LigurCapital
LigurCapital is a Genoa-based regional public investment company founded in 1989 and controlled at 98.7 percent by FI.L.S.E., the in-house financial arm of the Liguria Region, together with the Genoa and Riviere di Liguria chambers of commerce. Acting under a public mandate, it takes temporary minority equity stakes in Ligurian startups and small and medium enterprises using European and regional public funds. Over the last decade it has managed about 38 million euro of resources and completed more than 230 financial interventions, of which about 15.9 million euro was committed to minority equity. It is chaired by Giorgio Lamanna with Monica Nolo as director, and its portfolio is disclosed each year under the Societa Trasparente section of its website.
AUM
–
Funds
6
vintages 1991–2020
Portfolio
14
Exits
50
Key facts
Recent exits
FNC (ForfetApp)
Fintech2025 · 4yr hold
La Marinella 1934
Hospitality2025 · 4yr hold
Circle
Software2025 · 10yr hold
Centro Servizi Integrati
Business Services2024 · 3yr hold
Coverage notes
6 funds tracked, 64 portfolio companies (14 active · 50 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
64 companiesConsumer
9 · 14%
Industrials
8 · 13%
E-commerce
7 · 11%
Software
6 · 9%
Construction
5 · 8%
Business Services
3 · 5%
TMT
3 · 5%
AI/ML
2 · 3%
Funds & portfolio
Every fund LigurCapital has raised, with its portfolio companies. Hand-checked from public filings.
6 funds
Fondo COVID LiguriaGrowthHarvesting2020 · 6yr5 active · 4 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Logistics |  Italy | 2021 | |
| AI/ML | Italy | 2021 | |
| Industrials | Italy | 2021 | |
| TMT | Italy | 2021 | |
| Consumer | Italy | 2021 |
Ciscardi FrancescoActive
LogisticsItaly· Entry 2021
Italy· Entry 2021DotVocal InnovationActive
AI/MLItaly· Entry 2021
Italy· Entry 2021IngeniaActive
IndustrialsItaly· Entry 2021
Italy· Entry 2021Media PowerActive
TMTItaly· Entry 2021
Italy· Entry 2021ToioActive
ConsumerItaly· Entry 2021
Italy· Entry 2021Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | Italy | 2021 | 2024 | – | – | – | |
| Business Services | Italy | 2021 | 2023 | – | – | – | |
| Construction | Italy | 2021 | 2023 | – | – | – | |
| Real Estate | Italy | 2021 | 2022 | – | – | – |
Centro Servizi IntegratiExited 2024
Business ServicesItaly· Entry 2021
Italy· Entry 2021Mandragola ConsultantsExited 2023
Business ServicesItaly· Entry 2021
Italy· Entry 2021TecnofuneExited 2023
ConstructionItaly· Entry 2021
Italy· Entry 2021TimeExited 2022
Real EstateItaly· Entry 2021
Italy· Entry 2021Fondo Strategico DGR 30/2019VCHarvesting2019 · 7yr€5M5 active · 12 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Italy | 2021 | |
| FoodTech | Italy | 2022 | |
| Construction | Italy | 2021 | |
| AI/ML | Italy | 2021 | |
| Business Services | Italy | 2023 |
Realized
12 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech | Italy | 2019 | 2022 | – | – | – | |
| Construction | Italy | 2021 | 2024 | – | – | – | |
| E-commerce | Italy | 2021 | 2024 | – | – | – | |
| E-commerce | Italy | 2021 | 2024 | – | – | – | |
| Consumer | Italy | 2021 | 2024 | – | – | – | |
