Lorenzo De Mattei, following the development phase of their proprietary technology culminating in the Daitomic platform—a transformative tool converting legal documents into interactive, machine-readable versions—the company is poised to launch its inaugural pilot application in the latter half of 2021. This application swiftly proves instrumental, not only revolutionizing the landscape of compliance management but also reshaping the perception of its potential impact on business operations. An important result on which the company builds the seed round that allows it in 2022 to consolidate the offering with a holistic solution capable of meeting the needs of the most complex financial institutions: from swift and targeted consultation of regulations, to the comparison of a law in all its evolutions, the creation of personalized and multilingual “legal inventories” for navigating specific regulatory environments, and even simulations of impacts by anticipating analyses of future regulatory trends, among other features.
Giuseppe Donvito, Partner of P101, comments: “At P101, we are excited to join forces with the Aptus.AI team. This represents P101’s first investment in the dynamic RegTech market, a rapidly expanding sector. The transaction arises from the trust we have in the team and the significant interest shown by major banking and insurance institutions in Aptus.AI’s product, thanks to the high level of Artificial Intelligence technologies developed by Andrea and Lorenzo, leveraging their studies in Computer Science and Generative AI at the University of Pisa. We are confident that the company will quickly achieve a leadership position in the compliance and risk management sector. It is an honor for us to contribute from the outset to the growth of Aptus.AI, providing our continuous support to shape the future of this innovative venture and consolidate its prominent position on the international stage.”
Andrea and Lorenzo, respectively CEO and CTO, both holders of a Ph.D. in Computer Science from the University of Pisa, and with a remarkable academic background characterized by numerous peer-reviewed scientific articles, founded Aptus.AI. The company has already gained traction, securing prestigious clients such as Intesa Sanpaolo, Generali Investments, and MPS, while simultaneously initiating several pilot projects with significant industry players.
Andrea Tesei, co-founder and CEO of Aptus.AI, comments: “We are very proud to count an important player like P101 among our investors and equally grateful to the Fin+Tech accelerator of CDP Venture Capital, which has been decisive in our growth, renewing and reinforcing its confidence along with other shareholders who have supported us from the beginning. We are determined to uphold the Italian flag in a sector like RegTech, which is proving increasingly important and strategic internationally, enabling large organizations to develop their offerings rapidly and correctly, thus remaining competitive and benefiting end consumers and the socio-economic fabric. By combining AI for data extraction with generative AI, our solution can achieve a very high level of precision in responses even for a complex and nuanced field like the legal one, with extraordinary positive impacts.”
In the last 15 years, the financial industry has undergone a growing transformation, both industrially, driven by the birth of fintech and consequent competition built on new service types, and regulatory, with an increase in norms to protect consumers and the use of data concerning them. All reasons why the RegTech market is estimated to reach $15.6 billion between 2022 and 2027, with a CAGR of 21.18%.
One of the main challenges to address for a rapid and accurate compliance adjustment is the absence of documents in machine-readable format, an issue that Aptus.AI solves with Daitomic.
Lorenzo De Mattei, co-founder and CTO, adds: “The heart of our artificial intelligence is its revolutionary ability to convert legal documents of any format into a machine-readable standard. This innovation opens up a world of previously inconceivable interactions with legal texts for AI users and systems. The result is a suite of extraordinarily efficient tools that include interactive regulatory consultation, automatic custom notifications, automatic management and updating of legal inventory, and instant impact analysis. Our machine-readable format provides a set of data and legal information in digital format that allows us to create more precise Generative AI models, significantly limiting so-called ‘hallucinations’ in an area like the legal one, where the accuracy of responses is essential.”
This operation benefits from support from the European Union under the InvestEU Fund.
