With Italian VC investments reaching EUR 2.1 billion, a significant 67% increase over the last few years, the Italian venture capital market has witnessed yet another record-breaking year. This astonishing result can be attributed to two factors: greater market prospects in the market as well as consistent and steady expansion in the country's innovation ecosystem. With new records being set every year, both domestic and foreign investors are paying careful attention to Italy. In this article, we have compiled a comprehensive list of VC Funds and Angel Investors in Italy that are playing an active role in the country's startup ecosystem.
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Why Should You Raise Funds in Italy?
There are several reasons why startups should consider raising funds in Italy:
Growing VC Activity: Italy has a growing venture capital industry, with an increasing number of funds available for startups to access. Italian VC investments reached EUR 2.1 billion with 326 deals, a substantial increase from 2021 at EUR 1.2 billion. The average ticket size has increased from EUR 3.7 million in 2021 to EUR 6.4 million in 2022, and there are more deals above EUR 10 million, showcasing that the Italian market is becoming more mature and registering larger deals. International investors are playing an active role; accounting for about 40% of total investments. Corporate venture capital initiatives have also proliferated, showing engagement from large corporations in the country's startup ecosystem.
Strong Government Support: 2022 marks the 10 years of the Startup Act, the decree-law that aimed at supporting the startup ecosystem. The law provides a framework for the sector on issues such as simplified administrative procedures, reduced bureaucracy, and bankruptcy law for businesses, and tax incentives for investors. The government agency, Invitalia, is responsible for promoting inward investment and startup development, supporting new business endeavors and startups at all phases of the investment process. This includes Smart & Start Italia, a subsidized financing instrument and initiative established by the Italian Ministry of Economic Development to promote the formation and growth of innovative enterprises throughout Italy.
Access to Talent: One recurrent factor when considering Italy's advantages in the eyes of investors is talent. Italy's robust system of universities and technical institutions is renowned for its excellent educational standards, notably in subjects such as engineering, economics, and design. As a result, Italy has a highly-skilled, globally-oriented workforce with a heavy emphasis on technical and creative abilities. This access to educated and motivated talent is extremely beneficial for startups looking to expand their operations.
Venture Capitalist Funds in Italy
The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 1997
Stage: Pre Seed, Seed, Series A, Series B
Focus: Deep Tech, Business Process Automation, Mass Consumer Disruption
Notable Portfolio: Casavo, Traefik Labs, Exotec, Cubyn, Innoviz Technologies
360 Capital Partners is an early-stage European venture capital firm that invests in game-changing B2B and B2C solutions. Their mission is to encourage and support entrepreneurs in capitalizing on possibilities for technological disruption and translating daring ideas into extraordinary companies. They provide their experience, network, and assistance to their entrepreneurs, allowing them to impact the industries and the future. Since its founding in 1997, they have backed 145 firms to achieve success.
Year of Inception: 2015
Stage: Pre-Seed, Seed, Series A, Series B, Series C
Focus: AI, AR/VR, Aerospace, Blockchain, Cybersecurity, Deep Tech, E-commerce & Retail, Education, Media & Entertainment, Energy & Environment, Fashion, FinTech, Foodtech, Hardware & IoT, Hospitality, Life Science, Marketing & Sales, Social & Leisure, Software & Data, Transportation & Logistics
Notable Portfolio: Wenda, 2Hire, Altilia, Cubbit, CodeMotion, GrowishPay
With 12 operational funds and 2,048 million of assets under management, CDP Venture Capital is one of the leading VC firms in Italy. CDP Venture Capital aims to promote the Italian VC ecosystem, making it a strategic pillar of Italy's economic growth, entrepreneurship, and innovation. CDP Venture Capital makes investments through direct and indirect funds for startups in various sectors and at all stages of growth.
