Crowdfunding
€3.5 Million Round for FoolFarm, the Startup Factory
In the past twelve months, FoolFarm has launched four successful startups developing more than 15 million in terms of asset value and raising investments of more than 1.5 million through its investment community, the Fooler Club. FoolFarm will launch in the coming weeks the investment vehicle FoolCapital, the first European deep tech software fund based on Venture Building criteria
![](https://born2invest.com/wp-content/uploads/2022/11/student-gd47bc4b57_1280-820x550.jpg)
New €3.5 million round for FoolFarm, a European startup studio specializing in deep tech (frontier technologies including Artificial Intelligence, Cybersecurity, Augmented Reality, Blockchain), founded by Andrea Cinelli, former creator of Libero and Alice. The company, founded in July 2020, is a kind of startup factory that has opened its studios in Milan (and soon in Rome) to support the birth from scratch and development of new businesses.
The new capital increase of €3.5 million at an evaluation of about €22 million allows the group to confirm itself among the most capitalized venture builders in Europe with a growth in value of +300% compared to the previous capital increase in 2021. New shareholders include IBL Banca, KPMG, Renato Dalla Riva, former chairman of Cedacri, and a string of Italian investors represented by the company Ottavia. We caught up by phone with Andrea Cinelli, Ceo of FoolFarm, while he is in Lisbon for the Web Summit.
Read more about FoolFarm and find the latest financial news of the day with the Born2Invest mobile app.
The round transaction
“Through this capital increase FoolFarm becomes one of the largest European Venture Builders by capitalization in just 2 years,” Cinelli told StartupItalia. “We are really proud of the entry of these new partners, companies, and profiles of absolute excellence, who have shown full confidence in our project and thus consolidated our growth path at the European level that wants to take us to IPO soon,” he added.
The capital increase will allow FoolFarm to “support the expansion at the national level with the opening of the operating office in Lecce, where in collaboration with the university system it aims to develop new startups in strategic sectors such as agritech, footech, impact, energy, and sustainability,” added Cinelli from Lisbon. And he announced, “On November 23 we will land in Rome: we will launch the innovation day-the venture business program on the capital, a square that is also strategic for us. FoolFarm wants to be the factory that will build, in Italy and Europe, the new startups that will develop the huge market of the so-called “Deep Tech,” disruptive technologies that will solve the big problems of our generation including, for example, climate change, helping to realize a venture capital model that is more profitable for investors and more solid for startuppers.”
FoolFarm’s Leap
In the past twelve months, FoolFarm has launched four successful startups developing more than €15 million in terms of asset value and raising investments of more than €1.5 million through its investment community, the Fooler Club: Voiceme, which enables the transformation of a person’s voice into his or her digital identity, allowing the user to legally sign through his or her voice; IIO a Voice-as-a-Service platform that enables the development of new conversational applications without privacy concerns; Fragmentalis, a cybersecurity startup that protects the data of companies and its customers through data pulverization; UpME, the first “augmented intelligence” platform that enables through AI to provide each employee with his or her own digital “alter-ego” of his or her own knowledge allowing a saving in terms of time needed to find information of more than 50minutes/day in a context where information sources (email, chat, documents… ) are now multiple and difficult for all of us to manage.
FoolFarm also completed the capital increase (Pre-Seed) of its 3rd startup Fragmentalis, launched last June and based on the technology of “data pulverizing,” and which raised €300,000, through a Convertendo with a valuation between €3.5million and €6 million, from FoolFarm’s investment community, the Fooler Club. Finally, FoolFarm will launch in the coming weeks the investment vehicle FoolCapital, the first European deep tech software fund based on Venture Building criteria, an absolute novelty in the Italian and European scenario that aims to raise 30 million euros to get to invest by 2027 in more than 40 startups in pre-seed, seed, and Series A stages.
__
(Featured image by StartupStockPhotos via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in StartupItalia a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
![](https://born2invest.com/wp-content/uploads/2018/11/logo-slogan.png)
-
Crypto1 week ago
Bitcoin Falls Below $60,000 – Crypto Markets Stressed
-
Fintech2 days ago
Bitpanda and the NFL: A Groundbreaking Partnership in Europe
-
Impact Investing1 week ago
Swisspower Renewables Has Invested in Three Photovoltaic Projects in Italy, with a Total Capacity of 19.5 MW
-
Markets2 weeks ago
Prolonged Inverted Yield Curve Signals Potential Hard Landing Amidst Global Debt Concerns