Milan VC Techshop hits €43M first close for AI B2B fund

Jan de Vries · 2026-09-08

Milan-based venture capital firm Techshop has just announced the first closing of its second fund, Techshop II, at €43 million (about $46.5 million). The fund is laser-focused on pre-Seed and Seed startups building AI-powered B2B solutions. Interestingly, this edition blew past its initial fundraising target and is now setting its sights on a much bigger prize: €100 million (roughly $108 million) by 2027. ### Who's backing the fund? 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. That second one draws on NextGenerationEU resources, which are earmarked for helping supply chains and small-to-medium enterprises go through their digital transformation. The commitment from these two vehicles can grow over time as Techshop brings in more third-party investors. ### The vision behind Techshop II Techshop's three partners—Giovanni Strocchi, Gianluca D'Agostino, and Aurelio Mezzotero—shared their vision in a statement: "With Techshop II we want to become the reference Seed fund for European startups applying AI to B2B processes." Their reasoning is pretty compelling. They argue that the new generation of software doesn't just digitize existing tasks; it can automate entire business processes. That shift demands specialized investors who move quickly and can work alongside founders from day one, bringing both operational expertise and connections to international co-investors. ### A broader wave of European AI funding Techshop II isn't operating in a vacuum. Its first close joins a broader wave of European venture funds that are raising dedicated capital for early-stage AI, B2B software, and enterprise technology in 2026. According to EU-Startups, roughly €430 million (about $465 million) has been raised across a selected group of comparable funds this year alone. That includes: - 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 targeting software and AI in underdigitised industries - Samaipata's €70 million first close toward 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. ### What CDP Venture Capital sees in Techshop Cristina Bini, Head of Indirect Investments at CDP Venture Capital, had this to say: "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." She added that Techshop II continues a long-term partnership aimed at supporting the creation and growth of new companies in B2B software. ### A track record worth noting Founded in 2021, Techshop is an asset management company that specializes in early-stage VC funds dedicated to B2B tech. The firm takes a vertical, hands-on, founder-to-founder approach, helping pre-Seed and Seed startups with product development, market validation, and commercial growth. Through its first fund, Techshop I, the firm invested in B2B software and SaaS startups. That portfolio now includes 23 companies, such as Shop Circle (now Circeus), Smartness, hlpy, Qomodo, Tot, AxyonAI, GenomeUp, SylloTips, and Allsides. Just over four years in, the portfolio is showing some impressive numbers. Techshop reports a MOIC (Multiple on Invested Capital) of 1.8 and a TVPI (Total Value to Paid-In Capital) of 1.5. They claim that's one of the strongest performances in Europe among funds launched in the same period. ### What's next for Techshop With Techshop II now underway, the firm becomes a multi-fund platform with a goal of reaching €150 million (about $162 million) in total assets under management. The strategy stays focused on early-stage B2B software, with particular attention to pre-Seed and Seed rounds. The fund's core thesis is that AI will make the world of B2B SaaS ten times larger in value and deeper in focus. That means a multitude of innovations and vertical AI SaaS solutions that automate tasks, decisions, and operational workflows across markets like 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 that are resident in the European Union or the European Economic Area and have a permanent establishment there. That's a clear commitment to keeping European innovation European, which should be good news for founders building the next generation of B2B AI tools.