EUREKA! Venture SGR
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.
- Company typePrivate
- Founded2019
- HeadquartersMilano, Italy
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
EUREKA! Venture SGR firmographics
Firmographics- 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
EUREKA! Venture SGR industry classification
Industry- 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
Where EUREKA! Venture SGR is headquartered
LocationHeadquarters
- HQ city
- Milano
- HQ country
- Italy
- HQ region
- Europe
Offices2 records
Markets served
EUREKA! Venture SGR business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- Management Fees: VC funds typically charge management fees on committed capital, typically 1.5-2.5% annually on assets under management.
- 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
EUREKA! Venture SGR product offering
Product offeringCore 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
Companies that use EUREKA! Venture SGR
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles4 records
EUREKA! Venture SGR technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability11 records
EUREKA! Venture SGR partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor and core.
- MateriasminorEureka! signed a collaboration agreement with Materias for investments in advanced materials startups, signed March 2020.
- Politecnico di MilanocoreKey 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-NANOcoreINTA 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)coreBeDimensional 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)coreMultiple 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.
- ENEAminorItalian 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 BolognaminorUniversity partner for Bloxy technology transfer project on oxygen barrier films for sustainable packaging.
- Università di CagliariminorUniversity partner for Active Label technology transfer on smart temperature monitoring labels for cold chain certification.
Scale indicators8 records
Recent moves7 records
Expansion highlights6 records
EUREKA! Venture SGR competitors and assessment
Company assessmentDirect 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
EUREKA! Venture SGR social profiles
Digital presenceEUREKA! Venture SGR financial estimates
Financial estimateRevenue estimate
Valuation estimate
EUREKA! Venture SGR leadership team
Management profileNumber of profiles
Profiles1 record
EUREKA! Venture SGR subsidiaries and ownership
Company hierarchySubsidiaries1 record
EUREKA! Venture SGR funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EUREKA! Venture SGR M&A and investment
M&A and investmentM&A
Investments29 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EUREKA! Venture SGR
What does EUREKA! Venture SGR do?
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.
Is EUREKA! Venture SGR a public or private company?
EUREKA! Venture SGR is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was EUREKA! Venture SGR founded?
EUREKA! Venture SGR was founded in 2019. It employs 11 to 50 people.
Where is EUREKA! Venture SGR based?
EUREKA! Venture SGR is headquartered in Milano, Italy, in the Europe region.
How does EUREKA! Venture SGR make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest (Carry).
Who are EUREKA! Venture SGR's main competitors?
Direct peers on record are CDP Venture Capital SGR, Primo Capital SGR, LIFTT, United Ventures, P101 Ventures, 360 Capital Partners, A11 Venture, Nova Capital and Indaco Ventures SGR. Partech is listed as a broad incumbent.
Does EUREKA! Venture SGR have an API?
No public API is recorded for EUREKA! Venture SGR.
What industry is EUREKA! Venture SGR in?
EUREKA! Venture SGR's product category is Venture Capital Fund Management. Its primary akta.pro industry code is FSAAAGAL, Institutional Separate Accounts & SMAs (Mandates), with a secondary code of FSANALAG, Micro-PE / Lower Middle Market ETA Funds. Its NAICS code is 523940 and its SIC code is 6282.