Step Fund Raises €30M to Support Early-Stage Italian Startups With Global Potential

CDP Venture Capital Sgr acted as the anchor investor, committing €20 million through the Digital Transition Fund – PNRR (DTF), financed by the EU’s NextGenerationEU initiative. Additional participants in the fund include Zest, Reale Mutua and Add Value.

Michele Novelli, Partner at Step Venture, said: “Venture capital today is a key asset class to support the growth of the European economy, particularly at a time when Artificial Intelligence and digital technologies are reshaping production models and markets.”

The launch of Step Fund comes at a time of strong activity in Italy’s early-stage and digital investment scene. Several Italian startups recently secured seed funding, including Skillvue (€5.5M) for its AI-powered HR platform, SylloTips (€4.2M) for workplace learning AI and Lexroom (€16M) for its generative-AI legal platform.

These investments reflect growing investor confidence in Italy’s AI and B2B software ecosystem, which aligns with Step Fund’s focus on FinTech, HealthTech, and connected-world technologies.

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Step Fund’s first close also aligns with a broader European wave of early-stage capital formation. In Italy, Maia Ventures launched a €55 million vehicle for FoodTech and AgriTech. Across Europe, comparable funds include Adara Ventures (Spain, €100M) for applied AI and digital infrastructure, and Armilar Ventures (€120M) for DeepTech and digital transformation ventures.

These trends show that Italy is strengthening its role in Europe’s early-stage innovation ecosystem. With startups like Skillvue, SylloTips and Lexroom scaling quickly, and new funds like Step Fund and Maia Ventures increasing domestic capital, 2025 marks a consolidation of Italy’s venture funding capacity, particularly in AI-driven and digital sectors.

“Step Fund was created to support startups from the very first stage of their journey, providing capital, entrepreneurial expertise and a deep understanding of what means to build a business. I’m thrilled to take this step alongside Maria, Roberto and Gennaro, long-time partners with whom I share strong and complementary team dynamics,” added Novelli.

Founded in 2022 by Maria Imbesi, Roberto Montandon, Michele Novelli, and Gennaro Tesone, Step Ventures brings together founders and investors who have built, scaled, and exited tech companies across Europe. Collectively, they have supported over 100 startups and achieved successful exits through IPOs and M&A deals with global companies such as Xerox, Telefónica, Klarna, +Simple, Blackstone, and TripAdvisor.

Step Ventures focuses on investing in high-potential digital companies with a strong technological edge, particularly in FinTech, HealthTech, B2B software and connected-world technologies, where AI serves as a key enabler.

Andrea Birolo, Head of Digital Business, Corporate Venture Capital and Partnerships at Reale Group, added: “This partnership represents a strategic opportunity for Reale Group to engage with high-quality startups capable of developing tangible and relevant solutions for our business. Step Fund enables us to accelerate the adoption of new technologies and operating models, further strengthening our path of transformation and growth.”

Step Fund will operate from two offices, in Milan and Naples, to support startups emerging not only from major innovation hubs but across the country, with a particular focus on Southern Italy. In line with the objectives of the National Recovery and Resilience Plan (PNRR), a dedicated capital reserve will be allocated to this area to help foster the development of a vibrant local entrepreneurial ecosystem with a global outlook.

Enrico Filì, Head of the Digital Transition Fund – PNRR at CDP Venture Capital Sgr, commented: “Our investment in Step Fund is another key step in our strategy to support Italy’s digital transition, with a particular focus on Southern Italy, which will receive at least 20% of the fund’s resources. We have great confidence in Step Fund and its team’s capabilities, and we are proud to have supported its launch. We are confident they will guide portfolio companies toward solid growth and international success.”

The Step Fund is managed by Alternative Capital Partners Sgr (Acp Sgr), an Italian asset management company known for launching and managing innovative, thematic, and sustainable investment funds. With Step Fund, Acp Sgr is expanding and diversifying its product offerings and management team.

Michele Novelli has recently joined the Acp Sgr board, and a dedicated Investment Committee has been established, composed of all members of the Step Venture team.

Emanuele Ottina and Ofelia Harder, respectively CEO and Senior Manager Business Development and Fundraising at Acp Sgr, added: “The launch of Step Fund marks a significant milestone for Acp Sgr, strengthening our positioning as an innovative, sustainable and multi-strategy asset manager.

“With the proven track record of the Step Venture team, the trust of our anchor investor CDP Venture Capital Sgr, and the engagement of strategic corporate investors already on board and others in due diligence, we are confident in our ability to create value and contribute meaningfully to Italy’s sustainable growth.”

About Step Venture

Step Venture is a venture capital fund backing Italian early-stage innovators. Through Step Fund, it invests in AI-driven digital startups in FinTech, B2B software, HealthTech, and connected-world sectors. The fund follows a responsible investment policy aligned with SFDR Art. 8+, promoting sustainability and responsible growth.