Italian Angels for Growth

The largest network of business angels in Italy, investing time and capital to support the growth of innovative startups.

Founded in 2007, IAG is a non-profit association that has brought to Italy an investment formula born in the United States that gathers private capitals to be invested into innovative startups, methodically and professionally.

IAG members form a pool of investors (Club Deal) for each deal, leveraging best practices and the support of a professional team.

Our members primarily participate in early stage financing rounds in companies from four industries: Life Science, Deep Tech, Digital and Fintech; with a ticket in the range from €0.2 to €1.5 million.

Innovation playmakers

IAG in the words of Francesco Marini Clarelli, co-founder and Honorary Chairman


Give a boost to growth and prosperity, by bringing skills and capital to serve innovative ideas.


Facilitate the investment of private capital in the ecosystem of Italian and international startups, becoming the place where entrepreneurs, investors and corporates come together.

Code of Conduct

The Code of Conduct of the members of Italian Angels for Growth has been created to clarify and consolidate the ethical-value system of the association. At IAG we are driven by principles and values shared by all partners such as professionalism, loyalty, fairness and ethical commitment.

Read the Code of Conduct

IAG Charter of Values

The purpose of this Charter of Values is to introduce and disseminate the founding principles of Italian Angels for Growth (IAG). The Charter aims to align IAG's commitment to respecting the rights of people, the environment and the community with the way each partner, entrepreneur and team member interacts internally and with the stakeholders in the ecosystem.

Read IAG Charter of Values

Facts & Figures

16+ years of activity

300+ members

6.500+ startups analyzed

110+ startups funded

550+ million euros invested by IAG members and co-investors


The IAG investment team carries out the daily work of the Association, including handling the screening process, managing the meetings with startups, and supporting members in the success of their investments.

Current members:

Emanuele Torlonia
Managing Director

Following his studies in Spain at IE Business School, Emanuele matured a great interest in innovation. He gained experience in management, working for 2 years as Lead Scout in one of the most important acceleration programs in the world: Startupbootcamp FoodTech.

Nicoletta Morra
Corporate Innovation Manager

With a background in International Management and experiences spanning Italy and Germany across both corporate (Zeiss, Barilla) and venture capital (CVC and angel investing) realms, Nicoletta, who joined IAG in 2020, has launched and oversees the Corporate Innovation branch of IAG. This branch supports large companies in all stages of their open innovation journey, along with education initiatives for the innovative ecosystem.

Riccardo Vanelli
Investment Associate

Riccardo holds a degree in Economics and Management, with a master's degree with honors in Administration, Finance and Control from LUISS Guido Carli. In 2019 during his Erasmus exchange in Norway he approaches the world of Venture Capital by collaborating with a Startup in Oslo. Experience in the world of strategic consulting (Ernst & Young), joins IAG in 2020. Launches Eden Ventures in 2022, holding the position of Venture Partner.

Francesca Giorgetti
Administration Manager

Francesca studied Public Relations at IULM University and later became a publicist journalist. Since 1996 she has been working in the fashion and luxury sector and for various brands initially as Office Manager and later as European Editorial Manager and in charge of organizing special events.

Maria Cristina Mirabello
Communication Manager

Graduated in Political Science and International Relations, she worked in Digital 360 in the definition and management of integrated communication strategies. She was also involved in territorial marketing with a project of which she was Founder. Always attentive to human rights issues, she collaborated with Oxfam, Amnesty International and the Youth Committee of the Italian National Commission for UNESCO.

Niccolò de Leva
Investment Analyst

Master in Management at ESCP Business School, with a previous bachelor's in Economics and Management at LUISS Guido Carli.
Experiences in management consulting and venture capital, having worked respectively in Arthur D. Little and Iris Ventures. Passionated about helping companies grow and achieve their goals.

Riccardo Viola
Investment Analyst

Advanced Master in Biotechnology & Pharmaceutical Management at Grenoble Ecole de Management. Graduated in CTF (Chemistry and Pharmaceutical Technologies) thanks to a thesis conducted in the pharmaceutical industry by developing a Sanofi project. Among various jobs and experiences, Riccardo worked at a private pharmacy in the province of Udine and as a staff member at the main basketball sports club in the area (Amici Pallacanestro Udinese).

Giorgia Spagnuolo
Innovation Network Specialist

Strongly interested in the phenomenon of innovation and entrepreneurship, she graduated in Business Administration, Management and Finance. After a Master in Management of Creative and Cultural Enterprises at LUISS BS, she gained experience in managing coworking spaces and organising networking events.

Industry groups

Our unique proposition and key differentiator lies in the skills and competences matured by our Business Angels. We rely on an important pool of experts organized into four industry groups:

  • Life Science
  • Deep Tech
  • Digital
  • Fintech


Board of Directors

It deliberates on the main subjects concerning the life of the Association. It meets about once a month and its mandate lasts three years.

Current members:

  • Francesco Marini Clarelli (Honorary Chairman)
  • Antonio Leone (Past Chairman)
  • Carlo Tassi (Chairman)
  • Paola Bonomo (Vice-chairman)
  • Christian Marchesi (Vice-chairman)
  • Renato Cifarelli
  • Alda De Rose
  • Paolo Marzetti
  • Alessandra Piccinino
  • Diana Vaturi
  • Leonardo Giagnoni

Executive Committee

It manages the matters delegated by the Board of Directors.

Current members:

  • Carlo Tassi
  • Paola Bonomo
  • Christian Marchesi
  • Emanuele Torlonia (Managing Director)

Screening Committee

Composed of nine members with experience in angel investing, this group is responsible for the selection of the startups which will be presented during the investor day. Its decision is driven by 5 key parameters:

  • Quality of the founding team
  • Market potential
  • Uniqueness and defensibility of the solution
  • Results achieved and commercial traction
  • Investment terms and deal structure

IAG members

IAG is the rendez-vous for those who already have experience in angel investing and those who want to approach this type of investment.

Discover our members

Network & Partner

We collaborate with the main national and international players, amplifying the benefits for our members and entrepreneurs.

Discover our network

Work with us

We are always looking for candidates with the right skills and interest in ouractivity to join the organization.

Send your application

Contact us

To learn more about IAG and how it works, please visit our FAQ section.

To submit an innovative business idea, please use Dealum, our dedicated platform.

To learn how to join the largest Italian association of Business Angels or for any other request, please contact us through the form and we will answer you as soon as possible.

Send us a message