XGEN Venture

Investment decisions are made by the four founding partners — Federico de Mojana, Lorenzo Allevi, Andrea Pescatori, and Rocco Bova — with input from operating partner Enrico Miraglia. The partnership structure has no single managing partner, suggesting consensus-driven decision-making on new commitments. Portfolio board seats are distributed among the partners to concentrate oversight per sector expertise.

XGEN targets biotech, medtech, and deep-tech — a specialist life-science and frontier-technology mandate rather than a generalist venture approach. Within deep-tech, the firm also evaluates enterprise software, AI/ML, and climate-adjacent industrial technology. The team does not publicly advertise consumer-tech investments, and its deal flow is anchored in university and hospital research networks.

Italy is the primary market, with selective exposure to neighboring European innovation clusters. The firm was explicitly built to address under-capitalization of Italian technical founders at pre-seed and seed, a gap left by larger funds that typically treat Italy as an incidental allocation within pan-European mandates.

The debut fund closed at €160 million in 2023. Limited partners include Italian institutional investors, European fund-of-funds, and family offices, though specific names have not been published. The fund size places XGEN among the larger first-time science-focused VC funds raised in Southern Europe that year.

Pre-seed and seed stages are the core, with reserves allocated for follow-on participation through Series A and occasionally Series B. The firm leads rounds and takes board seats, positioning itself as an institutional first-check investor rather than a passive small-allocator. Check sizes and ownership targets have not been publicly disclosed.

The firm is structured for direct equity investments into operating companies, not fund-of-fund commitments. No public record indicates secondary investing, SPV structures, or LP positions in other venture funds as part of the current strategy.

With four founding partners and one operating partner, the team is deliberately lean. Each partner carries both origination and portfolio responsibilities, a structure that forces disciplined portfolio construction — likely 15–25 positions per fund. The operating partner role supports portfolio companies with go-to-market and industrial scaling expertise, a layer of operational support unusual for a debut fund.