| Consumer | Italy | 2021 | 2022 | – | – | – | |
| Fintech | Italy | 2021 | 2025 | – | – | – | |
| Hospitality | Italy | 2021 | 2025 | – | – | – | |
| E-commerce | Italy | 2021 | 2022 | – | – | – | |
| Software | Italy | 2021 | 2022 | – | – | – | |
| TMT | Italy | 2021 | 2024 | – | – | – | |
| Energy | Italy | 2021 | 2024 | – | – | – |
AcoesisExited 2022
MedTechItaly· Entry 2019
Italy· Entry 2019BESDExited 2024
ConstructionItaly· Entry 2021
Italy· Entry 2021ChiteExited 2024
E-commerceItaly· Entry 2021
Italy· Entry 2021Do Eat BetterExited 2024
E-commerceItaly· Entry 2021
Italy· Entry 2021EndlessExited 2024
ConsumerItaly· Entry 2021
Italy· Entry 2021FilmFerraniaExited 2022
ConsumerItaly· Entry 2021
Italy· Entry 2021FNC (ForfetApp)Exited 2025
FintechItaly· Entry 2021
Italy· Entry 2021La Marinella 1934Exited 2025
HospitalityItaly· Entry 2021
Italy· Entry 2021LetYourBoatExited 2022
E-commerceItaly· Entry 2021
Italy· Entry 2021NoisefeedExited 2022
SoftwareItaly· Entry 2021
Italy· Entry 2021RadiosaExited 2024
TMTItaly· Entry 2021
Italy· Entry 2021WesiiExited 2024
EnergyItaly· Entry 2021
Italy· Entry 2021Fondo Strategico DGR 360/2017VCHarvesting2017 · 9yr1 active · 3 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| FoodTech | Italy | 2017 |
Italian Fine FoodActive
FoodTechItaly· Entry 2017
Italy· Entry 2017Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Construction | Italy | 2017 | 2022 | – | – | – | |
| ClimateTech | Italy | 2017 | 2022 | – | – | – | |
| Consumer | Italy | 2017 | 2021 | – | – | – |
FerraloroExited 2022
ConstructionItaly· Entry 2017
Italy· Entry 2017Natur WorldExited 2022
ClimateTechItaly· Entry 2017
Italy· Entry 2017RoshExited 2021
ConsumerItaly· Entry 2017
Italy· Entry 2017Fondo Ob.2GrowthRealized2015 · 11yr0 active · 6 realized
Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Construction | Italy | 2015 | 2019 | – | – | – | |
| Software | Italy | 2016 | 2018 | – | – | – | |
| Industrials | Italy | 2015 | 2019 | – | – | – | |
| Industrials | Italy | 2015 | 2021 | – | – | – | |
| Industrials | Italy | 2015 | 2016 | – | – | – | |
| Consumer | Italy | 2015 | 2018 | – | – | – |
AsperaExited 2019
ConstructionItaly· Entry 2015
Italy· Entry 2015FOSExited 2018
SoftwareItaly· Entry 2016
Italy· Entry 2016MetalstyleExited 2019
IndustrialsItaly· Entry 2015
Italy· Entry 2015RGMExited 2021
IndustrialsItaly· Entry 2015
Italy· Entry 2015TelerobotExited 2016
IndustrialsItaly· Entry 2015
Italy· Entry 2015Valtrebbia Acque MineraliExited 2018
ConsumerItaly· Entry 2015
Italy· Entry 2015POR FESR 2007-2013VCHarvesting2007 · 19yr3 active · 23 realized
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| E-commerce | Italy | 2015 | |
| Industrials | Italy | 2015 | |
| Data & Analytics | Italy | 2015 |
iKRIXActive
E-commerceItaly· Entry 2015
Italy· Entry 2015SesamoActive
IndustrialsItaly· Entry 2015
Italy· Entry 2015Shiny (ShinyStat)Active
Data & AnalyticsItaly· Entry 2015
Italy· Entry 2015Realized
23 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| E-commerce | Italy | 2015 | 2022 | – | – | – | |
| Consumer | Italy | 2015 | 2019 | – | – | – | |
