Venture Capital in Italy: Annual Report 2024 (Italian Tech Alliance / Growth Capital)

Summary

• Italian startups completed 417 rounds in FY-24 raising €1,500M, versus 319 rounds and €1,172M in FY-23.p.9
• In Q4-24 there were 140 rounds and €351M invested, with Satispay the largest round.p.6
• Q3-24 saw 81 rounds and €545M invested.p.7
• Europe raised €57B across 9,600 deals (-16% vs 2023), against €210B in the US (+29% vs 2023).p.12
• Europe recorded 10K rounds and €57B raised, the USA 15K rounds and €210B, and Asia 11K rounds and €70B.p.11

Key insights

1. DeepTech was the sector with the most rounds in FY-24.p.8
2. Life Sciences was the sector with the highest amount invested in FY-24.p.8
3. In Q4-24, FinTech was the sector with the highest amount invested and DeepTech the one with the most rounds.p.6
4. European fundraising from LPs hit decade lows while mega funds thrived.p.12
5. In the US, median deal sizes and valuations rose across all stages in 2024, skewed by outsized AI deals.p.12
6. The report covers startups based in Italy and startups with foreign headquarters, Italian founders and more than 50% of employees in Italy.p.4