Zest

What Zest does

Zest S.p.A. is an Italian venture capital and startup acceleration platform listed on Euronext Growth Milan (ticker: ZEST), headquartered in Rome with offices in Milan and Turin. Formed in 2023 from the merger of Digital Magics and LVenture Group — both pioneers of Italian early-stage innovation — Zest operates an integrated platform spanning Zest Investments (venture capital), Zest Innovation (open innovation and corporate venturing advisory), and a portfolio of acceleration programs. It manages 13 investment vehicles and over 250 portfolio companies, with a dealflow of 20,000+ startups, and participates in paritetic joint ventures OpenT (with Tinexta) and Apside (with Intesa Sanpaolo), as well as the Fin+Tech accelerator within CDP Venture Capital's national network. In October 2025 Zest acquired a 20% stake in Eureka! Venture SGR (Bank of Italy-authorized, €130M AUM), and in November 2025 co-invested in the €30M first close of Step Fund anchored by CDP Venture Capital.

The company's revenue model combines (i) investment management income — carried interest and management fees from its 13 vehicles — and (ii) advisory income from bespoke open innovation and corporate venturing mandates sold directly to large Italian corporations and institutions. GTM is primarily relationship-driven and deal-led: direct engagement with founders and corporates, anchored by The Hub in Rome (300+ events/year) and joint-venture channels with Tinexta, Intesa Sanpaolo, and CDP Venture Capital. Zest focuses its capital on frontier technology verticals — Artificial Intelligence, Cybersecurity, CleanTech, HealthTech, InsurTech & FinTech, Data & Business Software, Lifestyle & Consumer Tech, and Smart City & Factory — and is expanding internationally through partnerships with UNIDO ITPO Italy and Makers of Baghdad. Recent capital actions include a €4.5M planned capital increase (H1 2025) against a €42.71M subscribed share capital base, while H1 2025 results showed a net loss of €0.33M, consistent with an early-stage investment platform still in pre-realization scaling mode.

Name

Zest

Legal name

Zest S.p.A.

Website

https://zestgroup.vc

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

51–100 employees

Short description

Zest S.p.A. is a publicly listed Italian venture capital and startup acceleration platform that invests in early-stage tech companies and delivers open innovation advisory to corporations. It manages 13 investment vehicles, 250+ portfolio startups, and joint ventures with Intesa Sanpaolo and Tinexta.

Ownership category

akta.pro rank

Product category

Venture Capital and Startup Acceleration

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Marketing Consulting Services (541613)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

akta.pro secondary industries

Corporate Accelerators & Startup Programs (FSANAHAD), Emerging Manager / Seeding Platforms (Multi-Manager) (FSANAGAF)

Keywords

• Venture capital investments
• Startup acceleration
• Open innovation advisory
• Corporate venturing services
• Early-stage investment

Headquarters

HQ city

Rome

HQ country

Italy

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management (Carry & Management Fees): Zest generates returns through capital gains (carried interest) and management fees from its 13 investment vehicles. The portfolio of 250+ startups generates exits and follow-on rounds that produce realized and unrealized gains.
2. Open Innovation & Corporate Venturing Advisory: Tailored advisory services to corporations and institutions seeking technological transformation through engagement with startups. Revenue generated through consulting / service fees for structuring open innovation programs.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Zest is a publicly listed Italian venture capital and startup acceleration platform that invests in early-stage technology startups through 13 investment vehicles and joint ventures (including OpenT with Tinexta and Apside with Intesa Sanpaolo), manages a portfolio of 250+ startups, and sells tailor-made open innovation and corporate venturing advisory services to corporations and institutions. Its focus areas include Artificial Intelligence, Cybersecurity, CleanTech, HealthTech, FinTech, and Smart City technologies.

Product overview

Zest is a Milan Stock Exchange-listed venture capital and startup acceleration company formed from the merger of Digital Magics and LVenture Group. It operates as a platform comprising three core components: Zest Investments (venture capital arm managing 13 investment vehicles and joint ventures OpenT and Apside), Zest Innovation (open innovation and corporate venturing services), and Acceleration Programs (supporting 250+ portfolio startups). The company focuses investment on high-impact technologies including Artificial Intelligence, Cybersecurity, CleanTech, HealthTech, InsurTech & FinTech, Data & Business Software, Lifestyle & Consumer Tech, and Smart City & Factory sectors.