| Consumer | Italy | 2015 | 2017 | – | – | – | |
| Software | Italy | 2015 | 2025 | – | – | – | |
| AgTech | Italy | 2016 | 2021 | – | – | – | |
| E-commerce | Italy | 2015 | 2022 | – | – | – | |
| Software | Italy | 2015 | 2023 | – | – | – | |
| IT Services | Italy | 2016 | 2021 | – | – | – | |
| HealthTech | Italy | 2015 | 2022 | – | – | – | |
| Energy | Italy | 2015 | 2023 | – | – | – | |
| Industrials | Italy | 2016 | 2022 | – | – | – | |
| Industrials | Italy | 2015 | 2021 | – | – | – | |
| IT Services | Italy | 2015 | 2019 | – | – | – | |
| Cybersecurity | Italy | 2016 | 2019 | – | – | – | |
| Consumer | Italy | 2016 | 2018 | – | – | – | |
| E-commerce | Italy | 2015 | 2021 | – | – | – | |
| MedTech | Italy | 2016 | 2021 | – | – | – | |
| Software | Italy | 2015 | 2024 | – | – | – | |
| Healthcare | Italy | 2016 | 2021 | – | – | – | |
| Industrials | Italy | 2015 | 2017 | – | – | – | |
| Healthcare | Italy | 2015 | 2022 | – | – | – | |
| HealthTech | Italy | 2015 | 2019 | – | – | – | |
| PropTech | Italy | 2016 | 2019 | – | – | – |
Armadio Verde (4 Baby)Exited 2022
E-commerceItaly· Entry 2015
Italy· Entry 2015Atar 22Exited 2019
ConsumerItaly· Entry 2015
Italy· Entry 2015CentroExited 2017
ConsumerItaly· Entry 2015
Italy· Entry 2015CircleExited 2025
SoftwareItaly· Entry 2015
Italy· Entry 2015DaurmanExited 2021
AgTechItaly· Entry 2016
Italy· Entry 2016DrexcodeExited 2022
E-commerceItaly· Entry 2015
Italy· Entry 2015EnjoreExited 2023
SoftwareItaly· Entry 2015
Italy· Entry 2015FinsaExited 2021
IT ServicesItaly· Entry 2016
Italy· Entry 2016Fremslife (ex Esalife)Exited 2022
HealthTechItaly· Entry 2015
Italy· Entry 2015GenoaStirlingExited 2023
EnergyItaly· Entry 2015
Italy· Entry 2015HimarcExited 2022
IndustrialsItaly· Entry 2016
Italy· Entry 2016MoatechExited 2021
IndustrialsItaly· Entry 2015
Italy· Entry 2015NovitExited 2019
IT ServicesItaly· Entry 2015
Italy· Entry 2015P&B LinkingExited 2019
CybersecurityItaly· Entry 2016
Italy· Entry 2016Preti 1851Exited 2018
ConsumerItaly· Entry 2016
Italy· Entry 2016SailsquareExited 2021
E-commerceItaly· Entry 2015
Italy· Entry 2015Sea Eagle Industries GroupExited 2021
MedTechItaly· Entry 2016
Italy· Entry 2016SedaptaExited 2024
SoftwareItaly· Entry 2015
Italy· Entry 2015SunriseExited 2021
HealthcareItaly· Entry 2016
Italy· Entry 2016TreecubeExited 2017
IndustrialsItaly· Entry 2015
Italy· Entry 2015Viva Voce (International Stuttering Centre)Exited 2022
HealthcareItaly· Entry 2015
Italy· Entry 2015WeCareExited 2019
HealthTechItaly· Entry 2015
Italy· Entry 2015WikireExited 2019
PropTechItaly· Entry 2016
Italy· Entry 2016LigurCapital Balance SheetBalance SheetActive1991 · 35yr0 active · 2 realized
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| TMT | Italy | 2015 | 2017 | – | – | – | |
| Consumer | Italy | 2015 | 2017 | – | – | – |
BizJournal LiguriaExited 2017
TMTItaly· Entry 2015
Italy· Entry 2015CamuginExited 2017
ConsumerItaly· Entry 2015
Italy· Entry 2015Track LigurCapital
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Last updated August 2026 · Sourced from public filings · Report an issue