1、LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALRO

2、OMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNState of Italian VC Tracing Evolution and Market Opportunities2023In partnership withPage/2 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTAL

3、IGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONAndrea Di Camillo,P101Giuseppe Donvito,P101Glenda Grazioli,P101Alexandre Berenga,PSG Equity Jacqueline Hawwa,TPGClaudio Erba,DoceboMassimo Ciociola,MusixmatchElisa Alvarez-Garrido,University of South CarolinaNico Valenti Gatto,Bocconi for innovationEnrico Ci

4、bati,Cassa ForenseNicola Iorio,Palladio HoldingFerdinand Dansard,Earlybird VCNicol Petrone,1000FarmacieIvan Farneti,Five Seasons VenturesPietro Giuliani,AzimutIvan Pellegrini,OpynRiccardo Monti,BCGDESIGN CONTENTContributorsCo-authorsLavinia FerriInvestment Analystat P101Tommaso CondulmariData Analys

5、tat P101About this reportThe State of Italian VC is a comprehensive analysis on the venture capital(VC)landscape in Italy.The report provides an in-depth look at the investment patterns,trends and growth dynamics within the Italian VC sector,tracing its developments over the last decade,with a focus

6、 on 2023.Key elements of the report include data on total investment volumes,funding rounds,exits,investors and fundraising.Also,it provides views on industry trends,business models,sustainability,gender diversity and the systemic impact the VC industry has on the Italian economy.It analyses univers

7、ities contribution in the VC ecosystem and the flywheel effect generated by liquidity events.It also discusses the influence of regulatory changes and finally provides an outlook for 2024 and beyond.Importantly,the report compares Italys venture capital scene with that of Europe and selected Europea

8、n countries to provide a clear and broad context.This comparative analysis helps in understanding Italys position and potential within the larger European VC landscape.This document is a vital resource for VCs,finance professionals,investors,entrepreneurs,educational bodies,policymakers and students

9、 interested in understanding the nuances of the Italian VC market and its role in driving innovation and economic growth.Alessandro TavecchioJr.Partnerat P101Yoram WijngaardeFounder&CEOat DealroomNina Chaloum Innovation Analystat DealroomGiul-IAGenAI Analystat P101PartnersPage/3 EXTRA CONTENTALIGN H

10、ERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2DESIGN CONTENTDESIGN CONTENTP101 VenturesItalian Early-stage VC firmP101,based in Milan,is a pioneering venture capital firm founded in 2013.With a focus on digital and technology

11、sectors,P101 empowers European early-stage innovative startups.We support entrepreneurs navigating challenges,scaling effectively,and positioning themselves as future industry leaders.We provide unique resources,including deep operational expertise,strategic guidance and global connections.Dealroom.

12、coTech ecosystem intelligenceDealroom.co is a global intelligence platform for discovering and tracking the most promising companies,technologies and ecosystems.Clients include many of the worlds foremost organizations such as Accel,Index Ventures,McKinsey,BCG,Deloitte,Google,AWS,Microsoft,Stripe.De

13、alroom partners closely with local tech ecosystem development agencies and enablers,to create a comprehensive multi-dimensional blueprint of the tech ecosystem,including capital,talent,innovation,entrepreneurship and overall economic dynamism.About our data PartnerAbout the AuthorGRAPH/MAIN CONTENTF

14、OOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/4 “Andrea Di CamilloFounder&Managing Partnerat P101We created this report to shed light on the Italian Venture Capital landscape,spotlighting its progression and its future growth prospects.The last decade has shown

15、remarkable growth in terms of investment volume,innovative company creation,and economic impact.Industry data tell us that the foundation of the Italian Venture Capital ecosystem is now complete.Looking ahead,throughout the next decade,we need to address the gap with leading European nations and pre

16、pare for challenges as the sector evolves towards maturity.This evolution will see increased opportunities and competition,especially from international investors attracted by Italys potential.Emerging drivers like Artificial Intelligence will shift investment focus towards business services,with fu

17、nd sizes,investments,and startup scales expanding.Successful companies from the past decade are now poised for significant growth,often extending beyond national borders.Venture Capital players,like us,must proactively shape this transformation,embracing new business models while staying true to our

18、 core mission:fostering the growth of Italys innovation ecosystem.We created this report to shed light on the Italian VC landscape,spotlighting its progression and its future growth prospectsThe foundation of the Italian VC ecosystem is now complete and,throughout the next decade,we need to address

19、the gap with leading European nations and prepare for challenges as the VC sector evolves towards maturityGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/5 Executive SummaryIn 2023,the Italian Venture Capital landscape has navigated through a pe

20、riod of recalibration,reflecting global economic uncertainties mainly driven by high inflation and changes in the cost of capital.Total VC funding in Italy hit$1.2B,a 53%YoY decrease,primarily influenced by a downturn in Late Stage funding.Despite this,Early and Growth stages showed resilience,sugge

21、sting a robust foundation for the Italian VC ecosystem.The Italian VC scene-particularly strong in the Northern regions with cities like Milan,Turin,and Rome leading the charge-witnessed a decrease in the number of VC rounds to 386,a 30%YoY decrease.However,the presence of thriving tech hubs in thes

22、e regions continues to attract talent and investors,underlining the potential of Italy,the fourth-largest economy in Europe,to climb higher in the VC investment rankings.The funding landscape in 2023 saw a notable shift in sector focus.While the pandemic had accelerated growth in sectors like Fintec

23、h,Health,and Enterprise Software,the post-pandemic period is witnessing a recalibration towards emerging and sustainable technologies,particularly in the Space,Transportation and Energy sectors.This trend aligns with global movements towards sustainability and technological advancement.In terms of v

24、aluations,the total value of the Italian VC ecosystem sat at$71.7B,a 27%YoY growth,outpacing the modest growth within the EU.This surge,however,is contrasted by the fact that Italy still trails behind more mature European economies in terms of ecosystem value.Yet,the dynamism of the Italian startup

25、landscape is evident from the 271%growth in the number of VC-backed startups over the past decade.The exit market in Italy has shown a strong upward trend,particularly through M&A operations which counted 234,a 47%YoY increase.This growth in exit activity signals a maturing ecosystem.However,IPOs co

26、ntrast with this,with a mere 3 VC-backed companies going public in 2023,reflecting a need for further development in this area.The growing significance and number of university spin-offs and alumni startups,underscores the vital role of academic institutions in fostering innovation and entrepreneurs

27、hip.The investors landscape has shown remarkable growth,with 11 funds raising$1.3B in 2023,+88%YoY.Italian investors represented 69%across 2023 funding rounds,European(19%)and North American(8%)investors are increasingly joining,mainly in later stages.Furthermore,the Italian startup scene is seeing

28、a positive trend in terms of systemic impact,sustainability,and gender diversity.Startups and SMEs have significantly contributed to the economy,generating a combined production value of$9.4B and providing over 61k jobs.Investments in Sustainable Development Goals(SDGs)reached$1.3B in 2023,reflectin

29、g a global shift towards sustainable and eco-friendly technologies.However,gender diversity within VCs and startups remains an area that requires further development.Finally,the regulatory environment and public support structures in Italy have evolved to better support the VC and startup ecosystem.

30、Initiatives like the Italian Startup Act,Growth Decree and Italian Investment Fund Regulation,along with support from state agencies like CDP Venture Capital and the Italia Startup Visa program,are steps towards creating a more favorable environment for entrepreneurship and innovation.However,challe

31、nges such as bureaucracy,conservative banking practices,and the ongoing issue of brain drain continue to pose hurdles for the ecosystems growth.In conclusion,the Italian VC ecosystem in 2023 demonstrates both resilience and potential for growth.Despite global economic challenges and systemic issues,

32、the landscape is marked by a promising shift towards emerging technologies,increased government support,and a thriving entrepreneurial spirit.These factors position Italy as a key player in the European startup and venture capital scene.Page/5 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CO

33、NTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/6 Italian VC 2023 in a nutshell$1.2B($2.6B)Invested in Italian Startups#386(#554)Number of Rounds$71.7B($56.5B)Italian VC Ecosystem Value#2,983(#2,951)Number of VC-backed startups$233.8M($787.5M Fintech)Enterprise SW Top funded industry$2.1B($1.9B)Unive

34、rsities Spin-off Value$1.3B($665M)New VC Funds raised#11(#10)Number of New VC Funds20232022#525(#499)Number of Italian Investors#237(#164)Number of Exits$Deployment by Stage18%Late Stage(51%)36%Growth Stage(23%)46%Early Stage(26%)Average round size$110M Late Stage($269M)$29.5M Growth Stage($33.4M)$2

35、.2M Early Stage($1.9M)Source:Dealroom.coPage/6 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/7 Record investment volume($2.6B)1st Unicorn1st TechChill event in ItalyRecord#of rounds(653)National Recovery&Resilience Plan(PNRR)1st Mega round($10

36、0-250m)1st Italian Tech Week eventItalian VC-10 years in review$163M Invested#294 Rounds#803 Startups*300 Investors20016*VC-backed startupsSource:Dealroom.coEnterprise SW&HealthFintechEnergy&SpaceItalia Startup Visa&HubFondo Nazionale Innovazione($3,3B+)Italian Tech Alliance constitutionI

37、talian Startup Act(2012)20022Record VC fundraising($1.5B)The transformative journey of the Italian venture capital landscapePage/7 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/8 MethodologyTaxonomyStartupsCompanies designed to grow

