Nevermind reports €23.6 million first close for Lazio fund

The NVM Venture Lazio compartment has secured €23.6 million at first close, against a €35 million fundraising target. Nevermind (NVM) says the fund will invest in 10–15 pre-seed and seed companies developing dual-use technology. Lazio Innova committed €18.83 million through Lazio Venture 2, a regional fund-of-funds vehicle.

The announcement describes a fund launch and fundraising milestone; it does not identify a regulatory decision or a new legal status. The investment strategy centres on technologies with both civilian and defence applications. Its stated sectors include aerospace, maritime, robotics and autonomous systems, cybersecurity, AI for defence, energy infrastructure, new materials, advanced manufacturing and biotechnology.

Public capital anchors the first close

Lazio Innova's commitment is channelled through Lazio Venture 2, which the source describes as the Lazio Region's fund of funds. A fund of funds invests in other funds, rather than directly building a portfolio of operating companies. The source says this vehicle is co-financed by the ERDF Regional Programme 2021–2027. It also says the new compartment was selected under that programme.

The source does not provide a date for the announcement, a final closing date or the terms governing the compartment. It does not state that the fund has obtained a licence or other regulatory authorisation. The reported facts therefore concern fundraising and selection under a regional programme, without specifying a separate authorisation process. No company response to a regulatory finding is reported, because no such finding is identified in the material.

The fund targets early dual-use firms

NVM Venture Lazio aims to build a portfolio of 10–15 companies at Pre-Seed and Seed stages. These labels refer to early financing rounds, before a company is typically scaling a mature business. The compartment plans to act mainly as lead investor, meaning it expects to take a central role in investment rounds. Its stated focus includes companies with international growth potential and a commitment to strengthening innovation in the Lazio Region.

The source identifies Andrea Bonabello and Niccolò Bienati as founding partners and board members of the General Partner, which founded the fund and leads its strategic direction. Giorgio Gulienetti and Alessandro Casiraghi are described as fund managers at the delegated manager and key persons for this compartment. Those roles outline the governance and management structure stated in the announcement. The source gives no further detail on voting rights, investment committee procedures or individual responsibilities.

The fund says its multi-compartment structure pairs each investment thesis with a specialist team. It also offers emerging managers a shared framework for governance, risk management and compliance. These are described as features of the fund's operating model, rather than as externally verified outcomes. The source does not identify the delegated manager by name or set out the framework's detailed controls.

The announcement places the strategy within a regional technology context. It says Lazio is the only Italian region hosting the full aerospace value chain, from research through manufacturing to services. According to Lazio Region data cited in the source, more than 300 companies employ around 23,000 people in advanced technologies there. The same data puts annual revenues above €5 billion, including €1.6 billion in exports.

The source presents these figures as regional context, not as performance commitments for the fund. It also says the team has experience in venture capital, corporate finance, scaling technology companies, and sectors such as aerospace and defence. The announcement includes comments from fund and regional representatives, but it does not set out a response to criticism or a regulator's position. No criticism or regulatory action is described in the supplied material.

The final fund size remains a target, while the amount raised at first close is the reported milestone. The source does not say when fundraising will end or whether the target may change. It also does not name prospective portfolio companies or specify how much capital each company could receive. Further reporting can track any subsequent close and the compartment's first investments.