About Aptus.AI
Aptus.AI is an innovative startup, founded in Pisa by Andrea Tesei and Lorenzo De Mattei, with the aim of transforming compliance activities from a mere obligation and cost center into a lever to generate business opportunities. To achieve this, the company has developed proprietary AI technology that generates machine-readable versions of legal documents, making all relevant national and European regulations easily accessible and consultable. The result is the Daitomic platform, a real-time updated RegTech SaaS. After closing a €1.2 million seed investment round, with the support of some business angels and Fin+Tech, the accelerator of CDP Venture Capital, in 2023, it finalized a €3 million pre-Series A led by the VC fund P101.
About P101
P101 SGR is one of the leading venture capital fund managers in Italy, specializing in investments in innovative and technology-driven companies in Europe. Founded in 2013 by Andrea Di Camillo, it counts among the investors in its funds Azimut, Fondo Italiano di Investimento, European Investment Fund, Fondo Pensione BCC, Unicredit, Cassa Forense, and other institutional investors, as well as some of the main Italian entrepreneurial families. P101 SGR currently manages three funds, in addition to the first retail investment vehicle dedicated to venture capital developed in collaboration with the Azimut Group. With assets under management totaling 500 million euros, P101 has completed more than 100 investments involving over 50 companies, supporting and contributing to the development of some of the most important Italian and international players in the innovation sector. These include: Opyn (formerly BorsadelCredito.it), Cortilia, Milkman, MusixMatch, Tannico, Deporvillage, and Musement.
Contacts
Angèlia Comunicazione
Simona Vecchies, Michela Piccini, Ludovica Polci
aptusai@angelia.it
P101 SGR, venture capital italiano fondato da Andrea Di Camillo, ha rilevato il 24,5% delle quote di Citynews spa, di proprietà, fino ad oggi, del fondo Principia II, gestito da Xyence SGR.
Rimane immutata, per il resto, la compagine sociale e Luca Lani e Fernando Diana, insieme agli altri founder e manager, continueranno a guidare la società e a detenere la maggioranza della stessa.
“Siamo molto felici del nostro investimento in Citynews – dichiara Andrea Di Camillo, founder e CEO di P101 SGR –. Il digital publisher è riuscito, in poco più di 10 anni, a scalare le classifiche di audience dell’informazione digitale italiana e, ormai da tempo, è, in maniera indiscussa, una piattaforma informativa essenziale per gran parte del territorio italiano. Siamo felici di dare il contributo alla sua ulteriore espansione”.
“Siamo orgogliosi di accogliere un socio di tale esperienza a fianco dei nostri attuali azionisti – affermano Luca Lani e Fernando Diana, fondatori e CEO di Citynews –. L’ingresso di P101 rafforza l’azienda e garantisce la presenza di un partner solido, dalla grande esperienza e reputazione internazionale, con dei sottoscrittori istituzionali tra i più rilevanti del paese. Siamo certi che P101 saprà supportarci e consigliarci nello sviluppo del business.“
Chi è Citynews
Citynews, è un Digital Publisher fondato nel 2010, con la mission di essere una delle principali infrastrutture informative italiane.
Secondo i dati Comscore, Citynews registra oltre 30 milioni di lettori unici e 280 milioni di pagine viste al mese, con una media di lettori giornalieri che si attesta costantemente sopra gli 8 milioni. I quotidiani digitali Citynews fanno registrare ogni mese una penetrazione sulla Total Digital Audience superiore al 70%, e contano 1 mln di utenti registrati.
Citynews conta al suo interno un team di circa 250 giornalisti (dipendenti, collaboratori e freelance) che produce migliaia di contenuti originali al giorno. Quest’anima giornalistica è affiancata da un team Marketing e Digital Sales, composto da oltre 100 professionisti il cui obiettivo è supportare le aziende italiane nella loro comunicazione digitale. Nei suoi 13 anni di vita, oltre 9.000 aziende si sono affidate a Citynews, per un transato complessivo di 100 milioni di euro.
P101 SGR
P101 SGR è uno dei principali gestori di fondi di venture capital in Italia, specializzato in investimenti in società innovative e technology driven in Europa.
