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TIM Ventures signs agreement United Ventures to launch UV T-Growth Fund

London: TIM, through its company dedicated to corporate venture capital TIM Ventures, signed an agreement with United Ventures to launch a new fund called UV T-Growth.

UV T-Growth will invest in “late stage’” innovative enterprises mainly in Italy and Europe. The technological areas will be in line with TIM’s 5G-related strategies, through the development of cloud solutions, Internet of Things, edge computing, artificial intelligence, virtual reality, augmented reality, cyber security applications and on-the-move payment systems. The aim of all this is to create new services, among others, for the Smart City, Smart Home, schools and the work environment.

Once the new fund is established, TIM Ventures will subscribe €60 million of UV T-Growth, which has a collection target of €150 million. The new fund will also be open to other Italian and foreign institutional investors and will be managed independently by United Ventures. TIM Ventures will make its resources and strategic assets available to the fund, while it will be managed by an independent team selected by United Ventures.

“TIM decisively relaunches its presence in the venture capital market alongside a partner with standing, namely United Ventures”, confirmed Giovanni Ronca, Chief Financial Officer at TIM. “With the launch of UV T-Growth we are committed to promoting the growth of 5G in Italy, which will be the enabling technology of the next few years for citizens and businesses. In addition, we are focusing on a broad range of investment verticals linked to digital. We believe that venture capital is the right tool to accelerate innovation. We are convinced that with this initiative we will encourage greater competitiveness, boosting new investments and confirming our support for digital development in Italy.”

Source
EU Startups

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