This Italian VC Just Raised $46.5M to Back AI B2B Startups — and It's Not Stopping There

Jan de Vries · 2026-09-08

Milan-based VC firm Techshop just made a big splash in the European early-stage scene. The company announced the first close of its second fund, Techshop II, at €43 million (about $46.5 million). That money is earmarked for pre-Seed and Seed startups building AI-powered B2B solutions. And here's the kicker: the fund already blew past its initial target, and the team is now aiming for a hefty €100 million (roughly $108 million) by 2027. This isn't just another fundraise. It's a signal that European VCs are getting serious about backing founders who are using artificial intelligence to transform how businesses operate. If you're a founder or an investor keeping an eye on the Atlantic, this is a trend worth watching closely. ### Who's Backing the Fund? Techshop isn't going it alone. CDP Venture Capital has stepped in as a reference investor, supporting the new fund through two vehicles: FoF VenturItaly II and the Digital Transition Fund. The latter draws on NextGenerationEU resources, which are specifically aimed at helping supply chains and small-to-medium enterprises (SMEs) go digital. The commitment from these vehicles can grow as Techshop brings in more third-party investors. That kind of institutional backing matters. It validates the fund's strategy and gives startups more confidence when they're deciding who to take money from. ### The Vision Behind Techshop II The three partners — Giovanni Strocchi, Gianluca D'Agostino, and Aurelio Mezzotero — have a clear mission. "With Techshop II we want to become the reference Seed fund for European startups applying AI to B2B processes," they said. Their logic is simple: the new wave of software doesn't just digitize existing tasks; it automates entire business processes. That shift demands investors who understand the space deeply, move fast, and can bring operational expertise and international co-investors to the table from day one. It's a founder-to-founder approach, which means they're not just writing checks. They're rolling up their sleeves and helping with product development, market validation, and commercial growth. ### A Broader Wave of AI-Focused Capital Techshop II's first close isn't happening in a vacuum. It's part of a larger movement across Europe. According to EU-Startups, roughly €430 million (about $465 million) has been raised this year by comparable early-stage funds. Here are a few notable examples: - Merantix Capital closed a €103 million (about $111 million) fund for early-stage AI. - Elaia hit a €120 million (about $130 million) first close for its B2B-focused Digital Venture Fund V. - DFF Ventures raised €70 million (about $76 million) for software and AI in under-digitized industries. - Samaipata pulled in €70 million (about $76 million) toward a €110 million (about $119 million) AI-native fund. - At the earlier end, Munich's Vanagon Ventures closed €20 million (about $22 million) specifically for pre-Seed B2B AI and DeepTech companies. That's a lot of dry powder. And it suggests that European startups building AI for business applications won't struggle to find capital in the near future. The competition for deals is heating up, which is generally good news for founders. ### Why This Matters for the European Ecosystem Cristina Bini, Head of Indirect Investments at CDP Venture Capital, summed it up well. "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," she said. "These capabilities are essential to deliver on our commitment to the development of the Italian and European innovation ecosystem." That's institutional speak for: we trust these guys to find the next big thing. ### A Track Record That Speaks for Itself Founded in 2021, Techshop is an asset management company that specializes in early-stage VC funds for B2B tech. Through its first fund, Techshop I, the firm built a portfolio of 23 companies, including names like Shop Circle (now Circeus), Smartness, hlpy, Qomodo, Tot, AxyonAI, GenomeUp, SylloTips, and Allsides. Just over four years in, that portfolio is performing well. Techshop reports a Multiple on Invested Capital (MOIC) of 1.8 and a Total Value to Paid-In Capital (TVPI) of 1.5. By their own account, that's one of the strongest performances in Europe among funds launched in the same period. Numbers like that tend to attract limited partners. ### What's Next for Techshop With Techshop II, the firm is officially a multi-fund platform. The goal is to reach €150 million (about $162 million) in total assets under management. The strategy stays the same: early-stage B2B software, with a particular focus on pre-Seed and Seed rounds. The fund's core thesis is bold: AI will make the world of B2B SaaS ten times larger in value and deeper in focus. They expect a wave of vertical AI SaaS solutions that automate tasks, decisions, and operational workflows across industries like consulting, healthcare, finance, software development, customer conversation, data management, enterprise applications, robotics, and manufacturing. At least 70% of the fund's capital will go to private companies based in the European Union or the European Economic Area. So if you're a founder in that region building AI tools for businesses, Techshop is a name you'll want on your radar. ### The Takeaway For US-based professionals watching the European market, this is a clear sign that AI-driven B2B software is becoming a major investment theme across the pond. The combination of specialized funds, institutional backing, and a strong track record suggests that the next few years could bring some serious innovation out of Europe. And for founders, the message is simple: if you're building in this space, the money is there — you just need the right partner.