Year of Inception: 2010
Stage: Pre Seed, Seed, Series A, Series B
Focus: Sector Agnostic
Notable Portfolio: BaasBox, LybraTech, Netlex, Paperlit, Premoneo
LVenture Group is a venture capital firm that invests in early-stage firms molding the future. They invest in digital businesses and help them get to market faster, from prototype creation to market placement. As part of their portfolio, they will collaborate with you and invest their human resources into your company, provide opportunities to network with other entrepreneurs and investors, operate in their co-working spaces, and access their Post-Acceleration and Open Innovation services.
Year of Inception: 2015
Stage: Seed
Focus: Lifestyle, Tourism, Fashion, Sport, Food, Design, Digital Media, ICT/Hi-Tech
Notable Portfolio: The GIRA, Future Fashion, Qurami, Instilla, Restopolis
MGH7 Venture Capital was established with the goal to assist lifestyle-focused seed-stage startups in achieving sustainable growth. They take a strong human approach validated by analytical thinking to invest in and support startups' development. They also provide advice on strategic decisions, cap table optimization, and startup financing to attract the appropriate investors at the right time.
Year of Inception: 2007
Stage: Seed, Series A
Focus: AI
Notable Portfolio: Boom, Translated, Kiwibot, Hubble, Spaceryde, Metaphor, Oberlo
Pi Campus invests in early-stage, AI-powered firms that are tackling major challenges in slow-moving sectors throughout the world. They invest between EUR 50,000 and EUR 500,000 and offer mentorship and workspace. They host portfolio firms at their Startup Campus, where they organize meetings and networking events with successful entrepreneurs and investors and create a conducive environment for growth. They now have 49 companies in their portfolio, 5 of which have successfully exited.
Year of Inception: 2019
Stage: Seed, Series A, Series B
Focus: Deep Tech, Energy, Health & well-being, Mobility, Environment, AI / Big Data
Notable Portfolio: Nexoya, Roibox, Novac, Perovsky, Caracol, Igenius
Eureka Venture is the first independent Italian venture capital firm that specializes in deep tech, science-based investments, and digital technology investments. Determined to find "the next big thing", they leverage their excellent scientific research competencies to allow technology transfers and develop good IP portfolio startups.
Year of Inception: 2019
Stage: Seed, Series A, Series B, Series C
Focus: Deep Tech, Education, Electronics, Energy, Environment, Fintech, Healthcare, Mobility, New Materials, Photonics, Retail, Smart City, Space
Notable Portfolio: Cellply, Aquaseek, Mediaire, Corion Biotech, Zerynth
LIFTT is a venture capital firm that aspired to build an unparalleled synergy between company creation and capital. Through investments and active participation, they bridge the gap between creative ideas and financing. They help shorten a startup's path from the lab to the market by facilitating technology transfer and extracting value from research discoveries.
Year of Inception: 2018
Stage: Seed, Series A, Series B, Series C
Focus: Digital Assets
Notable Portfolio: Terra, Cosmos, Enjin, PancakeSwap, Mirror
With 25 years of collective expertise in the computer, digital, and blockchain industries, ICONIUM invests in digital assets and blockchain initiatives that will usher in the era of a decentralized internet. They invest in and support both launch and growth-stage startups who are building digital assets that will reshape the present financial system. At ICONIUM, they emphasize intellectual curiosity and an entrepreneurial spirit, looking to contribute to the expansion of initiatives that will affect the economy of the future.
Year of Inception: 1995
Stage: Seed, Series A, Series B, Series C
Focus: Network, Cloud, IoT, Cybersecurity, Payments, Education, Sustainability
Notable Portfolio: Satispay, Weschool, Askdata, Pedius, Webidoo
TIM Ventures is the corporate venture arm of TIM Group, an Italian telecommunications company. They make strategic investments in innovative technology businesses and assist them assisting them in the early stages of activity and development with the resources of their parent company.