Nato nel 2013 e fondato da Andrea Di Camillo, annovera tra gli investitori dei propri fondi Azimut, Fondo Italiano di Investimento, European Investment Fund, Fondo Pensione BCC, Unicredit, Cassa Forense e altri investitori istituzionali, oltre ad alcune tra le principali famiglie imprenditoriali italiane. P101 SGR, gestisce attualmente tre fondi, oltre al primo veicolo di investimento retail destinato al venture capital sviluppato in collaborazione con il Gruppo Azimut.
Con masse in gestione per un totale di 500 mln di euro di assets, P101 ha portato a termine più di 100 investimenti che hanno coinvolto oltre 50 società, supportando e contribuendo allo sviluppo di alcune tra le realtà italiane e internazionali più importanti del settore innovazione. Tra queste: Opyn (ex BorsadelCredito.it), Cortilia, Milkman, MusixMatch, Tannico, Deporvillage e Musement.
- Habyt closes series C funding at €40M, led by Korelya Capital, Deutsche Invest, and participated by new investors Exor Ventures, Endeavor Catalyst and existing investors P101, Vorwerk Ventures, Kinnevik and others. Since series B Habyt has expanded to North America and Asia following key acquisitions of Common Living (2023), Hmlet (2022).
- Habyt offers co-living, apartment rentals, and has expanded into short term stays. Plans to add London, UK and other key markets to its map in the coming year.
- Growth from 5,000 units in 18 cities in 2022, to 30,000 units across 50+ cities as of today. With over 40% growth in net revenue in 2023 and on track to become profitable in 2024, Habyt continues to revolutionize the global flexible housing market.
BERLIN, Germany, 4 October 2023: Habyt, the world’s leading flexible housing provider, has raised €40M in a series C round as it expands globally and consolidates its market share. This round is led by the new investors Korelya Capital (Paris-based) and Deutsche Invest (Munich-based). It was also participated by new investors Exor Ventures, Endeavor Catalyst, and existing shareholders P101, ITALIA500-Azimut, HV Capital, Vorwerk Ventures, Norwest, Kinnevik, Burda Principal Investments, and Inveready.
Since its series B in 2021, Habyt has strengthened its position as the world’s main flexible housing company in a chain of mergers and acquisitions, and has broken into North America and Asia markets. In 2023, Habyt acquired a key player in the North American market – Common Living, adding to its earlier 2022 acquisition of Hmlet. Habyt has grown from 5,000 units in 18 cities last year to 30,000 units across 50+ cities in three continents. In 2023, it saw a net revenue increase of over 40%, and is profitable in most key geographies with group level profitability targeted for early 2024.
Luca Bovone, CEO of Habyt, commented, “We are breaking barriers and aim to enable easy access to housing, allowing anyone to embrace flexible living anywhere in the world. We have seen exponential growth and raised a significant series C with support from existing and new investors, despite a drop in series C rounds across the board this year.”
Giuseppe Donvito, Partner, P101, added, “We’re proud to be part of Habyt’s mission to revolutionize the flexible housing market. Habyt offers a fresh approach to addressing the global housing challenge, catering to the needs of a growing segment of young professionals living on the go. The demand for such solutions has been surging over the past few years, and we expect this trend to only strengthen over time.”
Many young people across the world are currently struggling with a critical lack of housing as demand vastly outstrips supply and mortgage interest rates are sky-high. At the same time, there are 35 million digital nomads globally for whom simple, flexible solutions offer a way around restrictive local renting laws. With 70% of Habyt’s clients being internationals relocating for study or work, and 30% local citizens, the company is creating the rental experience of tomorrow by standardizing the housing process with a digital-first approach, offering high-quality, flexible living options for travelers, locals, and professionals. Habyt’s diverse selection of co-living, homes – and now, hotels, gives people the convenience and flexibility to unlock their next move, and settle into different cities on their own timescale, with minimal admin. All of the company’s flats come fully furnished and equipped for a comfortable lifestyle, making it the easiest housing solution on the market.
