Credem Group, an Italy-based bank, has closed its first deal from its corporate venture capital (CVC) launched in April as peer Intesa sets up a new fund.
Credem’s Euromobiliare Asset Management unit has backed Noonum, a US-based financial analysis and portfolio construction provider developed in the Franklin Templeton Silicon Valley FinTech Incubator.
Paolo Magnani, head of Credem Group’s wealth management area, said: “We want to work with Noonum in order to allow our portfolio managers to use alternative data for their analysis and improve our thematic and ESG [environmental, social and governance] mutual funds quality.
“Noonum’s technology collects, aggregates and analyzes news and data across several different sources and allows portfolio managers to detect high potential companies to invest in. This is just a first step in a long journey that we are beginning together with Franklin Templeton, and we aim to be increasingly active on these issues in the future.”
Michele Quinto, head of distribution Italy at Franklin Templeton, added: “we are very proud to have orchestrated the Credem and Noonum meeting and subsequent collaboration.”
Separately, Intesa Sanpaolo Group’s venture capital unit, Neva, has set up a new investment fund.
Neva First Italia has been backed by fund-of-funds VenturItaly and the local Ministry for Economic Development’s co-investment fund managed solely by CDP Venture Capital. The fund will invest in Italian tech, deeptech and fintech companies and complement the Neva First fund, which was set up in August 2020 and has invested more than €60m in both Italian and international startups.
“Investing in Neva First Italia is strategic to strengthening the deeptech and fintech sectors, which are still scarcely covered by venture capital in Italy but are well represented in the range of high potential young companies that must aspire to become international champions,” according to Enrico Resmini, CEO and general manager of CDP Venture Capital.
Mario Costantini, CEO of Neva, added: ” The Neva First Italia fund will operate in parallel with our first fund, Neva First, which can count on a total endowment of €200m and a funding target of €250m by 2022.”
In managing the fund, Mario Costantini will be assisted by Antonio Chiarello.
