Prana Ventures (Milan) Research
Investment Thesis
Prana Ventures SICAF EuVECA S.p.A. describes itself as the first Italian operational venture capital firm focused specifically on seed and post-seed investments in high-tech startups. Founded in 2021 and headquartered in Milan, the firm pairs capital with hands-on operational support: its team works alongside founders providing technical, financial, and go-to-market expertise, with the explicit goal of both ensuring quality outcomes and accelerating growth. The firm positions itself as one of the few institutional players in Italy dedicated to the seed/post-seed stage, betting that this is the phase with the most opportunity and the least institutional competition domestically.
In June 2026, Milan-based growth-stage firm P101 acquired Prana Ventures in what was reported as the first consolidation deal in the Italian venture capital sector. The combined platform, operating under the P101 umbrella with a new dedicated vehicle called Prana101, now aims to support companies from seed through scale-up, backed by P101's existing €600M+ raised across its fund family. The seed strategy continues to be led by Prana Ventures founder Lisa Di Sevo alongside P101 partner Guido Giordano, preserving the original operational, founder-close investment approach while adding access to follow-on capital and a broader institutional network.
Sector Focus
Prana Ventures describes itself as sector-agnostic, backing teams with the ambition to revolutionize their industry through new technology rather than restricting to a fixed vertical list. In practice the portfolio spans cybersecurity/AI (Bynario), AI-powered media and events tech (GetPica), climate/carbon accounting SaaS (Green Future Project), EV charging hardware and software (Daze), insurtech for travel operators (BeSafe Group), WebAR martech (Aryel, exited), outdoor travel booking (Sharewood), AI-driven proptech rent-to-own (Ring33), HR/payroll SaaS (Jet HR, exited), pet food e-commerce (Hygge), institutional crypto trading infrastructure (Hercle), youth-focused digital media (Factanza, exited), AI hospitality concierge (Otello AI), healthy-breakfast food e-commerce (Bowlpros), a healthtech travel-medicine marketplace (Doctorsa), and a future-of-work talent marketplace (Cosmico). Going forward under Prana101, the stated strategy centers on how AI is reshaping business models, digital infrastructure, and services for both consumers and businesses.
Stage Focus
Seed and post-seed is the core focus, with the firm explicitly stating this is the underserved stage with the most opportunity in the Italian market. The Prana101 vehicle formalizes a pre-seed and seed mandate for Italian and broader European tech startups, with the new P101 relationship enabling follow-on participation into later rounds.
Check Size
The historical Prana Ventures ticket size ran from €250,000 to €750,000 for a first investment, consistent with a seed/post-seed specialist. The firm has publicly stated approximately €8.0M invested to date across its screened deal flow prior to the P101 transaction. Prana101 is targeting a €100M fund with a first close expected by the end of 2026, which should meaningfully expand available check sizes and follow-on capacity.
Lead Tendency
Prana Ventures has led or co-led several rounds directly: it was the lead investor in Cosmico's €4M Series A, led Aryel's €700K seed round, and co-led (with FNDX) BeSafe Group's €3M Series A alongside CDP Venture Capital SGR. It also participated in Jet HR's €4.7M round. This track record points to a firm comfortable leading at seed/post-seed rather than purely following.
Recent Activity
The defining recent event is the June 2026 acquisition by P101 and the launch of the Prana101 seed fund (target €100M, first close expected by end of 2026). Portfolio company Cosmico separately raised €12M and acquired 100% of Flatmates, targeting €40M in group revenue for 2026. On the team side, Sergio Scalzi transitioned from Prana Ventures' investment team to Principal at P101 in April 2026, continuing to cover the seed stage under the merged platform.
Portfolio Highlights
Notable companies include Cosmico (talent/future-of-work marketplace, since expanded via the Flatmates acquisition), Aryel (WebAR martech, exited), Jet HR (HR/payroll SaaS founded by ProntoPro's Marco Ogliengo, exited), Factanza (youth digital media, exited), BeSafe Group (travel insurtech), Daze (EV charging, €15M capital raise in Feb 2024), Hercle (institutional crypto trading, €1.7M raise in 2023), and Doctorsa (travel healthtech marketplace).
Team
- Lisa Di Sevo, Founder & Managing Partner — founded Prana Ventures in 2021 and now leads the seed strategy for Prana101 under P101
- Alessio Semoli, President
- Guido Giordano, Partner — co-leads the seed strategy alongside Lisa Di Sevo post-acquisition
- Alessandro Del Guerra, Non-Executive Director & Chief Legal Officer — with the firm since inception, also a co-founding partner at law firm DGRS
- Pietro Crosti, Chief Financial Officer — oversees financial operations and fiscal management
- Sergio Scalzi, Investment Team — moved to Principal at P101 in April 2026, continuing seed coverage
- Ambrogio Iacuitti, Investment Team
- Ilaria Soro, Junior Business Analyst — with the firm since mid-2023
Decision Process
Partnership-style governance: a Managing Partner and President oversee strategy, supported by a dedicated Partner and investment-team analysts; formal committee structure is not publicly documented.
Founder Preferences
Technical, ambitious founding teams building category-revolutionizing technology, with a preference for measurable data-driven growth and willingness to work closely with an operationally involved investor.
Geographic Focus
Primarily Italy, with the Prana101 mandate under P101 now explicitly extending to European tech startups more broadly.