Italy-based venture capital firm United Ventures has received €100m ($117m) of capital commitments for UV T-Growth, a growth-stage investment fund anchored by telecommunications firm Telecom Italia (TIM).
The fund’s target has been increased to €180m, from the €150m reported at the launch of the fund in August 2020. United Ventures expects to reach the target for its close by 2022.
UV T-Growth will invest in late-stage companies located in Europe and will focus on innovative technologies such as 5G, artificial intelligence, cybersecurity, the internet of things and cloud services.
United Ventures will use the vehicle to invest an average of €10m to €15m per round. TIM’s corporate venturing subsidiary, TIM Ventures, has committed about $70m to the vehicle through its role as anchor investor.
TIM Ventures chief executive Carlo Tursi said: “We believe that venture capital is the right tool to accelerate innovation, and United Ventures is the ideal partner to accompany us on this journey.
“The launch of UV T-Growth confirms our commitment to developing innovative services, applications and technologies based on 5G and all ultra-broadband network infrastructures.”