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Indaco Venture Partners
Indaco Venture Partners was founded in 2016 as an independent spinout from the pharmaceutical and diagnostics conglomerate Menarini Group, where its...
Indaco Venture Partners
Indaco Venture Partners was founded in 2016 as an independent spinout from the pharmaceutical and diagnostics conglomerate Menarini Group, where its principals had managed corporate venture activities. Davide Turco, formerly a consultant at McKinsey and a senior executive at Menarini, structured the firm to operate with full independence while retaining a strategic relationship with its founding sponsor. The firm is regulated by Banca d'Italia as a Società di Gestione del Risparmio (SGR), the standard Italian structure for fund managers. The firm deploys across venture and growth equity, spanning digital health, robotics, industrial automation, agritech and enterprise software. It targets companies from seed stage through pre-IPO, typically writing initial cheques of €500,000 to €10 million. Confirmed portfolio companies include Tau, a Turin-based AI semiconductor startup; D-Orbit, an orbital logistics company; and Pharmanutra, a nutritional supplements business that listed on Milan's AIM market. Indaco invests primarily in Italy but has extended its geographic scope to other European markets, particularly in deep-tech sectors where Italian research institutions provide origination advantage. Indaco has raised multiple vehicles since launch. Its third flagship fund, Indaco Ventures III, held a €110 million first close in late 2022, targeting €150 million total. The firm also manages a dedicated biotech fund, Indaco Bio, focused on early-stage therapeutics and diagnostics — a direct legacy of the Menarini lineage. In January 2024, Indaco Ventures III announced a follow-on investment in Tau, participating in a €15 million Series B extension alongside existing co-investors (per the firm, January 2024). The team operates from Milan. The firm's structural differentiator is its dual-track platform — a generalist tech venture fund operated in parallel with a specialized biotech vehicle. Few European managers below €500 million in assets run two distinct sector strategies under one SGR. The biotech franchise retains residual ties to Menarini's R&D leadership, giving Indaco a sourcing channel in drug development that generalist venture firms cannot replicate.
General information
Firm type
Venture Capital
Year founded
2016
AUM
Undisclosed
Location
Region
Europe
Country
Italy
City
Milan
Corporate office
Milan, Italy
Principals
Davide Turco
Managing Partner
Alvise Bonivento
Partner
Sector focus
Frequently asked questions
How is Indaco Venture Partners related to the Menarini Group?
Indaco was founded in 2016 as an independent spinout from Menarini, the Italian pharmaceutical and diagnostics conglomerate. Davide Turco and his partners had previously managed corporate venture activities inside Menarini. The firm operates as a fully independent SGR regulated by Banca d'Italia, but retains a strategic relationship with Menarini that generates deal-flow advantages in life sciences.
Does Indaco operate a single fund or multiple vehicles?
Indaco runs multiple funds. Its flagship venture strategy sits inside Indaco Ventures I, II and III, targeting technology, industrial and digital health companies. Separately, Indaco Bio is a dedicated biotech fund focused on early-stage therapeutics and diagnostics. The two strategies share back-office and compliance infrastructure but have distinct investment committees.
What is Indaco's geographic focus?
Historically, Indaco concentrated on Italian companies, leveraging relationships with universities and research institutions in Milan, Turin and Bologna. In recent funds, geographic scope has expanded to select European opportunities in deep-tech and synthetic biology where Italian scientific networks provide a sourcing moat.
Who runs investment decisions at Indaco?
Managing Partner Davide Turco chairs the investment committee. Partner Alvise Bonivento oversees a significant portion of deal execution. The firm's pharma-adjacent deals benefit from an advisory network linked to Menarini's R&D leadership, though final authority rests with the independent SGR board.
Does Indaco co-invest alongside other venture firms?
Yes. Indaco frequently participates in syndicates with other European venture managers, particularly in deep-tech rounds where Italian startups raise cross-border capital. Confirmed co-investors include CDP Venture Capital and other Italian institutional managers in multiple portfolio companies.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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