# Massimo Caroli

> Massimo Caroli is a seed investor at MAF (Bologna) backing Advertising and Mobile Apps. See 1 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [MAF](https://shizune.co/investors/profile/myappfree)
- Location: Bologna, Italy
- Total investments: 1
- Lead investor: 0%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/in/massimocaroli
- Facebook: https://www.facebook.com/massimo.caroli.5

Massimo Caroli is a seed investor at MAF in Bologna focused on Advertising and Mobile Apps. Founder, COO of MyAppFree.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Advertising | 1 | 100% |
| Mobile Apps | 1 | 100% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Loyalty Digital | Mobile App, Rewards, Earn to play | $300K | Seed |  |  |

1 of 1 investments shown.

## About MAF

VC Fund · Imola, Italy

MAF's loyalty platform is your all-in-one solution for app growth and monetization.Acquire: Powered by first-party data, MAF connects your apps with the most relevant audience for your brand. With a strong focus on enhancing the user experience, our loyalty platform offers exclusive ad formats, such as Play2Earn. This visionary ad formatrewards users as they engage, leading to increased long-term retention rates (up to 3.5 times higher) and improved LTV, ensuring the highest ROAS for our advertisers. With support for both CPI and CPE campaigns, you have the freedom to choose the approach that aligns perfectly with your goals. Monetize: MAF boosts user experiences through non-intrusive ads, achieving outstanding eCPMs. Explore MyChips, MAF's in-app offerwall, delivering the best match between users and apps. Maximize your revenue by motivating non-paying users to engage with native ads and earn rewards, driving your revenue toward your next milestone. Reach out to learn more.

2 contacts available at MAF.

| Name | Title | Profile |
| --- | --- | --- |
| Massimo Caroli | Founder, COO | https://shizune.co/investors/profile/massimo-caroli |
| Riccardo Fuzzi | Founder & CEO | https://shizune.co/investors/profile/riccardo-fuzzi |

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## Featured in investor lists
- [Mobile Apps Investors in Italy](https://shizune.co/investors/mobile-apps-investors-italy)
- [Mobile Apps Angel Investors in Italy](https://shizune.co/investors/mobile-apps-angel-investors-italy)

## FAQ

### What does Massimo Caroli invest in?

Massimo Caroli invests primarily in Advertising and Mobile Apps startups, most often at Seed stage. Most of the 1 investments tracked by Shizune back companies in Italy. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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