United Ventures Research
Investment Thesis
United Ventures is an independent, Milan-based venture capital firm founded in 2013 by Massimiliano Magrini and Paolo Gesess. The firm's stated mission is "we invest in people and technology," supporting visionary entrepreneurs who reinvent underdigitized industries through technology. Its published manifesto lays out six pillars: People First (entrepreneurial talent as the foundation of every successful venture), Enabling Technologies (backing founders disrupting markets that still lack digital transformation), an Anticipatory Approach (identifying opportunities before they become obvious, using data and pattern recognition rather than trend-following), Long-term Commitment (patient, hands-on support built on integrity, respect, merit, and collaboration), Impactful Returns (venture-scale returns paired with genuine societal impact), and Sustainable Growth (building a fairer, more inclusive technology ecosystem).
Sector Focus
United Ventures invests broadly across technology-driven sectors rather than a single vertical. Current portfolio evidence spans cybersecurity and fraud/identity protection (Cleafy, Exein, Cyberwave, Trustfull, Beelzebub), fintech and digital wealth (Moneyfarm, Young Platform, Volume), enterprise and developer infrastructure (Entando, Akamas, Zerynth, Cloud4wi), healthcare and life-sciences deep tech (Insilico Trials, Algorithmiq), agri-tech/IoT (xFarm Technologies), space logistics (D-Orbit), and an emerging focus on agentic AI and next-generation search (Seltz).
Stage Focus
The firm invests along the early-to-growth continuum. It runs sequential early-stage vehicles (UV1, UV2, UV3) alongside a dedicated growth fund (UV T-Growth), and it frequently follows on into its own portfolio companies as they scale (e.g., Cleafy, Algorithmiq).
Check Size
Under United Ventures III (the firm's fourth fund overall, launched July 2023 with a €150M target and a €65M first close), the firm writes initial cheques of roughly €1M-€8M, with an even split planned between new initial investments and follow-on capital over the fund's life.
Lead Tendency
Mixed and not conclusively documented: United Ventures led Beelzebub's €3M seed round outright (July 2026) but joined as one of several investors, without leading, in Seltz's $12.5M seed (June 2026, led by Speedinvest and B Capital). Treated as unknown pending clearer pattern confirmation.
Recent Activity
United Ventures remains actively deploying through mid-2026. It led Beelzebub's €3M seed round (announced July 27, 2026) to fund an AI-native cyber-deception platform's research team expansion and new Rome/San Francisco offices. It backed Seltz's $12.5M seed round (announced June 24, 2026), an agentic-web search infrastructure startup. In May 2026 it co-led Algorithmiq's €18M round (with CDP Venture Capital) as the Finland-founded quantum-software company moved its global headquarters to Milan, marking Italy's largest quantum VC round to date. Fund III (target €150M) first closed at €65M in July 2023 with backing from CDP Venture Capital, Banca Popolare di Milano, UniCredit, Sella, and Fondazione Carilucca.
Portfolio Highlights
The firm has backed roughly 55+ companies since 2013 (Tracxn, June 2026), with the majority Italian and a pan-European mandate. Notable prior exits include Musixmatch and FACEIT (esports platform), both cited as delivering 10x+ returns, plus Cazoo and Everli among the firm's broader exit history (2 IPOs, 10 acquisitions total per portfolio tracking). Current active portfolio includes Musixmatch, Moneyfarm, Young Platform, D-Orbit, xFarm Technologies, Mishipay, Entando, Zerynth, Electra Vehicles, Cleafy, Exein, Cyberwave, Trustfull, Akamas, Cloud4wi, Insilico Trials, Algorithmiq, Seltz, Beelzebub, Qura, Aindo, Datrix, Smartness, Stema, Wallife, Volume, Mainstreaming, AvaneIDI, and Futura.
Team
United Ventures is co-led by founders Massimiliano Magrini and Paolo Gesess (Managing Partners). The broader team spans investment, operations, and communications:
- Massimiliano Magrini - Founder & Managing Partner
- Paolo Gesess - Founder & Managing Partner
- Jacopo Drudi - Partner, Growth
- Fabio Pirovano - Partner, Growth
- Giulia Giovannini - Partner, Early Stage
- Elena Di Maio - Principal, Early Stage
- Riccardo Coletta - Principal, Growth
- Matteo Moscarelli - Principal, Early Stage
- Giovanni De Molli - Investment Analyst, Growth
- Domenico Di Mola - Venture Partner
- Nezahat Gultekin - Strategic Advisor
- Alessandro Pasin - Chief Operating Officer
- Marco Zoccati - Chief Financial Officer
- Francesca Perrotti - Corporate & Legal Affairs
- Giulia Margstahler - Communications & ESG
- Gabriele Fiacconi - Platform Engineer
- Martina Canarelli - Executive Assistant
Decision Process
The firm runs separate Early Stage and Growth partner tracks, each with dedicated principals and analysts feeding into the two founder-managing-partners, consistent with a multi-partner decision process rather than a solo GP model.
Founder Preferences
United Ventures explicitly prioritizes exceptional founders and teams capable of anticipating future market needs ahead of consensus, particularly those tackling underdigitized, structurally disrupted industries with defensible technology and a long-term orientation.
Geographic Focus
Primarily Italy, with a broader pan-European mandate; the firm also runs regionally anchored fund vehicles (UV2 Lazio, UV3 Lombardia) tied to Italian regional investment programs alongside its main pan-European strategy.
Assets Under Management
United Ventures is a registered AIFM (Bank of Italy authorization #150) managing roughly €500M-€540M in AUM across three early-stage funds (UV1, UV2, UV3) and one growth fund (UV T-Growth), assuming United Ventures III closes on its €150M target.