EUREKA! Venture SGR

What EUREKA! Venture SGR does

EUREKA! Venture SGR Spa is an Italian venture capital asset management company (AIFM) authorized by Banca d'Italia and registered as EuVECA manager n.16, founded in 2019 and headquartered in Milan with a secondary office in Rome. The firm manages approximately €130 million in assets under management across three specialized fund strategies: Eureka! Fund I (technology transfer and deep tech investments sourced from Italian research institutions), BlackSheep Fund (late-stage European marketing technology investments leveraging Big Data, AI, and Robotic Process Automation), and ETA Fund (the first Italian institutional investor in search funds / entrepreneurship through acquisition). CEO Stefano Peroncini leads an investment team with 25+ years of venture investing experience and 35+ years of technology transfer experience, with multiple exits including patent licensing and corporate partner transactions.

The firm's core competitive proposition is proprietary deal flow from established relationships with Italy's leading research institutions, including Politecnico di Milano, Scuola Normale Superiore di Pisa, CNR (National Research Council), IIT (Italian Institute of Technology), ENEA, and multiple universities, enabling it to identify and invest in science-based spin-offs before they reach broader market attention. Eureka!'s portfolio of 27+ investments spans deep tech verticals (energy, health, mobility, environment, AI/Big Data) and includes companies such as WISE (neurotechnology), Caracol (additive manufacturing), BeDimensional (graphene), INTA Systems (lab-on-chip diagnostics), Planckian (quantum batteries), Scibids (AI programmatic advertising), iGenius (conversational AI for BI), Nexoya (AI marketing optimization), and AlterEco Pulp (sustainable packaging). Key institutional LPs include the European Investment Fund, Cassa Depositi e Prestiti (via CDP Venture Capital SGR), Nestlé, A2A, ENI Next, the Malacalza family, and EIB. The firm also operates Eureka! TT S.r.l., a wholly-owned vehicle dedicated to proof-of-concept investments at research institutions.

EUREKA!'s business model follows the standard alternative asset manager framework, generating revenue through management fees on committed capital (typically 1.5-2.5% annually) and carried interest on fund returns above hurdle rates. The go-to-market is institutionally distributed through direct LP relationships, AIFI membership, and co-investment networks. In October 2025, Zest (Borsa Italiana-listed) acquired a 20% stake at an implied €650M post-money valuation, forming an integrated platform spanning acceleration, venture capital, and search fund investing. Eureka! distributes deal flow through an open startup submission portal on its website, direct outreach to universities and research institutions, and participation in venture ecosystem events and conferences.

Name

EUREKA! Venture SGR

Legal name

EUREKA! Venture SGR Spa

Website

https://eurekaventure.it

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

EUREKA! Venture SGR Spa is an Italian venture capital asset management company (AIFM) authorized by Banca d'Italia, managing approximately €130M AUM across three specialized funds: Eureka! Fund I (deep tech/technology transfer), BlackSheep Fund (European MadTech), and ETA Fund (search funds). It serves Italian research institutions, deep tech startups, and institutional LPs.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

akta.pro secondary industry

Micro-PE / Lower Middle Market ETA Funds (FSANALAG)

Keywords

• Venture capital management
• Deep tech investments
• Technology transfer
• Private equity funds
• Alternative investment funds

Headquarters

HQ city

Milano

HQ country

Italy

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Management Fees: VC funds typically charge management fees on committed capital, typically 1.5-2.5% annually on assets under management.
2. Carried Interest (Carry): Performance-based participation in fund returns, typically 20% of profits above the hurdle rate, aligning manager and investor interests.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

EUREKA! Venture SGR SpA is an Italian AIFM (Alternative Investment Fund Manager) authorized by the Bank of Italy that manages venture capital funds investing in deep tech, science-based, and MadTech companies. It operates three specialized funds — Eureka! Fund I (technology transfer from Italian research institutions), BlackSheep Fund (European late-stage MadTech), and ETA Fund (Search Fund investing) — and earns revenue through management fees on committed capital plus carried interest on fund returns.

Product overview

EUREKA! Venture SGR is an independent Italian venture capital Asset Management company authorized by the Bank of Italy, specializing in deep tech, science-based investments, and digital tech investments. The firm operates three distinct funds: Eureka! Fund I (technology transfer focused on deep tech startups with research institution connections), BlackSheep Fund (European MadTech late-stage investments in Big Data, AI, and RPA for marketing), and ETA Fund (Search Fund investments for entrepreneurial leaders). The portfolio spans multiple deep technology sectors including health tech, energy, mobility, environment, and AI/Big Data, with investments in companies such as QAPLA' (post-shipment marketing automation), Spoki (AI conversational marketing), Kleecks (Gen-AI digital optimization), Scibids (AI for programmatic advertising), iGenius (conversational AI for business intelligence), Nexoya (AI marketing automation), Caracol (robotic additive manufacturing), WISE (implantable neurotechnology), INTA Systems (lab-on-chip diagnostics), and AlterEco Pulp (sustainable packaging).

Differentiator

Problem solved

Functional benefit

Brands

• Eureka! Fund I: Technology transfer fund focused on deep tech investments from Italian research institutions
• BlackSheep Fund
• ETA Fund
• Eureka! TT S.r.l.