Differentiator

Problem solved

Functional benefit

Brands

• OpenT: Joint venture with Tinexta focused on fintech and innovation investments
• Apside
• Fin+Tech

Products and services

• Zest Investments (Venture Capital Arm) Venture capital investment arm managing 13 investment vehicles and joint ventures (OpenT with Tinexta, Apside with Intesa Sanpaolo) deployed into early-stage high-impact technology startups across AI, Cybersecurity, CleanTech, HealthTech, FinTech, and Smart City sectors.
• Zest Acceleration Programs Startup acceleration programs providing investment, mentorship, workspace access, and resources to early-stage technology companies, supporting a portfolio of 250+ startups and accessing 20k+ startups in dealflow.
• Zest Innovation (Open Innovation & Corporate Venturing Advisory)

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability10 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• IDNTT (Istituto Diodo Nano Technology)minorStrategic or Co-development Partner · 14 May 2026IDNTT and Zest partnered together to promote innovation, as reported in May 2026 press coverage.
• Fondazione Sviluppo e Crescita CRTminorStrategic or Co-development Partner · 20 April 2026Fondazione CRT and Zest jointly launched TechTO Industry Accelerator, a €1.9 million program to accelerate startups and foster industrial innovation in Piedmont and Valle d'Aosta.
• Makers of BaghdadminorStrategic or Co-development Partner · 14 April 2026Makers of Baghdad and Zest signed an agreement to strengthen industrial collaboration between Italy and Iraq, expanding Zest's international ecosystem development activities.
• UNIDO ITPO Italy (United Nations Industrial Development Organization)coreStrategic or Co-development Partner · 29 September 2025Zest Innovation collaborated with UNIDO ITPO Italy to deliver a 5-day training program 'Development of the Iraqi Innovation System' at The Hub in Rome, for five Iraqi managers representing the Federation of Iraqi Industries (IFI). The program was funded by the Italian Ministry of Foreign Affairs (MAECI) and focused on innovation ecosystems, open innovation, and entrepreneurship.
• Digital MagicscoreOthersZest is the product of the merger between Digital Magics and LVenture Group, the pioneers of innovation in Italy. This merger created the current entity with 20+ years of combined operating history.
• LVenture GroupcoreOthersZest is the product of the merger between Digital Magics and LVenture Group, the pioneers of innovation in Italy. This merger created the current entity with 20+ years of combined operating history.
• EUDIS (European Defence Industry Scheme) — EUDIS Business AcceleratorminorStrategic or Co-development PartnerZest served as local accelerator for the EUDIS Business Accelerator, participating in bootcamps across European cities (including Krakow). EUDIS is an initiative of the European Defence Fund supporting dual-use technology startups with a target of ~€2 billion by 2027.
• Rome TechnopoleminorStrategic or Co-development PartnerZest managed the SpinOut! entrepreneurship program on behalf of Rome Technopole, a research-to-enterprise initiative in the Health and Bio-Pharma sector, concluding with a final showcase event.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Digital Magics: The other predecessor entity that merged into Zest, focused on early-stage digital startup acceleration and open innovation advisory in Italy — directly comparable to Zest's core acceleration business.
• LVenture Group: One of the two predecessor entities that merged to form Zest. It operates an early-stage acceleration and investment platform in Italy, sharing the same core model of startup acceleration plus seed investment.
• P101 Ventures: Italy-focused early-stage venture capital firm investing in digital and deep-tech startups. Comparable in stage focus, Italian geographic mandate, and B2B software / fintech investment themes.
• Indaco Venture Partners: Italian venture capital firm managing multiple early-stage funds focused on Italian tech startups. Directly comparable in fund structure, deal size, and target portfolio companies.
• Eureka! Venture SGR: Italian asset management company authorized by the Bank of Italy specializing in alternative investment funds in private markets with €130M AUM. Zest holds a 20% stake, making it both a portfolio company and a direct peer in private-market fund management.
• Italian Angels for Growth: Largest Italian business angel network that co-invests with VCs across early-stage Italian tech rounds. It is a co-investor alongside Zest in deals like Waveful, competing for the same founders and rounds.
• United Ventures: Italian venture capital firm managing early-stage and growth funds focused on Italian and European tech startups. Overlapping portfolio themes in fintech, B2B software, and digital platforms.

Broad incumbents

• CDP Venture Capital: Italy's largest venture capital platform, anchored by Cassa Depositi e Prestiti. It is both Zest's anchor LP (Step Fund) and a co-investor (Fin+Tech, HabiSmart), making it the closest large-scale incumbent in Italian early-stage VC.
• Tinexta: Italian digital trust, cybersecurity, and business information group that is Zest's partner in the OpenT joint venture. Comparable as an incumbent that combines enterprise services with venture-style investments in adjacent tech themes.

Emerging players

• Bocconi Students Investment Club (and similar university accelerators): University-affiliated student-run early-stage investment club in Italy. Operates a smaller but overlapping pre-seed deal flow in the Italian startup ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/ZestGroupVC
• LinkedInlinkedin.com/company/zest-vc
• Instagraminstagram.com/zestgroupvc

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments14 records

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

Frequently asked questions about Zest