38、 fast,that are VC-investable businesses.For detailed information please refer to Dealroom.co taxonomy.When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are included in this report.Investment Stages Ear

39、ly Stage:Pre-Seed($0-1m),Seed($1-4m),Series A($4-15m)Growth Stage:Series B($15-40m),Series C($40-100m)Late Stage:Mega($100-250m),Mega+($250+m)OthersRegarding industries,subindustries,client focus,business models,technologies,please refer to Dealroom.co taxonomyPage/8 Data Data from Dealroom.co as of

40、 31st December 2023-data on Dealroom.co platform may be subject to change due to data curation and new funding rounds announced after the extract date.Exclusion of all rounds with undisclosed or zero size and rounds that cannot be traced to a stage based on the companys equity story.Currency is expr

41、essed in USD,as per Dealroom.co guidelinesDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this

42、report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.GeographyEurope is intended as geographical area,not European UnionCompaniesWhile many startups founded in Italy relocate beyond their borders,most maintain business-critical ties to t

43、heir homelands.In order to take this reality into account,the report includes both Italy-based startups,which maintain their center of business(HQ)in their country of origin,and Italy-founded startups,which relocated their HQ outside of Italy.Same criteria is applied to startups of other countries i

44、n scope of the report.InvestorsThe report includes Italy-based investors,which maintain their main center of business(HQ)in their country of origin.Same criteria is applied to investors of other countries in scope of the report.LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRA

45、PH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to acti

46、onTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWAgendaPage/9 1.Funding&Round Sizes page 102.Industry,Business Model,Clients Focus page 243.Valuations page 304.Exits page 345.Universities page 426.Flywheel page 467.Investors&Fundraising page 508.Systemic Impact,Sustainability&Gender Diversity pa

47、ge 639.Regulation&Public Support page 6810.Outlook for 2024&Beyond page 72LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALET

48、TESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWIn 2023 Italys VC funding sat at$1.2B(-53%YoY),due to a significant downturn in Late Stage(-83%YoY)fu

49、nding,while Early Stage(-17%YoY)and Growth Stage(-26%YoY)remained resilient.This trend reflects increased investors caution,mainly driven by high inflation and changes in the cost of capital.Italy counted 386(-30%YoY)VC rounds in 2023,declining for the second consecutive year following Europes traje

50、ctory.Number of early-stage rounds dominated(93.7%of total),growth stages rose(5.6%),and late stages were minimal(0.7%).Despite being Europes 13th in total VC investments and 21st in per capita VC investments,Italy has growth potential,being Europes 4th largest economy by GDP.Italys tech hubs-partic

51、ularly Milan,Turin,and Rome-are thriving,attracting talent and investors.The Northern regions lead the scene,with Lombardy alone contributing to 64%of Italy VC funding between 2019 and 2023.Early Stage average($2.2M)and median funding($1.1M)increased between 2019 and 2023.Growth Stage average($29.5M

52、)and median($22M)declined.Italy lacked significant Late Stage investments,denoting a less developed market.Italy sees about 36%of startups advancing to Seed funding,while only 13%advancing to Series A.From Series B onwards graduation rates are below 4%.Italys average time between rounds in 2023 incr

53、eased to 19.5 months(+10.4%YoY)and the median to 16 months(+23.1%YoY).1.Funding&Round SizesPage/10 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/11 “Italy presents a fertile ground for venture capital,owing to an educational system that molds

54、talents for national and international excellence at a comparatively modest training expense.Yet,future entrepreneurs must increasingly address industry-specific pain points,leaning towards B2B solutions over B2C,demanding advanced skills and a global mindset.Despite abundant talent,access to capita

55、l remains a challenge,sometimes hindering the transformation of innovative ideas into global successes.Therefore,recognition of Italy as an opportunity hub and support for international projects are vital.There is a gradual transformation in risk tolerance,especially among the younger generations wh

56、o are more willing to embrace failure as an integral part of the entrepreneurial journey.This cultural shift must be supported by improvements in economic conditions and the job market to counteract the brain drain phenomenon,ultimately making Italy more attractive to both talents and entrepreneurs.

57、It is essential to look beyond national borders,drawing insights from other countries and integrating the best international practices into our approach to venture capital.Italy presents a fertile ground for venture capital.Yet,access to capital remains a challenge,sometimes hindering the transforma

58、tion of innovative ideas into global successesIt is essential to look beyond national borders,drawing insights from other countries and integrating the best international practices into our approach to venture capitalRiccardo MontiSr.Partner Emeritusat BCGPage/12 LOGOS SPACINGYEAR/EXTRA LABELTITLEGR

59、APH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION1.Funding&Rounds SizesVC funding across Europe significantly dropped in 2023,Italys funding halved from its 2022 peak,with reduced Growth and Late Stage rounds amid heightened global economic caut

60、ionIn 2023 Italys VC funding sat at$1.2B,dropping by 53%compared to 2022 and adjusting just below 2021 levels,while Europe saw a 38%YoY decrease to$63.4B.Italy VC funding reached an all-time high in 2022 at$2.6B,fuelled by Late Stage rounds($100M+)which constituted 52%of the total annual funding des

61、pite making up only 1%of the funding rounds.In 2023,Italy saw a significant downturn in Late Stage(-83%YoY)funding:no Mega+rounds and Mega rounds experienced notable reductions.Early Stage(-17%YoY)and Growth Stage(-26%YoY)funding showed resilience,accounting respectively for 45%and 36%of total 2023

62、funding.This trend reflects increased investors caution,mainly driven by high inflation and changes in the cost of capital,which has led to a correction in the way deals are being structured.VC Investments in Italian startups view online2013-2023VC Investments in European startups view online2013-20

63、232023 as%of total 53%YoY 38%YoYEarly Stage(Pre Seed,Seed,Series A)Growth Stage(Series B,Series C)Late Stage(Mega,Mega+)Source:Dealroom.co|Graphs created with Datawrapper.dePage/13 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTEN

64、T/SOURCES/INSPIRATIONNumber of VC Rounds by Country2013-2023Following a period of consistent growth,the decline in VC investments across European countries in 2023,after reaching record highs in 2021 and 2022,points to a broader pattern of market recalibration and investor prudence amid widespread e

65、conomic challenges.In 2023 VC investments saw a decrease compared to 2022 of 53%in Italy,37%in Spain,43%in France,and 35%in Germany.Concurrently,the no.of VC rounds declined by 30%in Italy and Germany,19%in Spain and 21%in France.However,the overall growth trajectory remains positive,indicating a ma

66、turing and evolving VC ecosystem.Over the last decade,France and Germany demonstrated robust growth,both in the amount of capital invested,with CAGRs of+19.7%and+15.6%respectively,and in the number of investment rounds,with+7%and+4%,respectively.Italy and Spain have also exhibited an upward trend du

67、ring this period,with invested amounts growing at a CAGR of+20%and+16.4%respectively,and in investment rounds of+3%and+6%respectively.Particularly noteworthy is Italys scenario,where a 644%rise in funding amount between 2013 and 2023,aligns with just a 31%increase in the number of rounds,indicating

68、an increase in the average size of investment rounds.1.Funding&Rounds SizesConsistent funding and rounds growth over the last decade,with a recent market correctionVC Investments by Country2013-2023Source:Dealroom.co|Graphs created with Datawrapper.dePage/14 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH T

69、ITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONNumber of VC rounds in Italy in 2023 sat at 386,dropping by 30%compared to 2022 and declining for the second year in a row.Europe followed the same trajectory,showing a 26%decrease in 2023 vs.2022.Earl

70、y Stage rounds are the backbone of the Italian VC sector,accounting for over 94%of total rounds vs Europes 88%,but in 2023 experienced a pronounced decrease(-28%YoY).Growth Stage rounds showed a progressive increase over the last decade despite a minor reduction in 2023(-17%YoY),highlighting a matur

71、ing market though still representing only 5.6%of total rounds vs Europes 10.4%.Late Stage rounds in Italy remained limited throughout the decade(12 in total,the first being in 2018),indicative of a nascent ecosystem for high-value investments.Number of VC Rounds in Italian startups view online2013-2

72、023Number of VC Rounds in European startups view online as%of totalUndisclosed rounds not includedEarly Stage(Pre Seed,Seed,Series A)Growth Stage(Series B,Series C)Late Stage(Mega,Mega+)Undisclosed rounds 30%YoY 26%YoY1.Funding&Rounds SizesSource:Dealroom.co|Graphs created with Datawrap

73、per.de1.Funding&Rounds SizesItalys VC rounds declined through 2022-23,following Europes trend.Growth Stage rounds gained share at the expense of Early and Late StagePage/15 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCE

74、S/INSPIRATIONIn the last five years the distribution of startups funding rounds has matured significantly.In 2019,European investments were predominantly in Early Stage startups(92%of total).Less mature ecosystems like Italy and Spain were above European average with 97%and 93%of rounds in Early Sta

75、ge respectively,while more mature ones like France(88%)and Germany(86%)were below.By 2023,there was a noticeable shift towards a more balanced investment distribution across stages in Europe.From 2019 to 2023,the Pre Seed stage reduced from 49%to 34%,redistributing investments to Seed(which grew fro

76、m 28%to 33%),Series A(which grew from 15%to 21%)and Series B(which grew from 5%to 8%).Italys trend,while maintaining a preference for early-stage investments,is aligning with the European average,with more startups being promoted to later stages.The incidence of Early Stage investments decreased fro