Year of Inception: 2016
Stage: Series A, Series B
Focus: Digital, Space Economy
Notable Portfolio: Keyless, Leafspace, PunchLab, SardexPay, WordLift
Primo Ventures invests in early-stage entrepreneurs in the internet and space industries. They select entrepreneurs that are ready to overcome hurdles in competitive marketplaces, disrupt firms and sectors, and grow quickly. They are also closely linked to key innovation and research organizations in Italy and Europe that support entrepreneurs with technology transfers and implementation.
Year of Inception: 2004
Stage: Series A, Series B
Focus: Digital Media, Online Sales, Food-tech, Furniture-tech, Fashion-tech, Smart Retailing, Alternative Mobility, Agri-tech
Notable Portfolio: -
Synergo Capital is a private alternative asset management firm that makes investments through private equity and venture capital. Their Sinergia Venture Fund is targeted at startups and innovative SMEs, particularly those in the B2B or B2B2C space. They provide operational and financial support as well as their expertise to support the development of successful businesses.
Year of Inception: 2013
Stage: Series A, Series B
Focus: Enterprise, Consumer, Adtech, Cybersecurity, E-commerce, Edtech, Fintech, Foodtech, Healthcare, Logistics, Media, Mobile, Mobility, Proptech
Notable Portfolio: Milkman, WeSchool, Cortilia, Soplaya, Mundimoto
P101 is a venture firm who are investing in the transition to a digital and sustainable economy. They foster the entrepreneurial spirit of the boldest innovators in the digital ecosystem, supporting them through all stages of growth. As experienced founders themselves, they have firsthand expertise in building and maintaining successful firms. Thus, they take on the position of internal adviser in portfolio firms, putting their knowledge and know-how at the disposal of founders. Whether it's practical guidance, strategy, business contacts, or fundraising recommendations, they'll provide the best advice for your startup.
Year of Inception: 2015
Stage: Series A, Series B
Focus: Life Sciences
Notable Portfolio: Carthera, EndoStart, Innovheart, Neuromod, Salvia Bioelectronics
With the ultimate purpose to improve people's lives all around the world, Panakes Partners provides financial investments and business support in life-changing life sciences firms. They invest in early-stage, tech-driven startups with unique solutions, primarily in Europe and Israel. With their extensive knowledge of the market and vast network of industrial partners, experts, and doctors, they offer comprehensive support for startups to accelerate their development.
Year of Inception: 2002
Stage: Series A, Series B
Focus: Life Sciences
Notable Portfolio: Pedius, Lambda, Enterome, CityNews, Wise
Xyence Capital is an asset management firm with two funds under management, investing in digital technologies and the healthcare sector primarily in Europe and the United States. Their current focus is to invest in technologies that have the potential to revolutionize the life sciences industry and improve human health, collaborating with researchers and entrepreneurs to build game-changing firms.
Year of Inception: 2016
Stage: Series A, Series B, Series C
Focus: Electronics, Robotics and New Materials, Medtech, Biotech
Notable Portfolio: Almawave, Cortilio, Cryptolab, Innovheart, Silicon Biosystems
Indaco Venture Partners SGR is the largest independent Italian venture capital asset management firm, managing six funds totaling EUR 350 million. Indaco Ventures invests in firms with a competitive advantage based on cutting-edge proprietary technology and innovation. To provide assistance to portfolio firms, Indaco has an advisory partnership with growItup-Cariplo Factory in the digital sector, and Università di Milano for biotech and pharma startups.
Year of Inception: 2017
Stage: Series A, Series B, Series C
Focus: Fashion, Food, Lifestyle, Deep Tech
Notable Portfolio: Watchmaster, Fabfitfun, HelixNano, Exoticca, Foodelux
Milano Investment Partners is a venture capital firm focused on a single ideology: a love of innovation and technology. They operate 3 funds in the tech and consumer landscape for startups at early, growth, and later stages across Europe and the United States.
