H-Farm

H-Farm's sourcing model is campus-driven rather than network-only. The physical campus in Roncade hosts corporate accelerator cohorts, an international school, and co-working for portfolio companies, creating a proprietary collision density between founders, corporate innovation teams, and students that conventional GP office models do not replicate. The firm also runs an open-application process for its venture programs, evaluating over 1,500 startups annually according to its own public disclosures.

H-Farm S.p.A. is listed on the Euronext Growth Milan segment (formerly AIM Italia) and consolidates the venture investment activity alongside the education, corporate innovation, and campus operations into one reporting entity. This means the venture portfolio's carrying values flow through public quarterly filings. Founder Riccardo Donadon retains a controlling shareholding, so the governance is still founder-led despite the listed structure.

H-Farm can and does follow-on into portfolio companies through later rounds, though the primary mandate targets initial seed and Series A tickets. The firm's own fund documents indicate it reserves a portion of capital for pro-rata participation as companies mature, and several portfolio assets, including Depop prior to its Etsy acquisition, received multiple rounds of H-Farm support.

The school operates as a wholly owned subsidiary of the listed parent, H-Farm S.p.A., with its own management and teaching faculty, and it generates independent tuition-based revenue. There is no shared balance sheet between school operations and venture fund vehicles, but the consolidated reporting means that campus and education-revenue performance directly affects the public entity's P&L alongside venture returns.