Europe’s venture capital ecosystem has evolved rapidly over the past two decades, but in many markets the challenge remains the same: turning strong technical talent into globally competitive companies.
Few investors have witnessed that evolution as closely as Paolo Gesess, Founder and Managing Partner at United Ventures, one of Italy’s leading venture capital firms. Having been active in the Italian technology ecosystem since the late 1990s, Gesess has seen the internet era, mobile, cloud computing, and now artificial intelligence reshape the venture landscape.
INT25 United Ventures
For United Ventures, the mission has remained consistent: identify strong founders early and help them build companies capable of competing globally.
From the Internet Era to the Age of AI
Gesess began investing during the early days of the internet economy. At the time, venture capital in Italy was still in its infancy.
The ecosystem had talented engineers and entrepreneurs, but capital was scarce. This created a structural mismatch between innovation and the funding required to scale it.
Over time, the technological landscape continued to evolve. The internet wave was followed by mobile platforms, then cloud computing, and now artificial intelligence. Rather than specializing narrowly in one sector, United Ventures has consistently adapted its investment strategy to follow these broader technological shifts.
This flexible approach remains central to the firm’s philosophy today.
Instead of chasing fashionable sectors, the firm prefers to identify emerging technologies early — before they become widely recognized investment trends. For example, United Ventures began exploring artificial intelligence opportunities as early as 2017 and is already examining developments in quantum computing and other frontier technologies.
INT25 United Ventures
Italy’s Talent, Global Ambition
While Italy has historically lagged behind countries such as France or Germany in venture funding, Gesess believes the country possesses the fundamental ingredients for building strong technology companies.
Italy offers deep technical talent, strong universities, and a long-standing entrepreneurial culture. The real challenge, however, lies in mindset.
Too many startups still focus initially on the domestic market. Although Italy itself is a large economy, companies that limit themselves to national markets risk capping their long-term growth potential.
United Ventures encourages founders to think internationally from the start.
The firm actively connects its portfolio companies with global investors and helps them access broader European and international markets. The goal is not simply to build successful Italian companies, but to create global technology players originating from Italy.
The Need for a True European Market
Beyond Italy, Gesess sees a broader structural challenge within Europe’s venture ecosystem.
While the United States benefits from a single large market with unified regulation and capital pools, Europe remains fragmented across countries, legal systems, and investment practices.
For startups to compete globally, Europe must increasingly operate as a true common market for innovation.
That means improving regulatory alignment, encouraging cross-border investment, and enabling startups to scale across European markets more easily. If this integration progresses, Gesess believes European startups will be far better positioned to compete with global peers.
Capital Is Arriving — But the Gap Remains
Funding availability in Italy has improved significantly over the past decade, though the ecosystem still trails some of its European neighbors.
Several factors are driving this shift.
First, public policy initiatives are encouraging institutional investors — including pension funds — to allocate capital toward venture investments. Second, the emergence of successful startups is helping attract both private investors and international attention. And third, global asset allocation trends are gradually increasing exposure to private markets, including venture capital.
Together, these dynamics suggest that the Italian venture ecosystem could see substantial growth in the coming years.
Investing in People Before Trends
At its core, United Ventures’ strategy rests on three principles.
First, people come before technology. The firm prioritizes exceptional founders with strong vision and adaptability.
Second, the firm aims to identify technological shifts early — investing “before it becomes obvious.”
Third, United Ventures focuses on helping local talent build global companies.
These principles shape the firm’s investment culture and have helped define its reputation among founders and investors alike.
The Next Phase of European Venture
Despite recent progress, Gesess believes Europe’s venture ecosystem is still in a growth phase.
The industry has moved beyond its early formation stage but has not yet reached full maturity. Over the coming years, the ecosystem is likely to evolve significantly, driven by technological change and new investment tools.
Artificial intelligence, in particular, is expected to transform how venture investors analyze companies, evaluate opportunities, and interact with founders.
If these shifts play out as expected, the venture landscape in Europe may look very different within the next five years.
For investors like United Ventures, the challenge remains the same as it was decades ago: identifying exceptional founders early and supporting them as they scale globally.
And in Italy — where talent has never been the problem — that opportunity may be greater than ever.