77、m 97%in 2019 to 94%,while Growth Stage grew from 3%to 6%,indicating a maturing ecosystem.Other European countries like France and Germany also display a shift towards funding more mature startups,particularly in the Series B and later stages,reflecting a growing maturity and diversification in the E

78、uropean venture capital market.Number of VC Rounds by Stage as%of Total2019-2023Source:Dealroom.co|Graphs created with Datawrapper.de1.Funding&Rounds SizesItalian ecosystems is maturing,with more startups raising Growth Stage roundsGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCE

79、S/INSPIRATIONBIG LOGOS SPACINGPage/16 “Giuseppe DonvitoPartnerat P101In the last ten years,Italy has seen remarkable growth in its venture capital scene,highlighted by increased startup investments and funds raised by Italian VC firms.This surge has propelled the countrys tech progress,especially wi

80、thin the cybersecurity,artificial intelligence,and deep tech verticals,with a strategic emphasis on integrating technology within its industrial policy.This approach promotes job creation and fosters a tech-centric sustainable economy.Concurrently,more of Italys huge store of private wealth is being

81、 redirected towards backing domestic innovation and young Italians are considering founding their companies on home turf.Additionally,there is significantly increased awareness in Italy of tech and innovation,leading university and PhD students to graduate with a sense that founding a tech company m

82、ay even be possible.Government measures,such as investor tax incentives and startup support schemes,play a key role in this development.Yet,reducing bureaucratic hurdles remains essential for enhancing Italys VC investment attractiveness.In the last ten years,Italian VC remarkable growth has propell

83、ed the countrys tech progress,especially within the cybersecurity,AI,and deep tech verticalsItalys huge store of private wealth is being redirected towards backing domestic innovation,leading students to graduate with a sense that founding a tech company may even be possiblePage/17 LOGOS SPACINGYEAR

84、/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION2023 haircuts led to decline in investments across all stages.In Italy,least affected were Early Stage(-17%YoY)and Growth Stage(-26%YoY)deals.Most affected were Late Stage deals

85、 which in 2022 contributed to 52%of yearly deal value(being only 1%of rounds),while in 2023 they accounted for 18%of total deal value with only 2 rounds.Early Stage2013-2023Growth Stage2013-2023Late Stage Funding2022-17%-26%-83%Source:Dealroom.co|Graphs created with Datawrapper.de1.Fund

86、ing&Rounds SizesIts mainly Late Stage deals that dried up in 2023 in Italy,while Early and Growth Stage deals remain resilientPage/18 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItalys major cities-Milan,

87、Turin and Rome-are becoming significant tech hubs,which act as magnets for talent,drawing in entrepreneurs,fostering healthy competition,easing knowledge sharing and collaboration.Investors also benefit from dense concentration of startups in these areas,facilitating investments and portfolio synerg

88、ies.Northern regions are drawing the majority of startups and investors.Their share of investments has increased from 67%in 2019 to 84%in 2023.In contrast,in 2023,the Central regions accounted for 11%of the total VC investments,while the South and the Islands contributed 2%and 3%,respectively.Lombar

89、dy is emerging as Italys VC epicenter,accounting for a substantial 64%of the nations VC funding between 2019 and 2023.Italy VC Investments and Number of StartupsCumulated value 2019-2023 by Area$259M of investments have unknown HQ Region,hence are not represented in the mapItaly VC Investments as%of

90、 Total2019-2023 by Area1.Funding&Rounds SizesSource:Dealroom.co,Registro Imprese|Graphs created with Datawrapper.de1.Funding&Rounds SizesTech Hubs are rising across ItalyPage/19 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/S

91、OURCES/INSPIRATIONItalian VC investments from 2013 to 2023 showcased significant growth,particularly from 2018,peaking at a growth of 16x in 2022,then moderating to 7.4x in 2023.This trend indicates a burgeoning interest in Italian startups and a maturing VC ecosystem,but at the same time displays s

92、igns of volatility compared to its European peers.Compared to the overall steady but less substantial growth in Europe,with a peak at 12.1x in 2021 and a decline to 5.9x in 2023,the Italian market demonstrates a unique trajectory.Countries like France and Germany also showed patterns of consistent g

93、rowth.Investments in France peaked at 12.7x in 2022,while Germany experienced a peak earlier in 2021 at 13.3x,then declining to 4.9x in 2023.Similarly,Spain showed significant growth in 2021 at 9.9x,but experienced a dip in 2023,sitting at 5.3x.VC Investments GrowthGrowth from 2013 to 2023 as multip

94、le of 2013 investmentsSource:Dealroom.co|Graphs created with Datawrapper.de1.Funding&Rounds SizesItaly is one of the fastest growing ecosystems in EuropePage/20 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIO

95、NThis underscores potential untapped opportunities in Italy,as well as a gap between economic capacity and entrepreneurial activity,signaling room for development and growth in the startup sectorEarly Stage(Pre Seed,Seed,Series A)Growth Stage(Series B,Series C)Late Stage(Mega,Mega+)1.Funding&Rounds

96、SizesSource:Dealroom.co|Graphs created with Datawrapper.deVC InvestmentsCumulated value 2019-2023VC Investments per Capita(Yearly)Cumulated value 2019-2023 over 2023 population over 5 years1.Funding&Rounds SizesAnd still has big margins for growth:Italy is Europes#13 startup ecosystem by VC investme

97、nts and#21 in per capita terms,despite being Europes#4 economy by GDPPage/21 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONFrom 2019 to 2023,Early Stage funding average and median rose,driven by market matu

98、ration,more accessible capital,and technological progress.Italy and Spain saw remarkable growth,with their median funding more than doubling(+138%and+100%respectively),surpassing the European average(+72%).France and Germany also experienced positive but less consistent increases.In contrast,Growth

99、Stage funding average and median fell,hinting at investor caution,possibly due to challenging exit conditions.Italys average and median funding dropped-27%and-50%,respectively.Late Stage funding showed varied trends.Italys significant late-stage investment shortfall suggests an underdeveloped market

100、.While Spains and Frances averages grew,Germanys fell.Median funding trends varied:Spain and Germany saw decreases,France remained stable,and Europes declined.Average Funding Rounds*Median Funding Rounds*average and median are calculated if there are at least 2 investments in each stage for the targ

101、et year 35%58%38%8%27%20%7%13%0%71%55%13%11%34%13%1%41%14%50%34%5%17%0%138%100%25%52%72%Source:Dealroom.co|Graphs created with Datawrapper.de1.Funding&Rounds SizesAverage and median funding surges in Early Stage,Growth declinesPage/22 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFO

102、OTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONThe steep decline in Early stage graduation rates and beyond,across all regions,reflects the inherent risks of VC investments.Italy and Spain see approximately 35%of startups advancing to Seed funding,compared to the 70%and 6

103、3%of France and Germany respectively,reflecting differences in the overall health and maturity of startup ecosystems.Moving to Series A,1 in 10 Italian and Spanish startup obtains Series A funding,compared to 1 in 3 in France and Germany.However,the variation in graduation rates becomes less pronoun

104、ced in Growth stages.Only few achieve Mega rounds,emphasizing the exclusivity of these funding levels,designated for startups with validated business models and considerable growth potential.Early StageStartups Graduation RatesStartups founded between 2013 and 2023-%of Startups that raised each roun

105、d Growth StageLate Stage1.Funding&Rounds SizesGraduation rates reveal risk and ecosystem maturity differencesSource:Dealroom.co|Graphs created with Datawrapper.deOnly includes VC Backed-companies with disclosed investment amounts.Stage is based on last round raised.Page/23 LOGOS SPACINGYEAR/EXTRA LA

106、BELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTime between funding rounds(months)2013-2023In 2023,Italys average time between funding rounds increased to 19.5 months(+10.4%YoY)and the median to 16 months(+23.1%YoY).In Europe,average

107、 rose to 20.4 months(12.1%YoY)and median to 15 months(15.4%YoY).Between 2013 and 2020,the European average and median time between funding rounds stayed fairly stable,ranging from 15.8 to 16.6 months and from 11 to 12 months,respectively.In contrast,Italy saw its averages rise from 12.4 to 16.6 mont

108、hs and medians from 8 to 13 months in the same period.The most significant change occurred between 2020 and 2023:Europes average time between rounds increased from 16.5 to 20.4 months(+24%),and the median from 12 to 15 months(+25%).Similarly,Italys average extended from 15 to 20 months(+25%),and the

109、 median from 11 to 16 months(+45%).Examining funding stages,Italian startups experience longer funding durations than European peers in Early Stage(Pre Seed,Seed,Series A),suggesting developmental and market positioning challenges.However,in Growth(Series B,C)and Late Stage(Mega,Mega+),Italy aligns

110、more closely with Europe,except for Italys faster turnaround in Mega+,since data is based on only 3 deals.These trends indicate the European VC ecosystems maturation,with startups taking more time to utilize capital and reach milestones,but also a shift towards a more conservative investment approac

111、h,prioritizing sustainable growth and value creation.Average time between funding rounds by stage(months)2019-2023Average calculated on only 3 deals,all dated 2022Source:Dealroom.co|Graphs created with Datawrapper.de1.Funding&Rounds SizesLonger funding cycles suggest a maturing VC ecosystem yet a mo

112、re conservative investment approachLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE

