The State of VC in Italy 2025

Italy can build, but it’s stuck in the middle of the European pack. A vibrant tech ecosystem is critical to future-proof its G7 status. For Italian Tech Week, we check in on the state of VC in Italy.

Key findings

• Italian startups are on track to raise $1.1B in 2025, down from $1.4B in 2024, with no mega rounds in the year so far.
• VC-backed Italian startups are worth $60B combined, about 40% less than Spain, whose economy is around 40% smaller than Italy's.
• Italy ranks 8th in Europe by number of VC rounds in 2025, 10th by VC funding and 13th by VC-backed enterprise value.
• 18% of Italian startups that raised a seed round between 2015 and 2020 went on to Series A, against 32% in Germany and 29% in the UK.
• Domestic investors supplied 72% of Italy's startup-stage VC from 2022 to 2025, the highest share in Europe, ahead of France at 68%.