State of Italian VC 2024 (P101)

Summary

• Italy’s total venture capital investments declined by 9.5% YoY to €1.1bn in 2024 (down 54.8% from the 2022 peak), while European VC funding grew 1.3% YoY to €59.3bn.p.13
• Late Stage funding dominated the Italian market at €763m (+15.2% YoY), representing 69.3% of total funding, whereas Early Stage (€174m, -46.1% YoY) and Seed (€107m, -33.5% YoY) dropped sharply.p.10
• Total deal volume in Italy fell 28% YoY to 628 transactions, led by 350 Pre-Seed deals (56% of total) which contracted by 33% YoY.p.15
• CleanTech (€306m, +71% YoY), Space Technology (€161m, +233% YoY), and Robotics & Drones (€161m, +443% YoY) were among the fastest-growing verticals in 2024.p.38
• Italian VC-backed exits totaled 27 in 2024, dominated by corporate acquisitions (78%) and buyouts (22%), while public listings dropped to zero.p.52
• Fundraising by Italian VC funds fell 30% YoY to €837m across 15 funds raised, mirroring Europe's 23% drop to €20.1bn.p.4

Key insights

1. Italy's 5-year aggregate VC investment per capita stands at €114, ranking 24th in Europe and trailing peers like Spain (€280) and France (€774).p.21
2. Late Stage funding absorbed 69% of capital invested in Italy in 2024, reaching its highest share in a decade.p.14
3. Median capital invested per deal in Italy doubled to €540k in 2024, yet remained below Spain (€1.0m), France (€2.2m), and Germany (€3.2m).p.22
4. Italian VC investments remained heavily concentrated in the North-West, which attracted €5.3bn (76% of total capital) between 2020 and 2024.p.26
5. Italian DeepTech investment reached a record €693m in 2024 (+14% YoY), with Late Stage deals taking 68% of the capital.p.31
6. SaaS, FinTech, and E-Commerce experienced severe declines from 2022 levels, with FinTech falling from €1.0bn to €113m and E-Commerce from €784m to €40m in 2024.p.4
7. Public market exits for VC-backed companies in Italy stagnated, recording zero IPOs in 2024 compared to 18 across Europe.p.57