113、FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWOverall,the 2023 funding landscape in Italy suggests a recalibration from sectors that experienced explosive growth during the pandemic,like

114、 Fintech(with$137M funding in 2023),Health($132M)and Enterprise SW($234M)towards emerging and sustainable technologies such as Space($144M)and Energy($158M).In the past five years(2019-23),Fintech has led Italian VC funding(with$1.5B in the period),transforming mobile banking,online payments,blockch

115、ain,and AI finance.Health($887M),propelled by the pandemics push for telemedicine and digital records,is next.Significant funding also went to Enterprise Software($879M),driven by digital transformation trends.The Energy($778M)sectors investment is growing,in line with sustainability goals.Notably,t

116、he Space($175M)industry now ranks among Italys top ten funded sectors.In 2023,B2B startup funding rose sharply from 54%in 2021 to 82%of total.This growth is reflected also in business models funding:the rise of physical tech(45%of total)startups,at the expense of marketplace and e-commerce(15%)and t

117、he sustained,but reduced,funding in SaaS(35%).2.Industries,Business Models,Clients FocusPage/24 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/25 “Ivan PellegriniFounder&CEOat OpynFintech,having rooted in Italy over a decade ago,stands as a pro

118、mising sector for investors,navigating through cultural and bureaucratic hurdles,as demonstrated by the growth and investments in firms like Opyn.Embedded finance is revolutionizing both B2C and B2B spheres,prompting us to launch Opyn Pay Later for corporates,a forward-looking B2B payment solution.T

119、he sector is also eyeing the cross-border payment space,plagued by technological gaps,yet poised for growth with projections of reaching$250T by 2027.This opens vast prospects for fintech to boost transaction efficiency,security,and global economic growth.Nicol PetroneFounder&CEOat 1000FarmacieItali

120、an health-tech sector reflects the nations healthcare innovation,balancing breakthroughs with bureaucratic challenges,slowing its progress compared to global counterparts.Investor interest has shifted from cautious to enthusiastic in the past five years,driven by technologys healthcare potential,wit

121、h investments on AI,telehealth,and personalized medicine expected to continue.The sector attracts diverse investors,including CVC,VC funds,family offices,and public entities,due to its demonstrated resilience and long-term impact potential.This evolving landscape suggests a promising future for heal

122、th-tech investments,emphasizing scalable,innovative solutions.“Page/26 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn the last five years,Fintech has topped European funding,revolutionizing mobile banking

123、,online payments,blockchain,and AI-driven finance.The Health sector,spurred by pandemic-driven needs for telemedicine and digital records,follows closely.Enterprise Software also saw significant funding,riding the digital transformation wave for better efficiency and analytics.Meanwhile,the Energy s

124、ectors funding is on the rise,aligning with global sustainability trends.Notably,the Space industry has entered for the first time Italys top ten funded sectors.The top 5 funded industries in Italy and Europe contribute to over 50%of total funding of the last 5 years,while the top 10 to over 80%.Top

125、 15 Funded Industries in Europe view onlineCumulated value 2019-2023Top 15 Funded Industries in Italy view onlineCumulated value 2019-2023As%of total 2019-23Source:Dealroom.co|Graphs created with Datawrapper.de2.Industries,Business Models,Clients FocusFintech,Health,and Enterprise SW drive the chart

126、s of last 5 years,reflecting the growing emphasis on digital innovation,healthcare advancements,and sustainable solutionsPage/27 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONFintech,the top funded industry

127、 over the past five years,experienced a noticeable funding decrease in 2023 in major European countries,hinting at a saturated market.This decline paved the way for the rise of Energy startups,propelled by the shift towards sustainable energy systems,including renewable sources,energy storage,electr

128、ic vehicles,and self-driving technologies.Meanwhile,in Italy,Space startups have climbed the ranks,indicating the growth of a dynamic ecosystem in its early and developmental stages.Enterprise Software and Health sectors remain strong,despite funding reductions compared to 2022,with Enterprise SW co

129、nsistently ranking among the top two funded industries in 2023 and 2022,driven by businesses ongoing demands for increased operational efficiency and digitalization.Top 5 Funded Industries in 2023 by Country2023-2022,ordered by 2023ItalySpainFranceGermany 59%50%1553%83%62%33%12%24%21%35%47%6%9%51%76

130、%58%15%44%59%50%Source:Dealroom.co|Graphs created with Datawrapper.de2.Industries,Business Models,Clients FocusFintech declines,Energy&Space climb the ranksPage/28 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRA

131、TIONDynamic shifts,with focus on digital,sustainable energy,and spacetech innovationsOverall,2023 funding landscape in Italy suggests a recalibration from sectors that experienced explosive growth during the pandemic,like Fintech and Health,towards emerging and sustainable technologies such as Space

132、,Energy and Transportation.This shift underscores the evolving nature of Italys venture capital focus,aligning with broader global trends towards sustainability and technological innovation.Enterprise SoftwareEnergySpaceFintechHealthItalys Top 10 Funded Industries2023Top Italian Funded Companies by

133、Industry 20232.Industries,Business Models,Clients FocusSource:Dealroom.co|Graphs created with Datawrapper.de2.Industries,Business Models,Clients FocusDynamic shifts,with focus on digital,sustainable energy,and spacetech innovationsPage/29 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTE

134、NTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn 2023,there was a notable consolidation in funding for B2B startups,increasing from 54%of the total in 2021 to 82%in 2023.This is reflected in the rise of physical tech startups suggesting a focus on incorporating innov

135、ative technologies in traditional industries,likely driven by Industry 4.0 initiatives.The sustained funding in SaaS aligns with the ongoing digital transformation.This came at the expense of marketplace and e-commerce funding,which reached maturity after years of rapid growth,heightened during the

136、pandemic.The significant tilt towards business-focused investments,as opposed to consumer-focused,reflects the pursuit for sustainable and scalable revenue models,and the growing demand for digital transformation solutions across traditional industries.Moreover,the reduction in mega deals,more commo

137、n in the B2C sector,played a role in this shift.VC Investments in Italian Startups by Business Model as%of Total2013-2023VC Investments in Italian Startups by Client Focus as%of Total2013-2023Source:Dealroom.co|Graphs created with Datawrapper.de2.Industries,Business Models,Clients FocusA shift to B2

138、B,driven by SaaS and Physical TechLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE F

139、INTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWItalys VC ecosystem value hit$71.7B in 2023,a 27%YoY growth,outpacing EUs 7%modest growth.Over the last decade,Italys ecosystem value surged

140、25x compared to the EU 12-fold rise,with startups established between 2015-2023 seeing their value skyrocketing to 22.9B in 2023,and those founded in 2010-2015 reaching$13.3B.The value of the Italian VC ecosystem still lags behind other more mature European economies like Germany and France in terms

141、 of absolute figures.Italys 2023 enterprise value at$71.7B is equivalent to Spain in 2020,France in 2016 and Germany in 2015.However,the surge in the number of VC-backed startups in Italy from 803 in 2013 to 2,983 in 2023(271%growth),showcases the dynamism of the Italian startup landscape.In 2023,th

142、e average startup valuation in Italy stands at$24M,with a CAGR 2013-23 at 19%.Yet,countries like Germany and France exhibit average valuations at nearly double the value of Italy.Italys startup landscape,while gradually maturing,faces a juxtaposition one third the number of startups compared to thos

143、e in Germany and France,with only a sixth of their ecosystem value.3.ValuationsPage/30 Page/31 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItalys VC ecosystem value hit$71.7B in 2023,a 27%YoY growth,outpa

144、cing the EU 7%modest growth.From 2013 to 2023 Italys ecosystem value surged 25x compared to the EU 12-fold rise.In particular,Italian companies founded in the last decade showed exponential growth,with startups established between 2015-2023 seeing their value skyrocketing from virtually nil in 2015

145、to 22.9B in 2023(32%of Italys 2023 ecosystem value),and startups established between 2010-2015 growing to$13.3B in 2023(18.6%of Italys 2023 ecosystem value).Similarly,around 46%of 2023 European ecosystem value is attributed to companies established between 2010 and 2023,with startups founded during

146、the period 2015-2022 experiencing 5x growth and startups born between 2010-2015 growing 3x during the period 2019-2023Italian VC Ecosystem Value*by Founding Date view online2013-2023European VC Ecosystem Value*by Founding Date view online as%of total*Sum of the valuations of all startup

147、s in the ecosystem.Using estimated valuations based on most recent VC rounds,public markets and publicly disclosed valuations.27%YoY 7%YoYSource:Dealroom.co|Graphs created with Datawrapper.de3.ValuationsThe value of Italys VC ecosystem has seen a steady increase in the last 3 years,in contrast to th

148、e relatively flat growth of the EU ecosystemPage/32 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONVC Ecosystem Value*by Country2013-2023Number of VC-backed*Companies by Country2013-2023*Sum of the valuation

149、s of all startups in the ecosystem.Using estimated valuations based on most recent VC rounds,public markets and publicly disclosed valuations*VC-backed:company that has a round in any of these types:SEED,EARLY VC,LATE VC,VC,GROWTH EQUITY VC,CONVERTIBLE,ANGEL,SERIES XDespite growing at 38%CAGR from 2

150、013 to 2023(outpacing European CAGR of 28%),the value of the Italian VC ecosystem still lags behind other more mature European economies like Germany and France in terms of absolute figures.2023 enterprise value of the Italian VC ecosystem($71.7B)is equivalent to Spain in 2020,France in 2016 and Ger

