Argotec Raises €50 Million in a Week of Italian VC Deals

By Nathan Brooks

Argotec, the company David Avino founded, secured a €50 million capital increase from NUO, according to BeBeez. It was the largest disclosed financing in the publication’s Italian venture roundup. Tommaso Paoli serves as Argotec’s CEO.

BeBeez said Argotec will invest the proceeds in organic growth and international expansion. Mediobanca and Arma Partners acted as financial advisers. Avino told BeBeez in July 2025 that “Argotec is already working on launching a 150 million capital increase by 1Q27.”

What does Argotec’s €50 million change?

For Argotec, the practical effect is straightforward: the first raise funds international expansion alongside organic growth. The next checkpoint is whether the company can launch the larger transaction by 1Q27.

ReFly’s round remains a target, not a close

ReFly Group is aiming for a €10 million Series A round led by Swiss Investa Partners, according to BeBeez. The London-based traveltech startup was founded in 2024 by Italian entrepreneur Mohamed Eiweada. BeBeez said the proceeds would go into proprietary technology, organic growth, marketing and communication.

The distinction matters for investors: ReFly has a target, a named lead and a defined use of proceeds, but no completed financing. For ReFly, the immediate execution test is closing the €10 million Series A.

Agora Labs pairs equity with European research

Italian deeptech company Agora Labs attracted €4.3 million, BeBeez reported. Lead investor P101 and its vehicles Programma 103, Azimut ELTIF Venture Capital P103 and Programma 103R Digital backed the round, while the Mussetto Family also invested. Davide Zaccagnini founded Agora Labs in 2022, and Fabio Giulietto serves as a director.

Stefano Guidotti is a partner at P101. Agora Labs also takes part in two Horizon Europe programmes: PATH, the Patient AI Treatment Hub, and AIM-SAFE, the Multi-Agent Framework for Safe, Specialised, and Adaptive Clinical Reasoning. BeBeez said the programmes have resources of 1.14 billion. For Agora Labs, equity backing now sits alongside participation in two research programmes.

E-Plato adds a three-investor syndicate

E-Plato attracted €3 million from DFF Ventures, MITO Tech Ventures and Vento Ventures, according to BeBeez. Karandip Singh founded the startup in 2021, and Milan-listed Smart Capital is also an investor. The company will use the proceeds for proprietary technology and organic growth.

For E-Plato, the new money links technology investment and expansion in one plan. Unlike ReFly’s target, this financing is already secured.

Cosmico buys Clutch while Ancora adds Studio Eldas

Cosmico, a portfolio scaleup backed by P101 and Prana Ventures, acquired Italian head-hunting firm Clutch from Lorenzo Cattelani, Anna Valenti and Federica Riviello. Cosmico retained Bird & Bird, Ant Capital and UniCredit as advisers, while Clutch received assistance from DWF and FG2 Capital. The transaction gives Cosmico direct exposure to the head-hunting market.

Ancora, an Italian AI-based accountancy firm, acquired Studio Eldas from Marco Ferrara and Valeria Lucrezia Ferrara, sources told BeBeez. The deal pushed Ancora’s annual recurring revenue to €1 million. CEO Andrea Chirolli owns 75% of Ancora, while COO Andrea Abriani owns 25%.

Andrea Rusconi is the firm’s founding CTO. Chirolli said he was “interested in further acquisitions.” The statement points to consolidation, though no second target has been named.

BeBeez also said its BeBeez Private Data database, operated with FSI, monitors Programma 103, Azimut ELTIF Venture Capital P103, Programma 103R Digital, DFF Ventures, MITO Tech Ventures, Smart Capital, Vento Ventures and Cosmico, along with their investments. That creates a consolidated record for readers tracking the investors and portfolio companies behind this roundup.

The next checkpoints are specific: ReFly must close its €10 million Series A, Argotec aims to launch a €150 million capital increase by 1Q27, and Ancora needs another target if Chirolli proceeds. For now, the roundup mixes three completed financings, one targeted round, two acquisitions and no disclosed valuations.