Italy Venture Capital Monitor Report 2025 (AIFI / LIUC (Venture Capital Monitor))
Summary
- In 2025, the overall early-stage ecosystem in Italy monitored a total of 419 investments compared to 406 operations in 2024.p.7
- Initial venture capital operations rose by 4% to reach 232 new deals in 2025 compared to 223 initial deals in 2024.p.12
- Seed operations expanded to represent 59% of initial market deals with 137 deals in 2025, up from 104 deals (45%) in 2024.p.13
- Technology transfer investments reached €592 million Euro across 93 investments in 2025.p.15
- Business angels operating without venture capital funds invested €71 million Euro across 72 deals in Italian startups in 2025.p.7
Key insights
- Foreign investors participated in 35% of single investments in 2025, reflecting sustained international interest in Italian companies.p.12
- Corporate entities participated in 62 venture capital operations in 2025, compared to 61 in 2024.p.12
- Lombardy maintained its position as the primary regional hub, attracting 48% of all target companies with 99 deals in 2025.p.13
- The ICT sector remained the leading investment domain with a 40% market share in 2025, while Energy and Environment grew to 11%.p.14
- Independent business angel operations monitored by IBAN totaled €73.7 million Euro across 74 target companies in 2025.p.17
- Syndication remains predominant among business angels, with 81% of survey-monitored angel investments conducted in syndicates in 2025.p.17
- Innovative startups listed in the Special Register accounted for 79.7% of target companies funded by business angels in 2025.p.18
Topics and entities
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