Franco Danesi, Partner, Korelya Capital and Habyt Board Member, said, “Habyt is solving the ever growing global problem of access to housing with a digital-first solution appealing to young local families and mobile professionals alike, while offering real estate developers and investors an innovative and compelling product. What truly excites me is Habyt’s unparalleled global footprint with significant presence in the US, Europe and Asia. We believe in Habyt’s bold vision of redefining the world of flexible housing, and we are keen to support them on their journey by facilitating access to attractive geographies such as Asia.”
2023 has been one of the most significant years for Habyt since its founding in 2017 by Luca Bovone. As well as its critical acquisition of Common, Habyt completed a company-wide rebranding by world-renowned agency DesignStudio to reflect Habyt’s truly global brand and unite all products under one umbrella. The company also opened its first hotel in Europe – The Waterfront in Berlin, Germany – for short-term housing and vacation stays, which was fully booked days after opening. The company’s portfolio saw expansion across all three continents. Canada became a new market, with 10,000 further units in the North American pipeline, and the Asian division is looking to expand to neighboring countries and double its portfolio in Hong Kong and Singapore over 2024. In Europe, Habyt had openings in Germany, France and Austria, among others, adding further 1,050 units to the portfolio in 2023, and expects to further grow in 2024, entering the UK among other new markets.
Armin Weiland, Managing Director, Deutsche Invest and Habyt Board Member, added, “In just a few short years, Habyt has embarked on an incredible journey of growth and expansion, and managed to thrive in one of the most challenging startup climates we’ve seen for years. With the current momentum and remarkable net revenue increase, a trajectory to profitability in 2024 is the next clear big goal with an ongoing focus on unit economics and the profitability of each asset.”
With its new round of funding, Habyt aims to continue expanding its portfolio entering new markets, further developing ESG initiatives, and enhancing tech-driven solutions to meet the evolving needs of residents, making renting with Habyt even easier. Company’s customers will see multiple updates in the mobile App unveiled in the near future and a refined browsing and booking experience for an even smoother onboarding.
![Waterfront_5_fc9696cc7b](https://p101.it/wp-content/uploads/2023/10/Waterfront_5_fc9696cc7b.webp)
Mundimoto is a Spanish digital startup focused on selling and buying motorbikes. It offers an online, fast and guaranteed service. Mundimoto was created in 2019, And since then it has become the largest motorcycle marketplace in Europe with 60M euros turnover in 2022. The company is located in Barcelona, Madrid, has recently opened in Milan and over the years has reached 250 employees.
What is the added value that tells Mundimoto apart from its competitors?
“There are quite a few differences between the service offered by Mundimoto and the ones offered by other players that might look a bit like us. First, we have the largest stock of second-hand motorcycles in Europe, so users can find the motorcycle of their dreams among many. In addition, at Mundimoto we always offer the best service and individual attention to each of our users”, said Josep Talavera, co-founder and CEO of Mundimoto.
In fact, Mundimoto not only offers the best service, but also expands and adapts its products and services whenever it detects new trends or market needs. For example, this year Mundimoto has launched a pay-per-use or renting service that allows people to enjoy the motorcycle of their dreams for as long as they need it. To make all this possible, Mundimoto has developed one of the best technological equipments, in this way it can make sure that its platform always works in the best way and provides the quality service that Mundimoto’s users and customers deserve.
The technology behind Mundimoto
Mundimoto has developed proprietary algorithms to price used motorbikes in real time and to source vehicles at scale. The platform’s infrastructure allows to manage large quantities of inventory in different countries and to overlook the entire lifecycle of the motorbikes from when Mundimoto purchases them until the moment they are sold. In addition to that, Mundimoto has built an e-commerce platform to sell motorbikes autonomously and cross-selling services on top such as financing, insurance, warranties and refurbishment.