151、many in 2015.Spain,while smaller than Germany and France,has also shown robust growth,reaching an ecosystem value of$115.8B in 2023.The surge in the number of VC-backed startups in Italy from 726 in 2013 to 2,983 in 2023(271%growth),showcases the dynamism of the Italian startup landscape.However,Ita

152、ly still falls behind Spain,Germany,and France in terms of startup density,with the latter two countries boasting more substantial and denser startup environments at 9,157 and 10,281 startups,respectively.In 2023,the average startup valuation in Italy stands at$24.0M,displaying the highest CAGR 2013

153、-2023 at 19%.Yet,countries like Germany and France exhibit average valuations at nearly double the value of Italy.Italys startup landscape,while gradually maturing,faces a juxtaposition one third the number of startups compared to those in Germany and France,with only a sixth of their ecosystem valu

154、eAlthough the majority of startups in Italy are still in lower-value early stages compared to VC-backed startups in Germany and France,data underlines that Italian companies are navigating a smoother path to later stages,indicating a maturation process within the Italian VC ecosystem.Source:Dealroom

155、.co|Graphs created with Datawrapper.de3.ValuationsThe Italian tech ecosystem is younger than other major European economiesPage/33 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItalys VC ecosystem growth mu

156、ltiple of 25.5x from 2013 to 2023,the highest among major European countries and more than double the European average,indicates a rapidly maturing market.In comparison,Germanys VC ecosystem,valued at$373.4B in 2023,grew 12.8x its 2013 value.France,reaching$393.4B in 2023,saw a 12.2x increase.Spain,

157、with a 2023 value of$108.3B,grew 13.8x.Starting from a lower base value,this growth reflects successful scaling of startups,increased investor confidence,supportive government policies,and the emergence of high-value startups,especially in tech.The diversification of Italys startup ecosystem and ali

158、gnment with global investment trends have further fueled this exceptional growth,suggesting a strong potential for continued expansion in the future.but its growth trajectory is ahead of the curve*Sum of the valuations of all startups in the ecosystem.Using estimated valuations based on most recent

159、VC rounds,public markets and publicly disclosed valuations.Ecosystem Valuation*GrowthGrowth from 2013 to 2023 as multiple of 20133.ValuationsSource:Dealroom.co|Graphs created with Datawrapper.de3.Valuationsbut its growth trajectory is ahead of the curveLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGR

160、APH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionC

161、all to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWIn 2023,the total number of M&A operations experienced significant growth,attaining record-breaking figures of#234(+47%YoY)and#4,743(+46%YoY).Notably,acquisitions emerged as the predominant driver of M&A activity in both I

162、taly and Europe,overshadowing buyouts,which were hampered by the elevated cost of debt.Italian M&A activity has shown a consistent growth trend over the past ten years,growing at a 28%CAGR from 2013 to 2023.Acquisitions have seen a significant rise since 2013,growing 16x and topping 212 in 2023,whil

163、e buyouts have experienced a more modest trajectory,with numbers generally remaining low over the years,yet showing a noticeable increase since 2013,growing 10 x.Italian IPOs display modest and fluctuating activity,in contrast to the broader European scenario.The VC IPO market in Italy is even more

164、static,as digital-centric VC-backed companies going public amount to a mere 3 IPOs in 2023.4.ExitsPage/34 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/35 “Massimo CiociolaChairman&CEOat MusixmatchThe cornerstone of success in the startup worl

165、d lies not just in securing funding,but in cultivating resilience and a solid focus on profitabilityFor those aiming for a PE exit,it is essential to build a business with robust EBITDA and a commanding presence in a market segmentI am really bullish about the future of Italian startups,as Italy is

166、on the cusp of a transformation,driven by a new generation of entrepreneurs,fostering a culture of innovation,resilience,and strategic growthJacqueline HawwaPartnerat TPGTPGs acquisition of Musixmatch underscores the Italian VC ecosystem appeal to international investors like us,thanks to Italys nas

167、cent but innovative startup landscapeWe believe that with the notable growth the Italian VC market experienced in the last decade,it is on the right path to strengthen its position as a vibrant and attractive destination for VC and PE investments“Page/36 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLE

168、GRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn 2023 M&A activity hit an all-time high both in Italy and Europe,growing 47%and 46%YoY Liquidity events play a pivotal role in the ecosystem,facilitating the realization of capital gains,the redistributi

169、on of talent,and the cultivation of a new wave of innovative companies.In the dynamic context of 2023,the total number of M&A operations experienced significant growth,surging by+47%and+46%YoY in Italy and Europe,respectively,attaining record-breaking figures of#234 and#4,743.Notably,acquisitions em

170、erged as the predominant driver of M&A activity in both Italy and Europe,overshadowing buyouts,which were hampered by the elevated cost of debt.Despite the overall uptick in M&A transactions,the M&A landscape for VC-backed companies witnessed a decline,predominantly influenced by subdued public list

171、ing activity.Italy M&A Activity view online2013-2023Europe M&A Activity view online2013-2023 47%YoY 46%YoY4.ExitsSource:Dealroom.co|Graphs created with Datawrapper.de2023 as%of total4.ExitsIn 2023 M&A activity hit an all-time high both in Italy and Europe,growing nearly 50%YoYGRAPH/MAIN CONTENTFOOTE

172、REXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/37 “Alexandre BerengaSr.Vice Presidentat PSG EquityInternational private equity firms have exhibited a growing interest in Italian VC-backed startups,as underscored by their active participation in Italys tech startup co

173、nferences over the past year,indicative of a growing trend toward cross-border investment.Italian venture capitalists play a pivotal role in enhancing the global exposure of startups,offering founders a viable alternative to selling to industry aggregators.The primary factor contributing to the limi

174、ted presence of private equity-led exits in this scenario is the element of time:private equity entities typically target sizable assets,necessitating a considerable time frame for their development and maturation.Given that the Italian VC ecosystem is still in its nascent stages,there is now a noti

175、ceable emergence of Italian tech startups attaining critical mass,and as existing investors begin to realize returns,it is anticipated that more stakeholders will be drawn into the fold,contributing to the further expansion and maturation of the Italian venture capital landscape.International privat

176、e equity firms have exhibited a growing interest in Italian VC-backed startupsThe primary factor contributing to the limited presence of PE-led exits is time:PEs typically target sizable assets,necessitating a considerable time frame for their maturationAs existing investors begin to realize returns

177、,it is anticipated that more will be drawn into the foldPage/38 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSelected Acquisition&BuyoutsVC-Backed CompaniesItalian M&A activity has shown a consistent growt

178、h trend over the past ten years,growing at a 28%CAGR from 2013 to 2023.Acquisitions have seen a significant rise since 2013,growing 16x and topping 212 in 2023,indicating a robust and expanding market for corporate takeovers and strategic consolidations.In contrast,buyouts have experienced a more mo

179、dest trajectory,with numbers generally remaining low over the years,yet showing a noticeable increase since 2013,growing 10 x.Italy M&A Activity-Acquisitions&Buyouts2013-2023AcquirorExit232221201918View online Source:Dealroom.co|Graphs created with Datawrapper.deNote:exits are representative and not

180、 exhaustive4.ExitsM&A points to a dynamic corporate sector with increasing activities in acquisitionsGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/39 “The Italian VC ecosystem needs a robust blueprint for IPOs and scaling up.Central to this fr

181、amework is the synergy of the ecosystem maturation,Startups internationalization and consolidation of international VC funds presence.Ecosystem maturation entails the development of best practices and the transfer of expertise across generations of entrepreneurs,to elevate the quality and operationa

182、l efficiency of startups.Startups internationalization is not only desirable but necessary,advocating for an arbitrage strategy that keeps R&D in Italy while expanding sales abroad,mostly to North America.This approach aims to align valuation multiples with those in North American markets and is cru

183、cial given the challenges Italian startups face,including limited central hubs and a small,SME-focused market.By overcoming these challenges,entrepreneurs can have an advantage in international expansion compared to their peers in countries like Germany and France,where a larger domestic market offe

184、rs less incentive to early expansion abroad.Moreover,increased presence of international VCs supports scaling of local startups,through enhanced funding availability,global market expertise,and expanded networks.This not only aims to commercial success but also to strategic exits with significant mu

185、ltiples,facilitated by a mature foreign market.The Italian VC ecosystem needs a robust blueprint for IPOs and scaling upThis involves ecosystem maturation,developing best practices,and expertise transfer across entrepreneur generationsAlso,startups internationalization is key,advocating for an arbit

186、rage strategy that keeps R&D in Italy while expanding sales abroad,mostly to North America and will likely align multiples to its benchmarksOn the other hand,International VCs support scaling of local startups,through global expertise and expanded networksClaudio ErbaFounder&Former CEOat DoceboPage/

187、40 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItaly IPO Activity2013-2023View online Selected IPOsSource:Borsa Italiana|Graphs created with Datawrapper.deThe landscape of IPOs in Italy signifies a modest

188、 market trajectory in contrast to the broader European scenario.While Italy experienced a variable number of IPOs,reaching a zenith of 46 in 2021,the total count has settled at 39 in 2023,demonstrating a modest yet noteworthy 30%YoY increase.The VC-backed IPO segment in Italy adds an additional laye