Products and services

• Eureka! Fund I Technology transfer venture capital fund that invests in deep tech startups emerging from Italian research institutions (Politecnico di Milano, Scuola Normale Superiore di Pisa, CNR, IIT, etc.), targeting science-based IP portfolio companies in energy, health, mobility, environment, and advanced materials. Available to institutional LPs and accessed by portfolio companies seeking early-stage capital and technology transfer support.
• BlackSheep Fund First European late-stage venture capital fund with an entrepreneurial background investing in MadTech (Marketing, Advertising, and Digital Technology). Invests in European tech companies transforming the marketing industry through Big Data, AI, and Robotic Process Automation. Available to institutional LPs and growth-stage European marketing/advertising technology companies.
• ETA Fund (Entrepreneurship Through Acquisition) Specialised small-private-equity vehicle dedicated to investing in Search Funds and supporting the next generation of entrepreneurial leaders in Italy. Available to search fund entrepreneurs and operators acquiring and running established small to medium-sized businesses.
• Eureka! TT S.r.l. Wholly-owned technology transfer investment vehicle used to deploy pre-seed / proof-of-concept capital into research projects emerging from Italian universities and research centers. Used internally by EUREKA! Venture SGR as a deal-sourcing and support mechanism for the Eureka! Fund I technology transfer thesis.

Quantifiable outcome

• €130 million assets under management across three specialized funds
• +1 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability11 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• MateriasminorStrategic or Co-development PartnerEureka! signed a collaboration agreement with Materias for investments in advanced materials startups, signed March 2020.
• Politecnico di MilanocoreStrategic or Co-development PartnerKey research partner for technology transfer. Multiple spin-offs invested by Eureka! including Aquaseek, Phononic Vibes, and i-TES originated from PoliMi research. Eureka! also partnered with PoliMi School of Management for Search Fund education.
• Scuola Normale Superiore di Pisa / CNR-NANOcoreStrategic or Co-development PartnerINTA Systems is the first spin-off of Scuola Normale Superiore di Pisa and CNR-NANO's NEST Laboratory. Eureka! invested in this technology transfer opportunity from this leading research institution.
• Italian Institute of Technology (IIT)coreStrategic or Co-development PartnerBeDimensional is a spin-out of IIT's Graphene Labs. Eureka! investment supports technology transfer from this major Italian research institution to industrial applications.
• CNR (National Research Council of Italy)coreStrategic or Co-development PartnerMultiple Eureka! investments originate from CNR research including IPCB-CNR (Reflex, Bloxy, Beyond Criopura), IMM-CNR (Perovsky), and other CNR institutes for materials science and nanotechnology transfer.
• ENEAminorStrategic or Co-development PartnerItalian national agency for new technologies, energy and sustainable economic development. Partner for proof-of-concept projects and ALICE project on photo piezoelectric actuators.
• Università di BolognaminorStrategic or Co-development PartnerUniversity partner for Bloxy technology transfer project on oxygen barrier films for sustainable packaging.
• Università di CagliariminorStrategic or Co-development PartnerUniversity partner for Active Label technology transfer on smart temperature monitoring labels for cold chain certification.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• CDP Venture Capital SGR: Largest Italian VC platform and Eureka!'s most active co-investment partner across Eureka! Fund I and BlackSheep. Both are Italian AIFMs investing across multiple fund vintages and stages, though CDP Venture is significantly larger and state-backed.
• Primo Capital SGR: Italian VC manager co-investing with Eureka! in deep tech deals such as Caracol. Operates a similar model of multi-stage Italian tech investing with comparable ticket sizes and sector overlap.
• LIFTT: Italian deep tech investor co-investing with Eureka! in companies including INTA Systems, CareGlance, Aquaseek and Novac. Closely comparable given its shared focus on Italian research-derived deep tech deals.
• United Ventures: Italian venture capital firm investing in digital and deep tech companies. Comparable as a domestic AIFM managing Italian LP commitments across similar early-to-growth stage tickets.
• P101 Ventures: Italian early-stage VC supporting digital and tech startups. Comparable in targeting Italian founders and sectors, with similar institutional LP relationships and stage focus.
• 360 Capital Partners: Trans-European early-stage VC with deep Italian roots. Co-invests with Eureka! in Phononic Vibes and EYE4NIR, offering comparable Italian/European deep tech and science-based investment focus.
• A11 Venture: Italian early-stage VC specializing in deep tech, co-investing alongside Eureka! in INTA Systems and 3DNextech. Closely comparable in deal sourcing from Italian research institutions and stage focus.
• Nova Capital: Italian VC investor co-investing with Eureka! in BeDimensional and iGenius. Operates a comparable Italian-anchored investment platform with similar sector breadth across deep tech and digital.
• Indaco Ventures SGR: Italian venture capital SGR participating alongside Eureka! in WISE's Series D. Comparable as another Italian-anchored AIFM with deep tech and growth-stage exposure.

Broad incumbents

• Partech: Pan-European venture capital firm with broader sector and stage coverage than Eureka!. Relevant as a benchmark for scale and a likely competitor for European deep tech and MadTech deals.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/eureka-venture
• Xx.com/eurekaventure

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments29 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EUREKA! Venture SGR