The discussion starts from 360 Capital’s €85M first close and argues this is not just another fund announcement, but a stronger institutional bet on turning university research into investable deep tech companies across robotics, semiconductors, AI, and energy transition. A key insight is that Italy may not lack scientific talent as much as it lacks commercialization infrastructure, and vehicles tied closely to top technical universities like Politecnico di Milano can become a repeatable pipeline for venture-grade startups. The speakers also highlight a more important shift: corporates, including defense-linked players, are not only watching deep tech but increasingly funding the pipeline early through LP commitments and “right of first look” logic. Another sharp angle is that Europe may be splitting into two VC models: classic software-style venture funds and more thesis-driven vehicles shaped by industrial policy, regulation, and strategic sectors. On the startup side, Trifoglio is framed less as a traditional startup and more as a PE-style roll-up using acquisitions and operational scaling in the carwash market. Subbyx is presented as a balance-sheet-heavy subscription model where debt is not a warning sign but a structural feature, while Dronus reinforces the idea that drones are moving from gadget territory into serious industrial infrastructure for inspection, monitoring, and security.

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#venturecapital #italy #startup

This episode breaks down the EU Inc proposal, stock option taxation in Europe, Delaware incorporation, and Italian startup fundraising rounds. The hosts dissect a hidden clause in the 28 EU Commission regime that would harmonize stock option taxation across all 27 member states — shifting the tax event from exercise to sale, a move that could dramatically reshape founder incentive structures. They draw a parallel to Delaware's rise as the gold standard for company formation, arguing that EU Inc's real value isn't the €100 fee or 48-hour setup, but the potential for unified corporate governance, bankruptcy law, and a deep judicial corpus. The conversation then pivots to Italian deal flow: UpSurgeOn, a medtech startup, raised €5M for cadaver-free surgical training using VR and physical simulators, backed by CDP Venture Capital and Siemens. Alomana, an agentic AI infrastructure startup, closed a €4M seed to build enterprise workflow automation beyond the copilot paradigm. The hosts note Alomana's early international footprint as a strong signal for AI companies attracting global investors. They close with a Q1 2025 Italian venture capital tracker check-in, flagging a slowdown in later-stage rounds compared to prior years.

Niccolò's newsletter: ⁠⁠http://dealflowit.niccolosanarico.com/⁠⁠

Watch on Youtube: ⁠https://www.youtube.com/@giacomomollo⁠

Listen to all episodes on audio:

Spotify: ⁠⁠https://spoti.fi/3fVynsQ⁠⁠

Google Podcast: ⁠⁠https://bit.ly/3thf9RC⁠⁠

Apple Podcast: ⁠⁠https://apple.co/3Elhykq⁠⁠

Amazon Music: ⁠⁠https://shorturl.at/9Dtd9⁠⁠

Get in touch:

Instagram: ⁠⁠https://www.instagram.com/giacxxx⁠⁠

Twitter: ⁠⁠https://twitter.com/giacomomollo⁠⁠

Email: giacomo@in3.ventures

#venturecapital #italy #startup

The conversation opens with a sharp critique of how banks typically fight fraud too late, arguing that the real edge is detecting attacker infrastructure before fraudulent transactions even happen. A major insight is the shift from transaction monitoring to real-time attack-chain reconstruction, which reframes fraud prevention as a predictive data problem rather than a reactive compliance task. The hosts emphasize that a product with zero customer churn across a decade and protection across major banks signals unusually strong product-market fit in cybersecurity. They also explore how better pre-fraud systems can reduce false positives, which matters not just for security accuracy but for operational efficiency and cost. The episode then shifts to a cybersecurity startup applying military-grade technology to civilian OT, IT, and IoT resilience, highlighting the reverse dual-use angle as especially compelling. A third segment focuses on autonomous maritime vehicles, arguing that the maritime sector may be one of the most promising environments for autonomy because regulation is more mature, even if the operational challenges remain severe. The episode closes by noting that fresh capital flowing into fintech and insurtech funds is a positive signal for the Italian startup ecosystem.

Niccolò's newsletter: ⁠⁠http://dealflowit.niccolosanarico.com/⁠⁠

Watch on Youtube: ⁠https://www.youtube.com/@giacomomollo⁠

Listen to all episodes on audio:

Spotify: ⁠⁠https://spoti.fi/3fVynsQ⁠⁠

Google Podcast: ⁠⁠https://bit.ly/3thf9RC⁠⁠

Apple Podcast: ⁠⁠https://apple.co/3Elhykq⁠⁠

Amazon Music: ⁠⁠https://shorturl.at/9Dtd9⁠⁠

Get in touch:

Instagram: ⁠⁠https://www.instagram.com/giacxxx⁠⁠

Twitter: ⁠⁠https://twitter.com/giacomomollo⁠⁠

Email: giacomo@in3.ventures

#venturecapital #italy #startup