Fund profile / Italy

Programma 103 (P101 SGR)

Geography: Italy
Stage: Series A
Fund size: €250M
Focus: AI/ML, Climate & Sustainability, EdTech and SaaS
Signals: Published

N°01 / About

About Programma 103 (P101 SGR)

Programma 103 (P101 SGR) is a venture capital firm based in Italy, focusing on Series A stage investments. The fund actively supports founders building innovative solutions in AI/ML, Climate & Sustainability, Digital Education Consumer, SaaS, providing strategic guidance and capital to help startups scale.

N°02 / Thesis

Investment Focus

Location / RegionItaly

Funding StageSeries A

Industry Focus

AI/ML

Climate & Sustainability

EdTech

SaaS

Investor Signals Profile

active

Sweet Spot

Italian tech founder ready to scale internationally

Italian VC

Early-stage

Late-stage growth

Life Sciences

RegTech

Food Tech

Corporate Welfare

Bullish Signals

Active publisher, Italy VC ecosystem insightsexternal

Late-stage deals doubled in Italian portfolioexternal

Italy VC hit €1.4B, +17% YoYlinkedin

Life Sciences investment surged +99%linkedin

9 unicorns, 1 decacorn in Italian ecosystemlinkedin

P101 CEO quoted in Corriere della Seralinkedin

Published «State of Italian VC» report 2025linkedin

17K+ LinkedIn followers, high engagementlinkedin

Italy's first major VC consolidation dealexternal

P101 integrates PranaVentures, AUM expansionexternal

P101-PranaVentures closed June 2026, Italian VC consolidationexternal

P101 leads Biorsaf €5.2M round, Food RegTechexternal

Biorsaf acquires Cooki, Italy's leading Food RegTechexternal

Active late-stage lead investor, Sept 2026external

Toduba acquires BitQ, corporate welfare consolidationexternal

Contrarian Signals

Italy ecosystem still early-stage heavyexternal

AI gap vs. France & Germany persistslinkedin

Exit infrastructure still underdevelopedlinkedin

No European public market for exits yetlinkedin

Talent strong, infrastructure must catch uplinkedin

Founder Do's

Build for European scale from day one

Leverage Italy's growing Life Sciences momentum

Align with institutional tech narrative

Show international capital & corporate traction

Plan exit via European public market angle

Target regulatory compliance verticals (RegTech)

Explore corporate welfare consolidation opportunities

Founder Don'ts

Ignore international capital angle

Underestimate exit strategy complexity in Italy

Pitch AI without differentiation vs. FR/DE peers

31 signals on Programma 103 (P101 SGR)

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Facts

Fund Overview

Fund Size€250M

Saves0

Website

People

Key People

Andrea Di Camillo, Giuseppe Donvito

Andrea Di CamilloCEO

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