How did Mundimoto meet P101?
We met P101 through Stefano Guidotti who was referenced to us by a friend.
Mundimoto’s business model and top customers
Mundimoto buys and sells motorbikes online offering services on top such as consumer financing, insurance, warranties and refurbishment. More recently, the company has launched a subscription service where customers can pay a monthly fee that includes the vehicle and all the services that are needed to ride it (insurance, maintenance, etc.).
Mundimoto’s future goals
By the end of 2023 Mundimoto expects to be sell 25,000 vehicles and to consolidate its position in the countries where it operates – Spain and Italy – as well as to carry out a sustainable growth strategy that will allow the company to become a European leader in this market.
Casavo is a technological platform for the real estate and residential markets that aims to redesign and change the ways people buy and sell houses in Europe by providing an integrated experience. The startup was founded in Milan by Giorgio Tinacci at the end of 2017. “From the beginning, our goal was to build a tech platform that could offer a simpler, more convenient user experience, one that would be more in line with the needs of new generations. The project was born at the end of 2017 in Italy as the southern European market was interesting from the point of view of market fundamentals, but it also showed certain inefficiencies that we could solve”, stated Giorgio Tinacci. Over the years, Casavo has expanded overall Europe, in particular to Spain and France.
Casavo started by focusing on sellers, since usually the real estate transaction starts from a person’s need to sell their property. The biggest problem is that selling is a very long process: on average, in the main metropolitan areas, it takes about 200 days to close a real estate transaction. It’s a very complex process grounded on a high degree of uncertainty, due to information asymmetry that generates a lot of stress in customers.
Casavo has solved this problem by removing a step in the buying and selling process, initially positioning itself as a direct buyer through an “instant buy” service, purchasing a property and then finding a final buyer. “Over time, we have expandedour offer, and today sellers can either decide to sell directly to us or ask us to be connected to another buyer. Besides, we have also worked on the end-to-end experience on the buyer’s side: we don’t just stop at publishing an online catalogue, as typically happens, but we follow the customer through the whole process, from their mortgage request to the notary process, including all connected integrated services”, explained Tinacci. Casavo is a completely new service that shortens buying and selling time and bureaucracy.
Casavo’s encounter with P101
Casavo met P101 between 2020 and 2021, but the two companies had already been in contact for some time in the past. “As one of the main players in the venture capital market in Italy, we looked a lot at P101 even before our official partnership” – explained Tinacci, – “They have always looked with interest at the development of Casavo over the years, also because they have a particular inclination for the proptech market. Therefore, they decided to make an investment at the beginning of 2021, that was consolidated over time with other investments. In addition to this role of investor, P101 constantly participates in all strategic discussions for the development of the company and in the development of specific new projects.
Casavo’s competitors
Casavo does not have real competitors, especially in Italy, but there are players in the proptech sector who cover or try to cover assistance during the buying and selling phase with different or comparable solutions. In France, for example, there are some digital real estate agencies that try to simplify processes, or legacy players, such as real estate portals, with which Casavo has a relationship of coexistence instead of competition. Casavo is essentially unique, and the aspects that differentiate it from its competitors are various. For example, compared to a real estate agency, Casavo can directly buy properties and therefore offer an integrated platform that allows anybody to easily and transparently follow all the phases of the transaction. In the very long term, Casavo could be defined as a sort of “house e-commerce” that can assist customers in buying and selling, being able to provide all the ancillary services that may typically be needed during the sale, such as, for example, assistance in choosing the best mortgage offer on the market.
Casavo technology
Casavo’s ecosystem of products is based on specific elements that intertwine data analysis with technology and as asuch it makes the buying and selling process simpler and less stressful.
Casavo operates in a sector that is characterized by poor information transparency, where there is no single qualified and visible repository of all real estate transactions, therefore it is necessary to know how to read the data in order to correctly evaluate the properties and offer the best economic proposal. However, Casavo also aims to provide “educational contents” to facilitate the process of buying and selling properties through the correct information of all the parties involved.
