Hello from Milan!
Yesterday, we attended the press conference that officially set the stage for the upcoming 0100 International Conference later this month — and it was a powerful reminder of where Italy’s venture ecosystem stands right now.
With Jole Saggese from CNBC moderating, we heard from:
…and, of course, our CEO, Pavol Fuchs.
The discussion touched on Milan’s growing international role, the maturity of Italy’s VC landscape, the agility that family offices are bringing, and the pressing need for regulation and infrastructure to keep pace. What resonated most was the shared message: Italy has the talent and the ideas, but unlocking more capital and cooperation is essential if founders are to scale here rather than abroad.
We also heard a strong European angle — the call for more harmonized rules to make cross-border investment easier. As one speaker put it, money doesn’t have a passport, but regulation still does.
Our biggest takeaway: there’s alignment across the board that it’s time to change the narrative, strengthen collaboration, and set our sights on building global champions with Italian roots.
This is exactly the conversation we’ll continue at the 0100 International Conference in Milan at the end of October, when over 700 private market leaders will come together to push this ecosystem forward.
“Milan has all the ingredients to become a global hub for private markets—entrepreneurial talent, access to capital, and international connectivity.
Pavol Fuchs, CEO of Zero One Hundred Conferences
Some numbers from the Italian VC ecosystem
Investment volumes have decreased from recent peaks, deal activity has slowed, and funding is becoming increasingly concentrated in later stages.
At the same time, sectoral priorities are changing, with CleanTech, DeepTech, and robotics emerging as the new drivers of capital allocation.
Funding dynamics
Italian VC investment totaled €1.1 billion in 2024, and deal sizes showed strong progress. The median capital invested more than doubled year-on-year, reaching €540k.
Over the past decade, VC funding in Italy has grown 5.7 times since 2015, outpacing Europe’s 3.3 times growth in the same period.
Late Stage: €763m (69% of total, +15% YoY)
Median post-money valuation: €4m (up from €3m in 2023)
Deal activity
Italy recorded 628 transactions in 2024, maintaining nearly 5% of Europe’s total deal flow. Pre-seed activity remains strong, accounting for 56% of all transactions, indicating a healthy pipeline of early-stage entrepreneurs. Longer funding cycles also reflect a change toward fewer but larger rounds, providing startups with more operational flexibility.
Milan is delivering the conditions investors are looking for—robust infrastructure, regulatory clarity, quality of life, research excellence, and connectivity across Europe.
Fiorenza Lipparini, Director General of Milano&Partners
Geography
Northern Italy continues to anchor the ecosystem. Between 2020 and 2024, the North-West attracted €5.3bn (76% of capital), led by Milan with €4bn and 1,134 deals. Rome, Turin, Bologna, and Naples are also emerging as important hubs, expanding the map of Italian innovation.
In Italy, the connection between founders and their businesses is deeply personal, often compared to a parent-child bond.
Raffaele Legnani, Managing Director of H.I.G. Italy
Sectors
2024 was marked by strong momentum in sustainability and frontier technologies. Several verticals saw record-breaking growth:
CleanTech: €306m (+71% YoY, up from €5m in 2015)
Space Technology: €161m (+233% YoY)
Robotics & Drones: €161m (+443% YoY)
DeepTech: €693m (+14% YoY, 7.5x since 2015)
Ecosystem drivers
Italian universities are playing a central role. Since 2020, alumni-founded startups from Politecnico di Milano and Bocconi University alone have raised nearly €6bn, supported by incubators such as PoliHub and B4i.
The ecosystem now counts 14,300 innovative startups and SMEs and 150 active VCs, reflecting a significant scale-up compared to just a decade ago.
Italian venture capital has already become an industry and entered a new phase of development.
Andrea Di Camillo, Founder & Managing Partner of P101 SGR
Deep Dive on Italian Venture with Andrea di Camillo
Andrea Di Camillo notes that entrepreneurs now understand venture capital as a potential funding source, and large corporations are actively exploring VC portfolios for innovation opportunities. Institutional investors have become increasingly engaged, providing the funding that supports the growth of innovative startups and helps establish venture capital as a legitimate asset class in Italy.
Italy’s strength lies in its abundant talent pool and cultural heritage, which provide a solid foundation for innovation. The market is increasingly focusing on key sectors, such as healthcare and AI, with investors working to bridge the gap between innovative ideas and meaningful investment opportunities. This effort involves adapting to global investment trends and local market nuances.
🗓️ 0100 International Panel Spotlight: M&A in Italy
Italy’s M&A landscape is entering a new cycle. Mid-market activity is growing, international investors are increasingly present, and companies are adapting to a more complex regulatory and macroeconomic environment. For investors and operators, this means deal execution requires sharper strategies—balancing origination, cross-border operations, and long-term value creation.
This panel will explore how investors are navigating the Italian M&A environment, identify effective strategies, and pinpoint emerging opportunities. From deal sourcing to post-acquisition integration, the discussion will shed light on how local and global players are approaching this market.
Panelists include:
Giuseppe Franze, Partner at Rivean Capital – Head of Rivean’s Milan office, with experience at Hg in London, Apax Partners, and Merrill Lynch.
Massimo Vendramini, Managing Director and Head of Southern Europe at Aurelius – Specialist in mid-market investments with a background in international operations and exits.
Giacinto d’Onofrio, Senior Partner at Aurora Growth Capital – Former Partner at Trilantic Europe with 15 years focused on the Italian market and a background in investment banking.
🌍 Across the Ecosystem | News & Useful Resources for You
We’re not the only ones tracking the evolution of Italian venture capital, and the conversation is gaining momentum across Europe. Here’s a spotlight on other pieces of good news from the ecosystem.
🗞️ News | Italian Founders Fund Expands with €35M
Italian Founders Fund (IFF), the first venture capital fund in Italy built by founders for founders, has secured an additional €35 million from CDP Venture Capital’s Digital Transition Fund, raising its total assets under management to €90 million.
Since launching in mid-2024, IFF has already invested in 14 startups founded by Italians across Italy, the UK, the US, and Singapore, and has co-invested alongside major international funds such as Y Combinator, Balderton, and Base10 Partners.
🗞️ News | Milan’s P101 SGR Closes €250M Fund to Boost Italy’s Tech Role in Europe
Milan-based venture capital firm P101 SGR closed its largest fund to date earlier this year, Programma 103, at €250 million, marking one of the biggest in Italy’s VC history.
The fund, which had its first close in 2022, is focused on strengthening Italy’s startup ecosystem by addressing the country’s early-stage funding gap and supporting international expansion.
🗞️ News | EIB Group Invests Nearly €11 Billion in Italy’s Green and Digital Future
In 2024, the European Investment Bank (EIB) Group signed 99 financing operations in Italy worth €10.98 billion.
These investments helped unlock a total of €37 billion for the real economy, equal to 1.7% of Italy’s GDP. The funding supported key areas such as the green transition, energy security, and digitalisation.
A major focus was on climate action and energy independence under the EU’s REPowerEU plan. Of the total investment, €5.73 billion went toward environmental sustainability, with €3.75 billion dedicated to energy security.