Step Fund is an early stage venture capital vehicle based in Milan and Naples that backs Italian founders building globally scalable digital companies. The fund was created to strengthen Italy’s innovation ecosystem, with a particular mandate to accelerate entrepreneurship in Southern Italy in alignment with national development priorities. Managed by Alternative Capital Partners Sgr, Step Fund combines local expertise with international investment experience, aiming to support founders who are building technology driven businesses with strong commercial potential.
The fund invests in digital startups with a clear emphasis on artificial intelligence and data driven innovation. Its core sectors include fintech, healthtech, B2B software, and what the team defines as the connected world, which spans platforms and services enabled by pervasive digitalization. Step Fund targets companies born in Italy but designed to reach global markets.
Step Fund held the first close of its inaugural vehicle at 30 million euros, with a final target of 50 million euros and a hard cap of 80 million euros. The fund is structured as a seed focused vehicle supporting early stage companies across the Italian innovation landscape.
CDP Venture Capital Sgr committed 20 million euros as anchor investor through the Digital Transition Fund, part of the EU financed NextGenerationEU program. Additional LPs include Zest, Reale Mutua, Add Value, and other strategic partners.
This vehicle is designed to catalyze digital transformation throughout Italy, with an explicit mandate to deploy significant capital in Southern regions in line with the National Recovery and Resilience Plan.
The fund also integrates ESG principles and is classified as an Article 8 plus SFDR fund, ensuring alignment with European sustainability criteria and the ESG policy of Alternative Capital Partners Sgr. A dedicated Investment Committee composed of the Step Venture team oversees selection and governance. As the fund is newly launched, public portfolio disclosures may still be limited.
Leadership
The fund is led by Maria Imbesi, Roberto Montandon, Michele Novelli, and Gennaro Tesone, a team of investors and entrepreneurs with over two decades of shared experience. The leadership has worked together for more than ten years, combining operational backgrounds with early stage investment expertise.
Alternative Capital Partners Sgr provides overall management, and Michele Novelli has also joined the board of Acp Sgr as part of the expansion of its venture investment capabilities.
Investment Strategy
Step Fund applies a concentrated and thesis driven approach to seed investing, focusing on AI enabled digital innovation and vertical technologies with high scalability potential.
The team seeks founders with international ambition, strong technical capabilities, and early evidence of market traction. The strategy places emphasis on accelerating the digital transition in Italy while supporting regional development goals, especially in Southern Italy. ESG alignment is integrated into the investment process and portfolio monitoring.
Notable Investments
As a newly launched fund, Step Fund has not yet publicly disclosed a full list of portfolio companies.
Early investments are expected to center on AI driven digital platforms, fintech applications, healthtech solutions, and B2B software built in Italy with global commercial pathways.
Notable Exits
There are no publicly announced exits to date, given the fund’s early stage and recent formation.
Other
Founders should note that Step Fund benefits from strong institutional backing and alignment with national digital transformation initiatives. Its mandate includes both financial returns and regional economic development, which may create opportunities for startups based outside of Italy’s traditional innovation hubs.
The fund’s ESG classification may also appeal to founders building sustainable digital solutions.
Italy