The technological aspect is linked to everything that lies behind buying and selling operations, because buying a house is a very complex and articulated transaction, with processes that must necessarily take place live and others that can be managed from the platform. Over time, Casavo has built an integrated software architecture to ensure maximum scalability and efficiency of each activity in the value chain, which is reflected in an efficient, convenient and transparent buying and selling experience for customers.
Casavo’s User Experience
Casavo entered the market by providing a service that was tailored to the needs of property sellers, and then evolved by implementing its offer with other services on the buyer side. Using Casavo, sellers can follow all phases of the real estate transaction directly from the platform, via website or app. Each phase, from the evaluation of the property – and the specifications relating to the parameters of the the economic proposal – up to the sales agreement. Sellers can decide to accept Casavo’s offer , but they also have total visibility of buyers that might be interested in buying that type of property.
On the buyer’s side, through the platform users have access to a complete catalogue of properties and to a series of tools for an improved user experience. For example, thanks to a “real tour” technology, customers can view and visit the property directly from the platform, and this allows them to operate a sort of preliminary screening to evaluate which properties they’d like to visit. It is also possible to book a visit in just a few clicks.
Casavo also offers a series of auxiliary services to both parties, ranging from document management to mortgage consultancy up to after-sales assistance.
Casavo’s future
The company has 3 priorities for the near future: the first is to accelerate profitability and efficiency of operations according to a series of technological developments. The second is to accelerate the development of the marketplace, and therefore of the entire user experience on both the seller’s and buyer’s side. The third priority is to continue its integration in France, a market where Casavo entered last summer through the acquisition of another player. France represents the main real estate market in Europe and therefore, at the moment, the priority for the company is to focus on integrating its commercial offer in this country before entering new European markets.
A fundamental step for Casavo has been its long-term strategic partnership with Unicredit, signed at the end of 2022, after receiving a 10 million investment by the credit institution. This agreement consists of three features: to offer integrated services for Unicredit customers, to develop further innovations in the real estate sector, and to offer new solutions from a capital market perspective in the real estate sector.
Unguess is the first crowdsourcing platform for in-depth testing and research in the tech world in Italy. Founded in 2015 and initially named “AppQuality”, the start-up was born within the Cremona Centre of the Politecnico di Milano University, from the idea of three founders. Today Unguess is the first company in Italy that is based on the model of crowdsourcing, i.e., engaging communities of users and experts to test products on functional, quality, and security levels.
Currently, Unguess can reach a very large community of about 160 million testers around the world, who are hired to carry out in-depth research that results in different and more in-depth findings than those produced by typical market surveys.
The Evolution of Unguess
The purpose of Unguess “has always been to import and emphasize the value of quality of a digital product by reducing defects or bugs,” says Luca Manara, & CEO Co-founder of Unguess.
For this reason, they have launched the first crowdtesting community in Italy, based on millions of potential testers who are in charge of testing and directly reporting any problems they might encounter during use.
In the beginning, the platform only tested the functional side, as it grew, however, they started focusing on user experience and cybersecurity.
Currently, Unguess has three specific vertical department:
- Quality
- User Experience
- Cybersecurity
The role of P101
Unguess’s journey started in 2015 when the founders met Andrea Di Camillo and had the opportunity to describe the project idea they were working on. In P101, they found willingness to listen and a lot of advice to carry out their business strategy. The path evolved over the years, and in 2019 the founders got in touch with P101 again, laying the foundation for the growth of the project. “Close to the first round, the Covid pandemic exploded, but this did not stop their fundraising. In fact, in June 2020, we managed to close the first round entirely remotely,” says Luca Manara. In January 2023, again thanks to the support of P101, Unguess closed a 10 million euros second round.
