Silvio Pagliani

🏗️ Fund II is live — and it’s time to reinvent the physical backbone of Europe’s economy. At First Momentum Ventures, we just closed our oversubscribed €35M Fund II to continue backing the founders who are rebuilding industry from the ground up — in areas most VCs still overlook. The industrial stack is overdue for reinvention. From software-defined manufacturing to robotics, industrial AI, and novel materials, we’re seeing an explosion of innovation in sectors that were once off-limits to startups. This isn’t just about incremental efficiency. It’s about reimagining how we make, move, and maintain the physical world. The next generation of category leaders will be born at the intersection of deep tech and industrial process know-how — and we want to be there from day zero. With Fund II, we’ll invest €200k–€1M at pre-seed and provide the technical, operational, and go-to-market support that deeply technical teams need to get from prototype to product. We’ve already partnered with incredible teams transforming: 🔧 Manufacturing 🤖 Robotics & Automation ⚙️ Supply Chain Coordination 🧪 Materials Science 💻 Industrial Software & Simulation Europe has the talent and the infrastructure — now it’s time to unlock it. Let’s build the future of industry. 👉 Link to Sifted article in the comments Super thrilled to do this with an absolute dream team - Sebastian, Lena, Maximilian, Christian & Ana. Let's roll 🤘 #deeptech #newindustrials #manufacturingtech #robotics #automation #venturecapital #foundersfirst #preseed #hardwarestartups #supplychain #softwaredefinedmanufacturing #funding #firstmomentum

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5% of the €225B in innovation funding from FP7, Horizon 2020, and Horizon Europe went to startups. Startups backed by this funding (≈ €12B) have €520B in total enterprise value. Another interesting report from Dealroom.co and Dealflow.eu that's worth reading. 👍🏻 https://lnkd.in/eMraDD7s

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How Do Angel Investors Value Pre-Seed Startups? At the pre-seed stage, startups often have no revenue and minimal traction — which makes traditional valuation methods like EBITDA multiples useless. Instead, angel investors rely on a mix of early-stage valuation methodologies such as: 📊 Berkus Method – assigns value to elements like the team, prototype, market size, and strategic relationships. ⚖️ Scorecard Method – compares the startup against averages from similar deals in the region, adjusting for strengths and weaknesses. 💰 Venture Capital Method – estimates the exit value and works backward, applying expected ROI multiples. 🔮 Risk Factor Summation – starts from a baseline valuation and adjusts up or down based on 12 common risk factors (management, competition, legislation, etc.). The truth is, at this stage, investors look beyond numbers. While valuation methodologies help frame the deal, more than the money, investors also evaluate factors such as: 👥 The founding team – their skills, resilience, and ability to execute 💡 The problem being solved – is it significant, urgent, and scalable? 🚀 The proposed solution – how unique, innovative, and defensible is it? 📈 Market potential – is there room for exponential growth? 🛠️ Early validation signals – customer interviews, letters of intent, prototypes, or pilot interest. Pre-seed investing is often described as “betting on the jockey, not just the horse.” Angels know that the business will pivot, but the right team can adapt, learn, and grow. At this stage, valuations are more art than science, but structured approaches ensure fairness for both founders and investors. At CYBAN, we guide investors and founders through these methods to align expectations and build trust from day one. #AngelInvesting #StartupValuation #PreSeed #CYBAN

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🔥 Europe’s startup scene just got a big reality check — and the results are impossible to ignore. At Nordic Tech Week, Norrsken VC dropped the largest impact pulse report to date, built on insights from 660 founders & investors. The verdict? ➡️ Impact-optimism is on the rise. Highlights that stood out: 🚀 60% of founders + investors say the future looks bright 📈 this optimism has increased in 2025. 💶 3 out of 4 investors are doubling down on impact bets ⚡️ Energy. Industrials. Healthcare. → The sectors to watch But let’s be real: Europe’s still holding itself back. The potential is massive — if we dare to unlock it. Reach out to us at Norrsken Evolve if you are a pre-seed founder building in resilience and sustainability. 👉 Full report in comments. Props to the team for putting this together: Per Frykebrant, David Frykman, Tove Larsson, Beata Enwall, Agate S. Freimane, Ludvig Bergstrom

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At Delivery Hero, we tested three ways to enter new markets: 1. Starting from scratch (“greenfield”) and building everything ourselves 2. Acquiring local competitors 3. A mix of both The third approach turned out to be the most effective. It gave us local expertise 𝗮𝗻𝗱 the ability to scale with our proven systems. We’d acquire a company, then layer on our playbook—integrating our software, processes, and way of working. One thing to keep in mind: post-merger integration is a beast. Merging cultures, systems, and ways of thinking is hard. If you don’t get that right, it can destroy all the value you hoped to gain.

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Base44 sold to Wix for $80 million in cash  six months from idea to exit  no VC  just clarity and execution Why this matters for Italy? The Base44 exit happened in Israel - one of the most developed startup ecosystems in the world. But for the first time, this story is also a positive signal for Italy, showing that such outcomes are no longer out of reach. Crucially, success of this kind is no longer bound by the years of digital and technological gap that once separated Europe from Silicon Valley and Israel. AI has erased much of that distance, making these achievements attainable here too. Italy’s AI market grew 58% in 2024, reaching €1.2 billion, and with lots of funds ready to be deployed on the topic. AI has leveled the tech playing field  building tools is easier than ever  the real gap now is go-to-market and moat creation Italy has the ambition and the infrastructure  the next Base44 could be built there

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