Techshop launches €43 million AI B2B seed
Italian VC firm Techshop has secured €43 million for the first close of its second fund, targeting pre-Seed and Seed-stage B2B AI startups.
Milan-based venture capital firm Techshop has announced a €43 million first close for its second fund. The vehicle, named Techshop II, is dedicated to pre-Seed and Seed-stage startups developing artificial intelligence solutions for business-to-business processes. According to the firm, this initial figure has already exceeded its original fundraising target. Techshop now aims to raise a total of €100 million by 2027.
CDP Venture Capital has joined as a cornerstone investor. Its commitment comes through two vehicles: the FoF VenturItaly II and the Digital Transition Fund. The latter draws on NextGenerationEU resources to support the digital transition of supply chains and small and medium-sized enterprises. CDP's investment can increase progressively as Techshop raises more capital from other investors.
"With Techshop II we want to become the reference Seed fund for European startups applying AI to B2B processes," stated the firm's three partners, Giovanni Strocchi, Gianluca D’Agostino, and Aurelio Mezzotero. They argue that new software does not merely digitise tasks but can automate entire business workflows. This, they say, requires specialised investors who can move quickly and support founders from the earliest stages with operational expertise and international co-investor networks.
A wave of European AI fundraises
This first close is part of a broader trend in European venture capital during 2026. A selection of comparable funds focusing on early-stage AI, B2B software, and enterprise technology have raised significant capital this year.
| Fund | Amount Raised | Focus |
|---|---|---|
| Merantix Capital | €103 million | Early-stage AI |
| Elaia (Digital Venture Fund V) | €120 million (first close) | B2B-focused |
| DFF Ventures | €70 million | Software and AI in underdigitised industries |
| Samaipata | €70 million (first close, target €110m) | AI-native companies |
| Vanagon Ventures | €20 million | Pre-Seed B2B AI and DeepTech |
Cristina Bini, Head of Indirect Investments at CDP Venture Capital, commented on the partnership. "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. She added that these capabilities are essential for developing the Italian and European innovation ecosystem and that Techshop II continues a long-term partnership aimed at supporting new B2B software companies.
The firm's track record and strategy
Founded in 2021, Techshop is an asset manager specialising in early-stage venture capital for B2B technology. The firm describes its approach as vertical, hands-on, and founder-to-founder. It supports companies in product development, market validation, and commercial growth.
Its first fund, Techshop I, built a portfolio of 23 B2B software and SaaS startups. Portfolio companies include Shop Circle (now Circeus), Smartness, hlpy, Qomodo, Tot, AxyonAI, GenomeUp, SylloTips, and Allsides. According to Techshop, the fund's performance metrics are among the strongest in Europe for its vintage. Just over four years from launch, it reports a Multiple on Invested Capital (MOIC) of 1.8 and a Total Value to Paid-In Capital (TVPI) of 1.5.
With the launch of Techshop II, the firm becomes a multi-fund platform targeting total assets under management of €150 million. Its strategy remains tightly focused on early-stage B2B software, with particular emphasis on the pre-Seed and Seed phases.
The investment thesis: AI's B2B expansion
The fund's core thesis is that artificial intelligence will massively expand the value and depth of the B2B SaaS market. Techshop partners believe a multitude of innovations and vertical AI SaaS solutions will emerge. These tools are expected to automate tasks, decisions, and operational workflows across numerous sectors.
The firm specifically highlighted markets such as consulting, healthcare, finance, software development, customer conversation, data management, enterprise applications, robotics, and manufacturing processes as areas of interest. At least 70% of the fund's capital will be invested in private companies resident in the European Union or the European Economic Area, provided they have a permanent establishment in Italy.
The first investments from Techshop II are scheduled to be announced in the coming weeks. They will cover AI solutions for sales, development tools, and advisory services.