189、r of complexity,with a remarkably sparse representation of digital-centric VC-backed companies going public,amounting to a mere 3 IPOs in 2023.4.ExitsItalian IPO market have shown modest activity with fluctuating behaviour over the yearsGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/S

190、OURCES/INSPIRATIONBIG LOGOS SPACINGPage/41 “Alessandro CasartelliManaging Directorat GP BullhoundThe influx of foreign smart money is not only noteworthy but is complemented by a parallel commitment from local investors,creating a positive cross-pollination effectIt is imperative to see more sizeabl

191、e exits in the ecosystem,and be more vocal about celebrating our successes within the global tech communityThe growth trajectory of the Italian tech landscape is gradually aligning with other influential geographies,fueled by ambition,entrepreneurial vigor,top-tier talent,and thriving companies.The

192、influx of foreign smart money is not only noteworthy but is complemented by a parallel commitment from local investors,creating a positive cross-pollination effect,which is key in a cross-border sector such as Tech.There is a growing cohort of strong investor backed companies,and numerous businesses

193、 still remain under-the-radar,many of them profitable and poised to transact with late-stage growth or private equity.It is imperative to see more sizeable exits in the ecosystem,and be more vocal about celebrating our successes within the global tech community.While the number of exits in Italy is

194、still relatively low,there have been impressive results recently,for example the Musixmatch/TPG deal,Safety21 more than doubling in size since Bregal acquisition,and Bending Spoons becoming a global consolidator in Consumer Software.I am confident that,with the help of the right regulation and tax i

195、ncentives to investment in tech,the Italian ecosystem can maintain a strong momentum and compete on the global scale.LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE T

196、HESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWIn 2023,Italian university spin-offs grew to a valuation o

197、f$2.1B,a 3.9x increase from 2019,driven by universities focus on innovation through incubators,accelerators,and VC networks.The growth in number of spin-offs has been remarkable over the past 5 years,with the number of university spin-offs counting 907 in 2023,a 1.3x increase from 2019.Between 2014

198、and 2023,about 7.500 Italian university projects have received 350 to 400k each,amounting to$2.83B in the periodMilan,Bologna,and Rome Universities are key sources of startup founders in Italy,fostering a trend in entrepreneurial growth and economic diversification into sectors like tech,renewable e

199、nergy,and biotech,attracting foreign investment.5.UniversitiesPage/42 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/43 “Nico Valenti GattoDirectorat Bocconi for innovation(B4i)Italian universities have launched dedicated programs to bridge the

200、 gap between academic learning and practical entrepreneurial skills.These include accelerators and incubators for early-stage startups,along with networking events,hackathons,and pitch competitions to connect entrepreneurs with professionals and investors.These initiatives aim to equip students with

201、 the knowledge and skills needed to navigate the complex world of entrepreneurship and VC.At Bocconi for Innovation,we contribute through coaching and lectures,like the Italy Startup Conference,which attracted over 370 founders,investors,and students.Additionally,university collaborations like the E

202、ntrepreneurship Club network,spanning five universities,foster the Italian entrepreneurial scene through activities like the University Startup Challenge,involving 400 students,15 corporates,and over 30 startups.Also notable is MUSA-Multilayered Urban Sustainability Action,part of the National Recov

203、ery and Resilience Plan(PNRR).Funded by the Ministry of University and Research,it aims to impact entrepreneurship among students,supporting 1,000 researchers and initiatives like the National Innovation Award across several universities,including University of Milano-Bicocca,Politecnico di Milano,B

204、occoni University,and Universit degli Studi di Milano.Italian universities have launched dedicated programs to bridge the gap between academic learning and practical entrepreneurial skillsThese initiatives aim to equip students with the knowledge and skills necessary to navigate the complex world of

205、 entrepreneurship and venture capitalPage/44 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItalys university spin-off ecosystem has grown significantly in the last decade,with universities playing a key rol

206、e in driving innovation and entrepreneurship through the establishment of incubators,accelerators,TTOs,and VC networks to support startups with resources and mentorship.The number of university spin-offs counted 907 in 2023,a 1.3x increase compared to 2019 and a 4.6x increase vs.2013.Similarly,the u

207、niversity spin-offs ecosystems value,reached$2.1B in 2023,a 3.9x increase compared to 2019 values.The European programs of Horizon 2020 and Horizon Europe have been an important source of grants for universities in Italy.Between 2014 and 2023,about 7.500 Italian university projects have received 350

208、 to 400k each,amounting to$2.83B in the periodNumber of Italian Universities Spin-offs2018-2023Value of Italian Universities Spin-offs2018-2023View online Selected Italian Universities Spin-offs 33%416%Source:Dealroom.co|Graphs created with Datawrapper.de5.UniversitiesItalian university spin-offs ar

209、e continuously growing,reaching a valuation of$2.1B in 2023Page/45 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn recent years,Italy witnessed a remarkable surge in the entrepreneurial spirit among its un

210、iversity alumni.Various success stories are visible not only in Italy but across Europe,with alumni founders moving abroad.This trend is contributing to the diversification of Italys economy by venturing into new sectors like technology,renewable energy,and biotech,and attracting foreign capital.Num

211、ber of Italian Universities Spin-offsAll timeView online Selected Alumni StartupsSource:Dealroom.co|Graphs created with Datawrapper.de5.UniversitiesMilan,Bologna,Rome Universities are producing the majority of Founders and StartupsLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTER

212、GRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to a

213、ctionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWThe Italian startup ecosystem is flourishing,with entrepreneurs reinvesting their gains and knowledge into new ventures,fueling the Startup Flywheel for sustainable growth.This cycle boosts the sophistication and global reach of Italian startup

214、s,vital for Italys venture capital scene and its role in Europes tech sector by fostering capital and talent flow into new companies.Meanwhile,the Investors Flywheel is in its nascent stage,set for rapid expansion after the venture capital sectors emergence in Italy a decade ago.Initiated by early s

215、uccesses and seasoned investors,this cycle promises to enrich and broaden the investment scene.As it accelerates,it promises a stronger support network for startups,indicating a vigorous and evolving venture capital ecosystem in Italy.6.FlywheelPage/46 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE

216、 EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/47 “Elisa Alvarez-Garrido,Ph.D.Assistant Professorat University of South CarolinaIn a mature entrepreneurial cluster,human capital,talent,and expertise tend to stay in place.This is not just a characteristic,but a driving force of the growth of

217、 the cluster to achieve maturity.Entrepreneurs who remain in the cluster contribute to its dynamism by establishing new startups,serving as mentors to aspiring entrepreneurs,and even transitioning into investor roles.Their presence serves as an inspiration for emerging generations,showcasing the via

218、bility of startup endeavors as rewarding career paths.Serial entrepreneurs,particularly valued by investors,leverage their past experiences,learning from previous ventures and deploying valuable knowledge,expertise,and networks in subsequent endeavors.Their resilience and capacity to take calculated

219、 risks make them stand out,especially if theyve had a successful exit,providing the financial means to pursue ambitious projects with higher expected rewards.These ventures,in turn,not only sustain but amplify the momentum of the entrepreneurial cycle,serving as dreams and aspirations for new entrep

220、reneurs and acting as a countermeasure against brain drain.In a mature entrepreneurial cluster,human capital,talent,and expertise tend to stay in place,contributing to its dynamism by establishing new startupsSerial entrepreneurs,particularly valued by investors,leverage their past experiences,learn

221、ing from previous ventures and deploying valuable knowledge,expertise,and networks in subsequent endeavorsPage/48 EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 26.FlywheelItalian Startup FlywheelStartups tha

222、t generated Founders that generated2014 buyout2009 IPO2005 founded2015 founded2015 founded1998 founded2000 IPO2012 AcquisitionSource:Dealroom.co|Graphs created with Datawrapper.de2015 founded2019 founded2014 founded2011 founded2022 founded2021 founded2015 founded2013 founded2020 founded2020 founded2

223、019 IPO2017 founded2015 founded2021 founded2014 founded2014 founded2010 founded2020 founded2019 founded2018 founded2020 founded2009 founded2011 founded2010 foundedNote:The flywheel is representative and not exhaustive Page/49 EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR

224、/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 26.FlywheelItalian Investor FlywheelFunds that generated Investors that generatedSource:Dealroom.co|Graphs created with Datawrapper.deInvested in2016 founded2007 founded2019 founded2014 founded2022 founded1999 founded2005 founded2011 f

225、ounded2013 founded2015 founded1997 founded2016 founded2013 founded2015 founded2018 founded2007 founded2023 founded2007 founded1972 founded2013 founded2009 founded2000 founded2021 founded2006 founded2019 founded2007 foundedSo.Pa.F.2006 founded2023 founded1997 founded2005 foundedNote:The flywheel is r

226、epresentative and not exhaustive LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FI

227、NTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWThe amount raised by new Italian VC funds in 2023 sat at$1.3B,witnessing a substantial 88%increase compared to 2022,with 11 funds raised durin

228、g the year.In contrast,the European landscape experienced a 32%YoY contraction in the total funds raised in 2023.Italys investor environment is predominantly VC-driven,with VCs making up 61.9%of investor types.Accelerators,account for 25.2%.Italys participation in crowdfunding and family offices ali

229、gns with France,while its presence in angel funds and corporate VC is limited compared to France and Germany.In line with 2023 VC investments being concentrated in the North of Italy,also the large majority of Italian investors have their HQ in the Northern regions,especially in the North-West with

