Rapporto sul Corporate Venture Capital in Italia: Trends e Prospettive (Growth Capital)

Summary

• In the United States, corporate venture capital (CVC) participated in 2,883 investment rounds in 2024, raising over $108 billion.p.4
• European CVC investments reached $28 billion in 2024, participating in about 20% of total venture capital rounds over the last five years.p.5
• Italian CVCs participated in 15 investment rounds in 2024 totaling €69 million, down from 19 rounds and €228 million in 2023.p.6
• Italian CVC investments remain heavily internationalized, with 59% of rounds funding foreign startups, representing 80% of total capital invested between 2020 and 2024.p.8
• The core team of Italian CVC structures has an average size of approximately 4 people.p.17
• Italian CVC direct funding is strongly sector-aligned, led by Smart City (Energy & ClimateTech) with 8 funds representing 30% of mapped Italian CVC structures.p.12

Key insights

1. Over the 2020-2024 period, CVC-backed rounds accounted for roughly half of the total venture capital investment amount raised in the United States.p.4
2. CVC participation in European venture rounds represented approximately 47% of total capital raised over the five-year period.p.5
3. Excluding market outliers, CVC impact on the Italian venture capital market hovers around 5% of total invested amount.p.6
4. Italian CVCs predominantly direct funding toward foreign ecosystems to access mature technology hubs with potential financial upside.p.8
5. Italian CVC investments strongly concentrate on core corporate business areas using a 'Driving' approach rather than secondary sectors.p.12
6. Exit transactions among Italian CVCs remain rare, with only a few entities like AD4Ventures, Chiesi, Sella, and Angelini having executed sales.p.13
7. Italian corporate venture capital relies heavily on a 'pull' model, driven by immediate core business needs rather than transformative 'push' proposals.p.18
8. A key success factor identified for corporate venture capital initiatives is top management endorsement and direct CEO commitment.p.17