2025年意大利风险投资报告

TheStateofVCinItaly2025

KeynotebyYoramWijngaarde

Day1/1stOctober2025

1ProofofPotential

2BreakingOutoftheMiddle

3LeapfrogEurope

Italianstartupsontracktoraise$1B+againin2025

Despiteabsenceofmegaroundssofarthisyear

Source:Dealroom.co

2025calculatedbasedon

projectionasofAugust2025

VCinvestmentintoItalianstartups

Scaleupcapital

Breakoutcapital

Startupcapital

Projected

Topsegmentsin2025:AIandClimateTech

StartupCapital(<$15M)BreakoutCapital($15–100M)

Knowledgeaboutbuildingagreatstartupis

accumulating

Source:Dealroom.co

NumberofnewfoundersinItalywithexperienceataunicorn

+

Projected

Thereare±2KVC-backedcompaniesinItaly…

Outcomes

Flowofnewstartups/year

1.4K±2801.8K121

17

StartupsfoundedRaisetheirStartupsBreakoutsScaleups

annuallyfirstVC-round($100K–15M($15–100M($100M+

eachyearfunding)funding)funding)

31

$100M+revenueand/or

$1B+valuation

63

$25-100M

revenue

4.4%ofEurope4%2%1.4%

3.8%3%

PoolofVC-backedcompanies

…witha

combinedvalueof$60billion

Startupslaunchedin

thelast10years

alreadyaccountforonethirdofthisvalue

Source:Dealroom.co

CombinedenterprisevalueofVC-backedItalianstartups,bylaunchyear

…butthatʼsstill~40%lowerthanSpain,whichhasa~40%smallereconomy

Spain

Italy

Source:Dealroom.co

…letaloneSwedenorFrance

France

Sweden

Spain

Italy

Source:Dealroom.co

ItalyisstuckintheItalyʼsrankvsotherEuropeancountries

middleoftheEuropeanpack

Source:Dealroom.co

1ProofofPotential

2BreakingOutoftheMiddle

3LeapfrogEurope

StartupGraduationratesofstartupsfromSeedonwards

graduationratesarebelowits

peers

Source:Dealroom.co

Note:fromstandardizedseedroundsbetween2015and2020

EvenItalyʼsmostsuccessfulstartupsaremore

domesticallyfocused

Source:Dealroom.co

Italianstartupshavefarfewerfounderswithaninternationalbackground

Source:

Dealroom.co

.Includesonlycompaniesthatraisedmorethan$1m,andcountrieswith>5founders.

AndItalianfoundersaremorelikelytostartabroad

Source:

Dealroom.co

.Includesonlycompaniesthatraisedmorethan$1m.

ItalyisfarmorereliantondomesticcapitalthanotherEuropeancountries

VCinvestmentbydomesticinvestors(2022-2025)

Startupstage($0-15M)Breakoutstage($15-100M)Scaleupstage($100M+)

ItalyisaposterchildforEUINC

1ProofofPotential

2BreakingOutoftheMiddle

3LeapfrogEurope

11%

ofEuropeanGDP(andG7 producer)

1.7%

ofVC-backed

EnterpriseValue

inEurope

TechHubsaredrivingeconomicgrowth

Source:Dealroom.coanalysisofIMFandBEAdata

Italyʼspensionsystemisstrainedbylowprivatesavings,highpublicliabilities,andarapidlyagingpopulation

Higherlong-termfinancialassets&lower

unfundedliabilities

Afurther$30trillionopportunityforcapitalformationandcontinuedshiftfromDBtoDCsystems

Lowsavings&highunfundedPAYG

liabilities

Source:Bruegel,OECD,Eurostat,2021data.FinancialassetsarePPP.Bubblesizerepresentsnumberofhouseholds.

Summaryconclusions

1.Italycanbuild.Dozensofstartupsuccesses

2.Butit,sstuckinthemiddle.Punchingfarbelowitseconomicweight

3.Startupsandcapitalareoverlydomestic=self-limiting

4.ItalyistheposterchildforEUINC.Needsitmorethananyoneelse

5.Leapfrogpotential.EUINC