Year of Inception: 2006
Stage: Series A, Series B, Series C
Focus: Healthcare, Personal Care & Well-being, Community & Local Development, Education & Employment, Sustainable Finance, Food & Agriculture, Smart City & Clean Mobility, Green Energy, Sustainable Goods and Services
Notable Portfolio: Gastameco, PerMicro, Evolvere, TrapView, SocialFare
Oltre Impact is Italy's first impact fund manager, investing in innovative businesses addressing social and environmental concerns. They seek to utilize technology as a tool to serve society and all citizens; focusing on solutions that enable healthier individuals, empowered people, and a cleaner environment.
Year of Inception: 2013
Stage: Series A, Series B, Series C
Focus: Sector Agnostic
Notable Portfolio: Electra, Zerynth, Fido, Cazoo, Futura, Xfarm
United Ventures is an independent Italian venture capital business that invests in digital innovations and supports creative entrepreneurs at various stages of development. They assist startups in revolutionizing the future by envisioning how technology will change society, markets, and industries. From tackling tactical and functional issues to creating long-term value, they provide assistance and advice to their portfolio firms as they grow.
Angel Investors in Italy
The Angel investors listed below are part of an Angel community located throughout Italy. They may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Seed
Focus: Sector Agnostic
Notable Portfolio: -
Founded in 1999, the Italian Business Angels Association, otherwise known IBAN, is the longest-running non-profit organization that facilitates contact between angel investors and companies seeking capital. They do not make any investments as an association, and the appraisal of proposed initiatives is done independently by IBAN Associates and outside the Association.
Stage: Seed, Series A
Focus: Digital, FinTech, MedTech, BioTech, DeepTech, FoodTech, PropTech
Notable Portfolio: Everli, Kaaja, GenomSys, Zaphiro, SatisPay, Resalis Therapeutics
Club degli Investitori is an angel network made up of over 300 entrepreneurs, managers, and professionals that makes investments in startups, scaleups, and innovative SMEs. With their expertise and networks, business angels may provide value and support beyond financial investments. To date, they have invested EUR43 million in 60 startups formed by Italian entrepreneurs in various domains of innovation.
Stage: Pre Seed, Seed
Focus: Life Science, Deep Tech, Digital, Fintech
Notable Portfolio: -
Italian Angels for Growth, shortened as IAG, is a network of business angels, entrepreneurs, and firms that pool their experience, capital, and passion to fostering innovation and entrepreneurship. As their portfolio firm, startups will benefit from the resources, competence, and business network of experienced investors in their sector. Since its inception in 2007, they have invested over EUR 550 million in over 110 businesses.
Stage: Seed, Series A
Focus: Impact Technology
Notable Portfolio: Babaco Market, Everli, AirHelp, Fresco Frigo, Fideliomed
Angels4Impact, a group of over 60 business angels, invests in businesses with strong innovation and technology substance that are focused on making an impact. Born from the merger of Angels for Innovation and Impact Angels Italia, they have subsequently invested over EUR 4.5 million in over 40 startups to date. Their ideal startup is made up of 1/3 growing market, 1/3 capable team, 1/3 defensible invention, and 100% execution and devotion.
Stage: Seed, Series A
Focus: Sector Agnostic, Female Founders
Notable Portfolio: Fideliomed, Diamante, RiceHouse, Cynomys, Orange Fiber
As the name implies, Angels4Women, is a business angel organization dedicated to the growth of female startups. They want to close the gender gap and help women who want to challenge preconceptions and start their own businesses. Made up mainly of female business angels, they invest in startups founded or managed by women or that target mainly the female market.
Closing Thoughts on VCs and Angel Investors in Italy
Italy offers a favorable environment for the foundation and growth of creative businesses. The country's gradual maturation of Italian and worldwide venture capital has defined the key players' role in startup growth. The Italian startup scene is also witnessing increasing government assistance and interest from corporations looking to capitalize on the country's enormous potential. If you're planning to raise funds and participate in the Italian startup ecosystem it would be wise to join a startup incubator or accelerator in Italy to provide you with the best opportunities to network with potential investors.
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