Venture Capital Report - Italy Q4 & FY 2025 (Growth Capital)
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Growth CapitalSummary
- In Q4-25, the Italian VC market reached €901M raised across 122 rounds, including 2 mega rounds.p.6
- The United Kingdom remained Europe's largest VC market by value in 2025 with €29.6B invested across 2,091 rounds.p.17
- Software and Life Sciences led capital deployment in Italy in 2025, attracting €494M and €417M respectively.p.37
- Fundraising by new Italian VC funds totaled €545M across 9 new funds in 2025.p.53
- International investor participation in Italy hit a record 46% of active investors in 2025, up from 24% in 2020.p.56
Key insights
- The US VC market grew 53% YoY to €301B in 2025, largely driven by AI investments which accounted for €197B.p.11
- France experienced a post-boom correction in 2025, with VC funding decreasing 7% YoY to €7.7B across 840 rounds.p.18
- Spain's VC market grew 21% YoY to €2.3B in 2025 across 262 rounds, supported by government initiatives like ICO and ENISA.p.19
- Bridge rounds represented 20% of all VC funding rounds in Italy in 2025, continuing an upward trend.p.27
- Italian pension funds currently allocate only 0.29% of mandatory and 0.14% of complementary assets to venture capital, well below international peers.p.62
- European VC fund fundraising fell by 50% in 2025 to €12B, lagging behind the US market which raised €59B.p.54
- The Italian VC Index reached an all-time high score of 6.1 in December 2025, signaling an expansionary market phase.p.49
Published by Growth Capital (funder profile)
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