New €30 million Step Fund targets early-stage Italian startups with international growth potential

Milan based VC Step Venture has announced the first closing and operational launch of its Step Fund at €30 million, continuing its focus on Seed-stage investments in Italian startups with the potential of international scalability – with the aim of raising €50 million (with a hard cap of €80 million).

CDP Venture Capital Sgr acted as anchor investor and committed €20 million through the Digital Transition Fund – PNRR (DTF), financed by resources provided under the EU’s NextGenerationEU initiative. Zest, Reale Mutua, and Add Value also joined the project.

Michele Novelli, Partner at Step Venture, said: “Venture capital today is a key asset class to support the growth of the European economy, particularly at a time when Artificial Intelligence and digital technologies are reshaping production models and markets.”

The launch of Step Fund comes amid a period of notable activity in Italy’s early-stage and digital investment landscape in 2025.

Several Italian startups have recently secured Seed-stage financing – for instance, Skillvue raised €5.5 million to advance its AI-powered HR platform, SylloTips obtained €4.2 million to scale its workplace learning AI, and Lexroom secured €16 million for its generative-AI legal platform. This varied funding points to growing investor confidence in Italy’s AI and B2B software ecosystem – directly overlapping with Step Fund’s investment domains of FinTech, HealthTech and connected-world technologies.

On the fund side, Step Fund’s first-close aligns it with a broader European wave of early-stage capital formation. Within Italy, Maia Ventures recently launched a €55 million vehicle focused on FoodTech and AgriTech. Regionally, comparable funds include Adara Ventures in Spain with €100 million targeting applied AI and digital infrastructure, and Armilar Ventures, which raised €120 million for DeepTech and digital transformation ventures.

Taken together, these developments suggest that Italy is strengthening its position within Europe’s early-stage innovation ecosystem. With local peers such as Skillvue, SylloTips and Lexroom expanding rapidly and new funds like Maia Ventures and Step Fund increasing available domestic capital, 2025 is marking a consolidation of Italy’s venture funding capacity, particularly in AI-enabled and digital sectors.

“Step Fund was created to support startups from the very first stage of their journey, providing capital, entrepreneurial expertise and a deep understanding of what means to build a business. I’m thrilled to take this step alongside Maria, Roberto and Gennaro, long-time partners with whom I share strong and complementary team dynamics,” added Novelli. 

Step Ventures was founded in 2022 by Maria Imbesi, Roberto Montandon, Michele Novelli and Gennaro Tesone, who have built, scaled and exited tech companies across Europe, supporting more than 100 start-ups and achieving successful exits through IPOs and M&A deals with global players such as Xerox, Telefónica, Klarna, +Simple, Blackstone and TripAdvisor.

The fund will invest in high-potential digital companies with a strong technological edge, particularly those active in FinTech, HealthTech, B2B software and the connected world, where AI plays an enabling role.

Andrea Birolo, Head of Digital Business, Corporate Venture Capital and Partnerships at Reale Group, added: “This partnership represents a strategic opportunity for Reale Group to engage with high-quality startups capable of developing tangible and relevant solutions for our business. Step Fund enables us to accelerate the adoption of new technologies and operating models, further strengthening our path of transformation and growth.”

Step Fund will operate from two offices, in Milan and Naples, to support startups emerging not only from major innovation hubs but across the country, with a particular focus on Southern Italy. In line with the objectives of the National Recovery and Resilience Plan (PNRR), a dedicated capital reserve will be allocated to this area to help foster the development of a vibrant local entrepreneurial ecosystem with a global outlook.

Enrico Filì, Head of the Digital Transition Fund – PNRR at CDP Venture Capital Sgr, commented: “Our investment in Step Fund is another key step in our strategy to support Italy’s digital transition, with a particular focus on Southern Italy, which will receive at least 20% of the fund’s resources. We have great confidence in Step Fund and its team’s capabilities, and we are proud to have supported its launch. We are confident they will guide portfolio companies toward solid growth and international success.”

The fund is managed by Alternative Capital Partners Sgr (Acp Sgr), an Italian asset management company that has already launched and managed alternative investment funds with an innovative, thematic and sustainable approach. With Step Fund, Acp Sgr expands and diversifies its product offering and management team.

Michele Novelli recently joined the board of Acp Sgr, and a dedicated Investment Committee has been established, comprising all members of the Step Venture team.

Emanuele Ottina and Ofelia Harder, respectively CEO and Senior Manager Business Development and Fundraising at Acp Sgr, added: “The launch of Step Fund marks a significant milestone for Acp Sgr, strengthening our positioning as an innovative, sustainable and multi-strategy asset manager.

“With the proven track record of the Step Venture team, the trust of our anchor investor CDP Venture Capital Sgr, and the engagement of strategic corporate investors already on board and others in due diligence, we are confident in our ability to create value and contribute meaningfully to Italy’s sustainable growth.”

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