Saas technology
The technology on which Unguess is based is more of a process. The platform has a SaaS approach, and its innovation lies in the engagement and gamification logics that allow it to engage many users in a short period of time and, therefore, to provide answers quickly. The SaaS logic also makes it possible to quickly implement all the insights we gather through the integration with third-party platforms (that customers already use), to which they integrate specific modules that are used to solve bugs swiftly. This type of technology allows for a highly profiled community, that responds in a very fast way and makes deep and articulated research, and it also allows Unguess to observe customers’ sentiment.
Target markets and differences with competitors
Unguess is the only solution of its kind in Italy. Iin Europe, there are others, but their offer is different from that of the Italian start-up. In fact, Unguess differs from competitors due to its horizontal approach to the various solutions: communities are developed in three vertical areas (Security, UX, and Functionality), but compared to competitors, Unguess manages to engage different types of communities per area, not only one-to-one vertically, but also transversally, obtaining deeper and more complete results and answers.
Unguess’s future
Currently, Unguess has 80 employees throughout the country and Europe. In the short term, they plan to enter important European markets, particularly France and Spain. Another goal in the short term is to keep developing their tech platform, in order to offer more and more tools to engage and extract insights from crowdtesting communities, to launch tests autonomously, and to increase integrations with bridging management tools.
Some specific facts about Unguess
One of the features of Unguess is its very remote-friendly policy, which allows anyone to work from wherever they want. Unguess also carries out hundreds of tests every month, and thanks to this philosophy, combined with its community of more than 160 million testers worldwide, it has reached approximately 300 enterprise customers globally, working in a variety of industries.
Cyber Guru is a company that offers cybersecurity awareness services, i.e., services to train end users who are not experts on the subject. The company aims to change the behaviour of end users so that they won’t become ‘allies of attackers’.
Cyber Guru’s growth over the years
The company was founded in 2017 because of a market need. On the one hand, 90% of cyber-attacks origins from a mistake that the end user unwittingly makes. On the other, the offers on the market at the time were largely unsatisfactory since they were very traditional learning courses, which were typically considered boring, too technical, unattractive, and complicated.
Cyber Guru was initially born within DaMan, a company owned by Gianni Baroni (who is now CEO of Cyberguru) that played the role of incubator for the first two years. They later realised that the investments needed to make a quantum leap were not within DaMan’s reach and turned to investors, in particular, to P101 and its partner Giuseppe Donvito.
Hence, in June 2021, the company closed its first investment round of € 3.6 mln thanks to which its turnover grew by 170% every 12 months for 2 years.
A second investment round is on its way.
To date, Cyber Guru has an ARR (Annual Recurring Revenue) of € 5 mln and 300 customers in 62 different countries.
Cyberguru’s unique technology
Cyber Guru’s technology is the result of a combination of two elements:
- The way content is developed: using the latest technology in e-learning and structural design so that content is highly engaging and effective for the end user;
- A highly automated platform that is based on machine learning and supports end-users by distributing various levels of informative content. Content is based on the level of knowledge each end-user demonstrates to have according to a specific risk: hard-skilled users will receive more sophisticated content, while low-skilled users will receive content that is more suitable to their background.
Cyber Guru’s competitors
In Italy, Cyber Guru has no competitors, it is in fact the largest centre of expertise in cybersecurity awareness, also thanks to the fact that it was the first to develop and use this type of technology. For this reason, it is also a partner of many big players such as Accenture, Boston Consulting Group, Deloitte, and Leonardo.
Approach with customers
Cyber Guru has managed to win customers of various kinds, from the largest Italian bank to small companies. Thus, it has an extremely diversified approach concerning the market both in terms of company size and market sector.
Plans for the future
Cyber Guru plans to expand in Europe, particularly in France, Spain, England, and Germany
WeSchool is an Ed-tech company that was born at the end of 2016. Their aim is to redesign teaching at schools, universities, and companies to make it more effective and engaging. During the Covid pandemic, when WeSchool was still very young, the awareness of their teaching model grew, and the company reached a community of over two million users. Now, post-Covid, the growth phase is in terms of turnover and head-count.
