United Ventures Research
Investment Thesis
United Ventures is a Milan-based venture capital firm founded in 2013 by Massimiliano Magrini and Paolo Gesess. The firm's guiding principle is "we invest in people and technology," built on the belief that entrepreneurial talent is the starting point for every successful venture. United Ventures backs founders building technology-driven solutions to reinvent underdigitized industries, explicitly favoring firms that anticipate future market needs with facts and data rather than chasing trends. The firm frames itself as a patient, hands-on partner that stays engaged with founders from seed through scaling, seeking outcomes that combine venture-scale financial returns with genuine positive impact on the broader tech ecosystem.
Sector Focus
United Ventures invests broadly across technology-driven sectors, with recent activity concentrated in enterprise software, cybersecurity, fintech, healthcare/biotech (including drug discovery), IoT, and applied AI/robotics. Portfolio evidence shows strong representation in cybersecurity and fraud/identity protection (Cleafy, Exein, Cyberwave, Trustfull, IdentifAI), fintech (Moneyfarm, Young Platform, Volume), enterprise/dev infrastructure (Entando, Akamas, Zerynth, Cloud4wi), and an emerging focus on AI-native and deep-tech companies (Algorithmiq for quantum-assisted drug discovery, Beelzebub, Seltz for agentic search).
Stage Focus
The firm positions itself along the early-to-growth continuum. It runs multiple early-stage vehicles (UV1, UV2, UV3) as well as a dedicated growth fund (UV T-Growth), and frequently follows on into its own portfolio companies (e.g., Cleafy, IdentifAI, xFarm Technologies) as they scale.
Check Size
Per United Ventures III (the firm's fourth fund overall), initial investments range from approximately €1M to €8M, with the firm planning an even split between new initial checks and follow-on capital across the fund's life.
Lead Tendency
Not conclusively documented in public sources; the firm both leads early rounds and follows into growth rounds. Treated as unknown pending more direct confirmation.
Recent Activity
United Ventures remains actively deploying in 2026. Recent investments include Beelzebub (July 2026), Seltz (June 2026), Algorithmiq (May 2026), a follow-on in Cleafy (March 2026), and Qura (March 2026). In 2025 the firm backed Cyberwave, Trustfull, a follow-on in IdentifAI, Exein's €70M Series C, and Akamas. Fund United Ventures III announced its first close at €65M (target €150M) in July 2023.
Portfolio Highlights
The firm has backed roughly 35+ startups (about 70% Italian) across its history. Notable exits include Musixmatch and the esports platform FACEIT, both cited as delivering 10x+ returns, and Fiscozen, which was acquired by Visma in 2024. Current portfolio spans consumer and enterprise names including Musixmatch, Moneyfarm, Young Platform, D-Orbit, xFarm Technologies, MiShiPay, Entando, Zerynth, and Electra Vehicles.
Team
United Ventures is led by co-founders Massimiliano Magrini and Paolo Gesess (Founder & Managing Partners). The broader team includes:
- 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
Investment decisions appear to run through a multi-partner structure (separate Early Stage and Growth partner tracks plus principals and analysts), consistent with a partnership decision process rather than a solo GP.
Founder Preferences
United Ventures explicitly prioritizes "exceptional founders and teams" who can anticipate future market needs ahead of consensus, particularly those tackling underdigitized, structurally disrupted industries with defensible technology.
Geographic Focus
Primarily Italy (roughly 70% of the portfolio), 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 manages approximately €500M in AUM across three early-stage funds (UV1, UV2, UV3) and one growth fund (UV T-Growth).