Indaco Venture Partners SGR Research
Investment Thesis
Indaco Venture Partners SGR, founded in 2016 and based in Milan, describes itself as the largest independent Italian venture capital asset management company. It invests across all sectors with a specific focus on technology and digital, and specializes in companies that innovate in electronics, robotics and new materials, medtech, biotech and pharma, and digital. The team says it has deep experience in venture investing in Italy and abroad and a high number of successful exits, including IPOs and trade sales to corporate partners.
Sector Focus
The firm's portfolio page groups its roughly 69 listed positions into five key sectors:
- Electronics, IoT and Robotics (17 companies)
- Digital (17 companies)
- Biotech and Pharma (12 companies)
- Medtech (10 companies)
- New Materials and Cleantech (5 companies)
Recent activity leans heavily toward biotech and therapeutics, driven by the dedicated Indaco BIO fund, alongside deeptech such as space logistics (D-Orbit), nuclear (Newcleo), photonics (2DPhotonics) and semiconductors (Codasip, UltraSoc).
Stage Focus
The portfolio is tagged by stage as Accelerators and Funds (8), Startup (30), Growth (13) and Exit (30). The firm backs seed and technology-transfer deals (for example Micthera, described as its first technology transfer investment under the new structure) and follows on into Series A, B and C rounds (Hoba, Freya, Genespire, Nouscom). Individual check sizes are not published.
Check Size
Not disclosed on the site. Fund sizes of EUR 15M to EUR 134M and portfolios of 5 to 24 companies per fund imply initial tickets in the low single-digit millions of euros, but this is an inference and is not recorded as a field.
Lead Tendency
Press releases mix lead and participation language. Indaco announces its own investments in Series A and B rounds, and co-invests in later rounds with international investors. Lead tendency is recorded as unknown.
Funds and Recent Activity
Indaco manages 7 funds with more than EUR 363M in total:
- Indaco Ventures I: Digital, DeepTech and Medtech, started 2017, term 2028, EUR 134M, 24 investments
- Indaco Ventures I - Parallel Lombardia: started 2024, EUR 14.6M, funded by the Lombardia Venture fund of funds of Regione Lombardia, 5 investments including WISE and Tethis
- Indaco BIO: Pharma-Biotech, started 2022, term 2032, EUR 97M at first closing, 13 investments
- Indaco BIO Lombardia: started 2026, EUR 18.6M
- Previous funds, including the TT Venture technology transfer fund (EUR 64M, 2008 to 2024), Atlante Seed and Atlante Ventures
Recent news: Medtronic strategic investment in portfolio company Pi-Cardia (September 2026), completed exit from D-Orbit by the TT Venture fund (January 2026), a new round for MainStreaming (September 2025), membership in the EIC Trusted Investor Network (October 2024), and the Series B of Genespire (September 2024). The firm is actively deploying.
Portfolio Highlights
- D-Orbit: space logistics, raised USD 110M in 2024, exited by TT Venture in January 2026
- Nouscom: EUR 67.5M Series C in late 2023
- Freya Biosciences: USD 38M Series A
- Genespire: EUR 46.6M Series B for pediatric in-vivo gene therapy
- Hoba Therapeutics: EUR 23M Series A for chronic neuropathic pain
- Pi-Cardia: structural heart, strategic investment from Medtronic
- Newcleo: advanced nuclear
- Others include Codasip, Expert AI, Cortilia, Giglio.com, Almawave, Silicon Biosystems and Directa Plus. The site claims more than 40 portfolio companies and more than 15 successful exits.
Team
- Davide Turco: Co-Founder and Managing Director
- Elizabeth Robinson: Co-Founder and Vice Chairman
- Antonella Beltrame: Co-Founder, Board Member and Investment Director
- Alvise Bonivento: Co-Founder, Board Member and Investment Director
- Giovanni Rizzo and Goncalo Rebelo De Andrade: Partners, Indaco BIO Fund
- Carlo Sanfilippo and Cosimo Calcagno: Senior Investment Managers
- Federico Ferrari and Christian Saraullo: Investment Analysts
- Domenico Laudonia and Simone Zanolo: Venture Partners
- Raffaella Salutari (CFO), Fabio Bianchi (Head of Legal and HR), plus finance and assistant staff
Decision Process
A partnership of co-founders and investment directors, with dedicated partner teams for the BIO fund. The firm is a regulated Italian SGR with an investment committee structure typical of fund managers, but the site does not describe the process in detail. Recorded as partnership.
Founder Preferences
Founders with deep technology, often university or research spinouts and technology-transfer projects, in electronics, medtech, biotech and digital. The firm takes inbound projects through a Send us your project form and runs a Tech Champions program.
Geographic Focus
Italy first, and selectively abroad. Several portfolio companies are European (UK, Switzerland, US-Italian hybrids), and the Parallel Lombardia funds are tied to Lombardy. The firm is a member of the EIC Trusted Investor Network.