Italian VC Techshop launches second fund with €43 million first close

Milan-based VC firm Techshop announces the first closing of Techshop II at €43 million dedicated to pre-Seed and Seed startups developing AI B2B solutions – this edition exceeded its initial fundraising target and is now aiming to to raise €100 million in 2027.

CDP Venture Capital joins as a reference investor, backing the new fund through FoF VenturItaly II and the Digital Transition Fund, which draws on NextGenerationEU resources to support the digital transition of supply chains and SMEs. The commitment of the two vehicles can grow progressively as fundraising with third-party investors advances.

“With Techshop II we want to become the reference Seed fund for European startups applying AI to B2B processes,” say Techshop’s three Partners; Giovanni Strocchi, Gianluca D’Agostino and Aurelio Mezzotero. “The new generation of software does not simply digitise existing tasks, it can automate entire business processes. That calls for specialised investors who move fast and can stand alongside founders from the very earliest stages, bringing operational expertise and international co-investors.”

Techshop II’s first close joins a broader wave of European venture funds raising dedicated capital for early-stage AI, B2B software and enterprise technology in 2026.

EU-Startups has reported approximately €430 million raised across a selected group of comparable vehicles this year, including Merantix Capital’s €103 million early-stage AI fund, Elaia’s €120 million first close for its B2B-focused Digital Venture Fund V, DFF Ventures’ €70 million fund for software and AI in underdigitised industries, and Samaipata’s €70 million first close towards a €110 million AI-native fund.

At the earlier end of the market, Munich-based Vanagon Ventures closed €20 million specifically for pre-Seed B2B AI and DeepTech companies.

“Over the years Techshop has shown consistency in its Seed and post-Seed investment strategy, scouting young startups and supporting them through their growth, including internationally. These capabilities are essential to deliver on our commitment to the development of the Italian and European innovation ecosystem. Techshop II continues a partnership built for the long term, aimed at supporting the creation and growth of new companies in B2B software,” addds Cristina Bini, Head of Indirect Investments at CDP Venture Capital.

Founded in 2021, Techshop is an asset management company specialising in early-stage VC funds dedicated to B2B tech. The firm takes a vertical, hands-on, founder-to-founder approach, supporting pre-Seed and Seed startups in product development, market validation and commercial growth.

Through its first fund, Techshop I, the firm invested in B2B software and SaaS startups, building a portfolio that includes 23 companies such as Shop Circle (now Circeus), Smartness, hlpy, Qomodo, Tot, AxyonAI, GenomeUp, SylloTips and Allsides.

Just over four years from launch, the portfolio shows a MOIC, or “Multiple on Invested Capital”, of 1.8 and a TVPI, or “Total Value to Paid-In Capital”, of 1.5, one of the strongest performances in Europe among funds launched in the same period – according to Techshop.

With Techshop II, the firm becomes a multi-fund platform, with the goal of reaching €150 million in total AUM. The strategy remains focused on early-stage B2B software, with particular attention to the pre-Seed and Seed rounds.

The fund’s thesis is that AI will make the world of B2B SaaS ten times larger (in value) and deeper (in focus), through a multitude of innovations and vertical AI SaaS solutions that will automate tasks, decisions and operational workflows in markets such as consulting, healthcare, finance, software development, customer conversation, data management, enterprise applications, robotics and manufacturing processes.

The fund will invest at least 70% of its capital in private companies resident in the European Union or in the European Economic Area with a permanent establishment in Italy.

The first investments of Techshop II will be announced in the coming weeks and will cover AI solutions for sales, development tools and advisory.