230、296 investors(65%of total).Rome,Turin,Bologna,and Florence also show significant VC investor presence.Italian investors are the backbone of the domestic venture capital scene,with a presence of 69%across 2023 funding rounds.European and North American investors are increasingly participating in late

231、r stages.7.Investors&FundraisingPage/50 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/51 “Pietro GiulianiFounder&Chairmanat AzimutIn Italy,the proportion of businesses utilizing alternative financing is still modest,as does the share of privat

232、e investments in alternative funds when measured against the total assets managed by the private banking sector.It is thus essential to enact policies that facilitate investment and enhance access to capital for Startups and SMEs.Since 2013,Azimut has launched initiatives like Azimut Libera Impresa

233、Sgr and Italia 500,in partnership with P101,aimed at revitalizing the real economy and democratizing the reach of alternative investments to include both retail and institutional investors.Additionally,they aim to channel a segment of the substantial wealth of Italian households,exceeding 4 trillion

234、 euros,towards supporting businesses.Consequently,Azimut has shifted its focus from traditional asset management to a stronger engagement in alternative investments and venture capital,setting a precedent in Italy over the last decade.In Italy,the proportion of businesses utilizing alternative finan

235、cing is still modestIt is thus essential to enact policies that promote and democratize investments in the real economyAzimut has shifted its focus from traditional asset management to a stronger engagement in alternative investments and venture capitalPage/52 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH

236、 TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItalian Corporates&CVCItalian VC FundsEarly StagePre-Seed&SeedGrowth&Early StageSeries A&BLate Stage&GrowthSeries C+Foreign Funds*View online AcceleratorsNote:The landscape is representative and not exhaustive.Inv

237、estors are shown only at the most common entry stage point.Logos are represented in alphabetical order*VC funds with HQ outside of Italy,that invested in at least 1 Italian Startups in the last 5 years(2019-23),and have at least 10 Portfolio companiesSource:Dealroom.co,Versible.eu7.Investors&Fundrai

238、singItalian VC Investors landscapePage/53 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION“At P101,we established the Data Insight division,with the goal of building an integrated tech stack,combining off-the

239、-shelf and bespoke solutions for optimal synergyThis enables us to develop leading hedge investment pipeline and fund admin processesIt has now become a must for VCs,in order to remain competitive,to start adopting data-driven practices into their decision-making and workflowsThough,it is essential

240、to embrace a cultural shift across teams,in order for the data-driven journey to succeedDespite its key role in the digital revolution,the VC industry began digitizing and integrating data-driven practices into decision-making and workflows only in the last decade.Consequently,VC firms are now creat

241、ing dedicated divisions-hiring engineers,developers,and data scientists-to achieve several key benefits:Efficiency:by digitizing and streamlining operations and processes,to manage larger funds with fewer staffEffectiveness:by extending origination and reducing missed opportunities or underperformer

242、s,to boost returnsAwareness:by adopting data-driven practices,to differentiate in the market and attract investors and startupsHowever,currently only a small fraction(about 1%)of VC firms have fully implemented data-driven initiatives and formed dedicated teams*.This gap has given rise to Investment

243、 Tech,a new category of off-the-shelf tools that facilitate the VCs data-driven transition.Source:P101,*Data-Driven VC landscape 20232010Shift from pen&paper to digital2013Adoption of big data and analytics2016Adoption of AI&Machine Learning2020Emergence of Investment Tech tools2023Integrated techno

244、logical frameworks&GenAIVCs data-driven maturityYears2030+2010LowHigh2030 onwardsWidespread adoption of Data Driven practicesAlessandro TavecchioJr.Partnerat P1017.Investors&FundraisingThe VC industry is in the midst of a data-driven revolutionPage/54 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRA

245、PH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONThe amount raised by new Italian VC funds in 2023 sat at$1.3B,witnessing a substantial 88%increase compared to 2022,with 11 funds raised during the year.However,fundraising remains below the record high reach

246、ed in 2020($1.5B),that was mainly driven by low interest rates,increasing number of new startups and need for funding facilitated by the pandemic-accelerated digital transformation.Moreover,2023 marked a notable 71%YoY increase in the average fund size in Italy,surpassing even 2020 metrics.In contra

247、st,the European landscape experienced a 32%YoY contraction in the total funds raised in 2023.However,considering the number of VC funds secured,the average fund size in Europe reached an unprecedented high of$125M during the same period.Amount Raised by New VC Funds in Italy view online2013-2023Amou

248、nt Raised by New VC Funds in Europe view online2013-2023Number of New VC Funds 88%YoY 32%YoYSource:Dealroom.co|Graphs created with Datawrapper.de7.Investors&FundraisingItalys VC Fundraising demonstrated a robust recovery in 2023,with amount raised growing 88%YoY across 11 new funds,showing substanti

249、al dry powder to be deployed Page/55 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONAmount of New VC Funds Raised by Country2013-2023The European VC fundraising landscape demonstrated robustness,displaying a

250、 consistent upward trajectory from 2013 to 2023.A substantial portion of this growth,totalling$116.8B raised by new VC funds,occurred during the period from 2019 to 2023.Germany and France emerged as leaders in this surge,raising approximately$16.4B and$12.7B,respectively.Spain secured about$6.0B,wh

251、ile Italy attained$3.9B.Particularly noteworthy is Italys remarkable VC fundraising growth,achieving a notable CAGR of 35%from 2013 to 2023.Over the same period,the number of funds in Italy expanded tenfold,and the average fund size soared from 44.9M to 113.8M in 2023.In contrast,more mature markets

252、 like France and Germany,while boasting larger absolute values in terms of fundraising and number of funds,experienced comparatively lower CAGR rates over 2013-2023 period,at 20.5%and 22.0%,respectively.Although Italy VC market is still catching up with more established economies,these figures under

253、score a continuous and robust growth trajectory.The consistent increase in the number of new Italian VC funds,rising from 1 in 2013 to 11 in 2023,coupled with the augmentation in average fund size,signifies a deepening and diversifying market.These trends suggest growing investor confidence and a wi

254、dening spectrum of investment opportunities within the country.Number of New VC Funds Raised by Country2013-2023Source:Dealroom.co|Graphs created with Datawrapper.de7.Investors&FundraisingEuropes VC landscape thrives;Italian VC market grows steadily,diversifying confidently GRAPH/MAIN CONTENTFOOTERE

255、XTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/56 “Nicola IorioManaging Partnerat Palladio HoldingIn Italys maturing private equity market,investors are increasingly focusing on innovation to add value.Private Equity firms are turning to technological,process,product,a

256、nd sales channel innovations to grow and enhance their portfolio companies performance.For us,venture capital primarily offers insight into such innovations,a source of potential deals,and lastly an anticipation of upcoming market trends.Recently,the VC sector in Italy has gained increased recogniti

257、on,aligning with the need to innovate traditional industries,stay ahead of market trends,and explore alternatives to established asset classes like Private Equity.We believe that the expanding size and liquidity of the VC market are drawing in new investors,including Family Offices and Holdings.Thes

258、e investors are leveraging their flexibility compared to institutional investors to capitalize on this market opportunity and diversify their portfolios.At Palladio,we are extending our network of industry experts and strategic partners to stay ahead in these fast-evolving times.We view VC as a key

259、strategy to position ourselves for capitalizing on imminent market shifts.The VC sector in Italy has gained increased recognition,aligning with the need to innovate traditional industries,stay ahead of market trends,and explore alternatives to established asset classesThe expanding size and liquidit

260、y of the VC market are drawing in new investors,including Family Offices and Holdings,leveraging their flexibility to capitalize on this market opportunity and diversify their portfoliosPage/57 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE

261、 EXTRA CONTENT/SOURCES/INSPIRATIONInvestor nameFund nameAmountStage FocusSectorDateNeva SGRNEVA II Global 400MSeed,Series A,BAgnosticSep 2023Neva SGRNEVA II Europe100MSeed,Series A,BAgnosticSep 2023United VenturesUnited Ventures III150M*Seed,Series A,BAgnosticJul 2023AlkemiaAlkemia fund65MSeries A,B

262、AgnosticJul 2023FITECFITEC II137MSeries CDigitalJul 2023AVM GestioniRialto VCN.D.Series AB2BJun 2023Panaks PartnersPanaks(Purple)Fund II 175MSeed,Series A,BLife SciencesFeb 2023First-time funds are growing and Italian private wealth is being redirected towards VCsFirst Time Funds2023New Funds2023Vie

263、w online Investor nameFund nameAmountStage FocusSectorDate2100 Ventures2100 Venture Fund I30MPre-Seed/SeedB2B,DigitalOct 2023Koinos CapitalItalian Founders FundN.D.SeedAgnosticSep 2023Deep Ocean VenturesDeep Blue Ventures Fund I40.8MSeed,Series ADeepTechJun 2023TLI SpaceTLI Space40MSeed,Series ASpac

264、eTechJan 2023*targetVC Fundraising in 2023 accounted for$1.3B across 11 funds,4 of which are first time funds which raised a total of 110M,while the remaining 7 are new funds from existing GPs which raised 1B.The large majority of new(and existing)funds are focused on Early Stage investments(from Pr

265、e-Seed to Series A).Across all new 2023 funds,only one fund-FITEC-is focused on Late Stage investments while TLI Space is the only one focused on SpaceTech.Private wealth in Italy is increasingly being directed towards VCs.Leading affluent families have created their own VC funds-e.g.,2100 Ventures,

