Ithaca: The Berlusconi Heir’s Secretive Startup Fund

As uncovered by Sifted, Ithaca Investments is one of the most enigmatic forces in Italian venture capital. With no website, no LinkedIn, and rarely mentioned in press releases, it operates under the radar — yet quietly appears on the cap tables of Italy’s hottest startups, including Scalapay, Soldo, Yapily, Qomodo, and Jet HR.

Founded in 2014 by Luigi Berlusconi — the youngest son of late Prime Minister and media mogul Silvio Berlusconi — along with ex-JP Morgan financier Giorgio Valaguzza, Ithaca has built a reputation for stealth and speed. In fact, eight of its 20 portfolio investments have been made in just the last seven months, with no sign of slowing down.

Despite its quiet approach, Ithaca is playing a central role in shaping Italy’s startup scene — blending deep pockets, political legacy, and elite financial networks.