NVM Ventures launches with €23.6M first close for dual-use startups
What's the deal? NVM VenturesDealroom has a profile for this one. Try Dealroom →, a new Italian venture capital firm, has raised €23.6 million in commitments for its first fund, NVM Venture Lazio, which targets deep-tech startups building dual-use technologies. The sub-fund aims to back 10 to 15 pre-seed and seed companies with civil and defence applications, acting mainly as lead investor.
Who's backing it? Of the total, €18.83 million came from Lazio InnovaDealroom has a profile for this one. Try Dealroom →, the in-house company of Italy's Lazio region, through Lazio Venture 2Dealroom has a profile for this one. Try Dealroom →, a regional fund of funds cofinanced by the PR FESR 2021–2027 programme. The fund has a target size of €35 million.
What's the endgame? NVM VenturesDealroom has a profile for this one. Try Dealroom → is a multi-compartment fund, meaning it can host several distinct portfolios, each with its own strategy and team. The structure shares fixed costs across sub-funds while keeping investment decisions independent.
The firm was founded by Andrea Bonabello and Niccolò Bienati, both from Ulixes Capital PartnersDealroom has a profile for this one. Try Dealroom →, which exclusively supports the Lazio sub-fund in sourcing and monitoring investments. Giorgio Gulienetti, with more than 30 years in aerospace and defence at Leonardo, the European Commission, and NATO, and Alessandro Casiraghi, a venture capital veteran from France's OneRagtimeDealroom has a profile for this one. Try Dealroom → and Blast, lead investments.
What's it looking for? The fund seeks startups with international growth potential and the ability to strengthen Lazio's innovation ecosystem. Target sectors span aerospace, maritime, robotics, autonomous systems, cybersecurity, defence AI, energy infrastructure, new materials, advanced manufacturing, and biotechnology.
Bonabello said NVM Ventures targets "teams with a demonstrable track record and a clear, specialist investment thesis" (translated from Italian). For such teams, joining the platform means "shorter launch times, shared fixed costs, and immediate credibility with institutional investors."
The signal: Dual-use technology is drawing growing investor attention. A 2025 Mind the BridgeDealroom has a profile for this one. Try Dealroom → study examined 64,000 scaleups across 47 NATO-linked countries, underscoring the breadth of the market NVM Ventures is now chasing.
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Image credit: Generated with Gemini