What is the value added that distinguishes WeSchool from its competitors?
Our value added is ‘Redesigning education’. It could mean a million things, but in our view, it implies a change of framework that is based on four specific pillars: what, who, how and when.
When we think of “what” we are teaching, we are comparing an old model to a new one. In the old model – which is still predominant today – online teaching means using a series of training materials and assessment methods via Web or App.
We believe this concept is rather boring. Our model is based on cooperative teaching, where browsing content makes up for only 30%-40% of the experience. The other part consists of research, discussion, and teamwork with other learners to solve problems, teach each other things, or put what you learned in previous classes into practice.
In short: at no point can learners turn their brain off, since they need to actively keep “doing”.
One very distinctive aspect of our model has to do with people: it’s the “who” pillar. In the old model, a class is made of one or more teachers and some students. In our model, there’s a teaching team made up of instructional designers, teaching assistants who help with tutoring and group work, community moderators who engage and manage day-by-day learning communities, and a creative team that consists of motion & graphic designers, copywriters and videomakers. This requires working in mixed teams, which might be more expensive, but the results are unbeatable when compared to the old model.
Let’s now move to the “how”: in the old model, when people are in a live class (in person), they
are in a group and usually don’t use any technology. On the other hand, when people are working remotely or e-learning, they are “alone,” but using technology. In WeSchool, we believe in an alternative: technology must be used both in person and remotely with a single goal, no matter the context: fostering interaction and collaboration. We offer a whole series of features to use technology in a useful way. Whether users are face-to-face or remote, they are always part of a community and won’t feel that they are working or studying by themselves.
Finally, “when”: In the old e-learning model, you can connect whenever you want and
take lessons whenever you want. However, a model with no common timetable and deadlines does not foster collaboration and participation, resulting in poor retention rates. Our approach, developed back in 2018 and which has increasingly been known as the “bootcamp” or “cohort based” model, is different: we work in “classes,” and there are deadlines to each social learning activity.
What is the technology behind WeSchool?
From a technological point of view, WeSchool is the opposite of an LMS: instead of a platform that delivers content with social features, WeSchool is a community management and collaboration platform with learning management and content delivery features. Social learning is not a frill: it’s the substance. That’s because WeSchool is a synthesis of two souls: a combination which makes us much different from other EdTech companies. Half of our team has a background in humanities – and they are the people working in teaching and instructional design – and the other half have a tech background.
How did WeSchool meet P101?
I have known Andrea Di Camillo for many years, since the Italian startup scene was as big as my grandmother’s living room. During the Covid years, we were lucky enough to get to choose who we wanted to let into our capital, and we chose P101 for their professionalism, as well as the “feeling” we had, which I believe is a very important factor in the VC-entrepreneur relationship. We collected €6.4 million in our “Series A” round, which was led by P101 and joined by TIM, CDP Ventures, Club Italia Investimenti and Club Digitale.
Further info about WeSchool
Since its first round, WeSchool has doubled its growth year after year, achieving a revenue of €700,000 in 2020, €1.8 million in 2021, and €3 million in 2022. Currently, WeSchool employs 68 people across Europe, mainly in Italy, Spain, and Greece. Their next focus is to increase international turnover in order to grow even faster.
What is WeSchool’s business model and who are its top customers?
WeSchool’s turnover is mostly generated in two ways: the first is selling the use of its platform, and the second is selling Educational Projects and our teaching model, both to companies and schools. Top customers are both small companies and large corporations, including Amazon, IKEA, Intesa Sanpaolo, JP Morgan, Luxottica, NIKE, Qualcomm, and Vodafone.
What are WeSchool future goals?
Conquer the world, always! And then, as my colleague Luca would say: ‘make it to Christmas in one piece’.