4C Ventures evolved from the corporate venture program of Olivetti, which was established in 1980 by Elserino Piol. Like many corporate venture initiatives, the program was developed to provide Olivetti a window on emerging technologies and companies, as well as provide potential new sources of business in the US and Europe. In fact, Olivetti established relationships with numerous portfolio companies over the years, in addition to earning an excellent financial return on the program.

In 1985, the program was changed from a traditional corporate venture program to be managed more like an independent venture fund with an independent management team, focused on traditional financial return criteria. Alexandra Giurgiu and Giuliano Raviola joined Elserino Piol on the venture management team, and the program has been managed by the same core team ever since.

In 1995, 4C Ventures was established as a formal legal entity for the Olivetti venture program continued. In 1996, the venture management team spun out from Olivetti, buying at the same time the venture portfolio they had built. The firm has operated ever since as an independent firm.