266、MIP,Alecla7-or are starting investing in Startups directly through their Family Offices or indirectly through national VC firms,signaling a beneficial shift in Italys investment scene towards nurturing homegrown innovation.7.Investors&FundraisingSource:Dealroom.co|Graphs created with Datawrapper.de7

267、.Investors&FundraisingFirst-time funds are growing and Italian private wealth is being redirected towards VCsPage/58 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItalys investors environment,with a total o

268、f 525 investors,is predominantly driven by Venture Capital Funds,constituting around 61.9%of its investor types.This is a significant proportion,yet lower than Germanys 69.1%.Accelerators play a crucial role in countries like Italy and Spain,accounting for 25.2%and 30.7%of total investors respective

269、ly-while it shows a much lower percentage Germany(16.6%)and France(20.5%)-providing robust support to early-stage startups through mentoring,networking opportunities,and initial seed funding.This data suggests that mature markets,with smoother startup scaling,require a larger number of VC funds focu

270、sed on later stages.Italys participation in Crowdfunding(4.2%)and Family Offices(3.2%)is in line with France,where these sectors represent 4.9%and 3.9%respectively.Furthermore,Italys presence in Angel Funds and Corporate VC(CVC)is limited at 2.0%and 3.4%,compared to higher percentages in France and

271、Germany.Total Number of InvestorsInvestors with HQ in each country,as of 2023Total Number of Investors by TypeInvestors with HQ in each country,as of 2023Source:Dealroom.co|Graphs created with Datawrapper.de7.Investors&FundraisingItalian investors scene is VC-focused,and Accelerators are key to earl

272、y-stagePage/59 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONNumber of Italian Investors by Area2023*62 Investors have missing Area and Region,hence are not represented in the mapItalian Investors by Region

273、2023*In line with 2023 VC investments being concentrated in the North of Italy,the large majority of Italian investors have their HQ in the Northern regions,especially in the North-West with 296 investors(65%).The highest concentration of VC investors is in Milan,with 229(50%),making it the primary

274、hub for venture capital in Italy.Rome follows with 45 VC investors(a fifth compared to Milan),representing significant activity.Turin(29),Bologna(13)and Florence(9)also show a notable presence of VC investors.Source:Dealroom.co|Graphs created with Datawrapper.de7.Investors&FundraisingMilan is Italys

275、 main VC hub,followed by Rome,with Northern regions leadingGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/60 The Italian venture capital scene faces a dual challenge.The lack of local capital slows both the funding process and the sectors overa

276、ll evolution,creating an ecosystem where neither great successes nor significant failures emerge easily.For venture capital funds,targeting exceptional successes is crucial as losses are typically limited to the initial investment.Encouragingly,recent data show a rise in both local and foreign capit

277、al availability,although still limited and overly concentrated among a few key investors.Despite these hurdles,the emergence of new fund managers with international experience and networks offers optimism.The adoption of specialized and vertical strategies by these funds,an approach we strongly endo

278、rse,promises to disrupt an otherwise static and oligopolistic landscape.These developments suggest a shift towards a more dynamic and diversified future for the ecosystem.Therefore,recognizing the substantial opportunities to evolve Italys venture capital sector is vital.Increased capital availabili

279、ty,investor diversification,and targeted,specialized strategies can collectively foster the growth and success of Italian startups,encouraging a new era of innovation and entrepreneurship in the country.“Recent data show a rise in both local and foreign capital availability in the Italian VCEmergenc

280、e of new international fund managers,adopting specialized and vertical strategies,promises to disrupt an otherwise static and oligopolistic landscapeIncreased capital availability,investor diversification,and targeted,specialized strategies can collectively foster the growth and success of Italian s

281、tartupsIvan FarnetiFounding Partnerat Five Seasons VenturesPage/61 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource of Capital-Number of Investors as%of total2019-2023Only 3 Mega+rounds in Italy,all in

282、2022:Bending Spoons,Satispay,NewcleoSource of Capital by Stage-Number of Investors as%of totalCumulated values 2019-2023Rest of the Worlds:Oceania,South America,Africa4643Source:Dealroom.co|Graphs created with Datawrapper.de7.Investors&FundraisingItalian investors lead 2023 VC rounds,fore

283、ign presence grows in later stagesItalian investors are the backbone of the domestic venture capital scene,with a presence of 69%across 2023 funding rounds.Between 2020 and 2023 there has been a notable growing presence of European and North American investors from 10%to 19%and from 5%to 8%,respecti

284、vely.Their development in the italian VC space has been fuelled by a maturing ecosystem and by the mega rounds of 2022.Asian and Rest of the World investors have had minimal and fluctuating involvement.The distribution of investors in Italian VC by funding stage shows a strong Italian presence in Ea

285、rly Stage:Pre Seed(79%),Seed(78%),Series A(73%).From Growth Stage onwards theres a notable shift towards European and North American investors at the expense of Italian presence.In Series B rounds,Italian investors represent 57%of total while Europeans 26%.In Series C,European investors are the majo

286、rity at 41%,North American account for 26%,and Italian drop to only 32%.North American investors demonstrate increased interest in Late Stage.Asian and Rest of the World investors maintain a minimal role across all stages.Though,both in Growth and Late Stage,the large majority of foreign investors p

287、articipated only to the funding of a single startup.The data confirms a correlation between round size and presence of foreign investors.Partly due to the reduced average size of Italian VC funds and the limited number of national funds focused on late stage.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIG

288、N HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/62 In recent years,Italys startup ecosystem has experienced significant growth,prompting Earlybird to allocate more resources to the region.The collective enterprise value of Italian startups is rapidly catching up with leading European c

289、ountries,signifying an opportune moment for Earlybird and other international VCs to establish a stronger local presence and contribute to Italys ongoing success.Italy has witnessed a surge in domestic venture capital,with Italian VCs raising$3.76B from 2020 to 2023.Simultaneously,the country is att

290、racting foreign VCs,highlighting the markets allure and the potential for international collaboration.The availability of talent is a crucial factor for startup success,and Italy offers an attractive landscape for skilled professionals.Fiscal incentives,coupled with renowned business schools and tec

291、h universities like Bocconi,Bologna,LUISS,Politecnico di Milano,and Politecnico di Torino,contribute to a thriving ecosystem.The ecosystem continues to mature after an increasing number of Italian success stories,creating the first role models and operator communities,mainly driven by Italys first u

292、nicorns and startups with valuations of above$100m,leading to well-established and vibrant tech hubs across the country.“Ferdinand DansardInvestment Teamat Earlybird VCItaly is attracting foreign VCs,highlighting the markets allure and the potential for international collaboration to support startup

293、s in expanding globallyThe ecosystem continues to mature after an increasing number of Italian success stories,creating the first role models and operator communities,and leading to well-established and vibrant tech hubs across the countryLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTE

294、NTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionC

295、all to actionTitle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWIn 2023,Italys number of Startups and SMEs totalled 15.4k entities,of which 86%startups and 14%SMEs.They generated a combined production value of$9.4B and provided 61.8k jobs.This results in an average yearly production value of$614k pe

296、r company.In 2023,investments in SDGs(Sustainable Development Goals)related startups totalled$1.3B,growing 1.6x with respect to 2019($813M),and hitting a record high in 2022($2.7B).This growth is driven by market trends and new policies like the US Inflation Reduction Act and the EU Net Zero Industr

297、y Act.EU initiatives are promoting gender diversity in Italys VC and startup sectors.In Italy,women make up 31.4%of the VC workforce but only 14.3%in key roles.However,theres growth in female investors at junior and mid-levels.In Italian startups,women(12.6%),youths(15.0%),and foreigners(3.3%)are un

298、derrepresented in leadership roles,indicating a need for more diversity.8.Systemic Impact,Sustainability&Gender DiversityPage/63 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/64 “Glenda GrazioliPartnerat P101In the current context of the Europ

299、ean venture capital,the rising significance of ESG principles and gender diversity reflects a collective awakening,spurred by plenty of initiatives.The SFDR regulation is driving a notable move toward more sustainable and responsible investments,with VC funds progressively adopting a more holistic a

300、pproach.For example,P101s latest fund Programma 103 follows Article 8 of the SFDR.This adherence,despite introducing greater complexity and bureaucratic costs,ensures a structured approach to investment,from the initial evaluation of opportunities to the monitoring of the portfolio through specific

301、ESG KPIs.Moreover,the sectors growing awareness of ESG and gender diversity issues signals a natural progression from one concern to another.While a gender gap persists among key roles both in VC and Startups,it is expected to narrow with market expansion and cultural shifts,driven by changes in edu

302、cation where we see more women pursuing courses and professions traditionally held by men,including finance.However,it is essential to navigate these initiatives carefully,ensuring that the investment quality remains paramount and that cultural biases related to both sustainability and gender divers

303、ity are mitigated.The rising significance of ESG and gender diversity reflects a collective awakeningDespite introducing greater complexity and bureaucratic costs,the SFDR regulation ensures a structured approach to investment,through specific ESG KPIsWhile a gender gap persists among key roles in V

304、C and Startups,it will narrow with market expansion and cultural shiftsNonetheless,ensuring investment quality remains paramount while addressing cultural biasesPage/65 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/IN

305、SPIRATIONNumber of Employees-Italian SMEs and Startups2023-companies founded from 2010 onwardsProduction Value*-Italian SMEs and Startups2023-companies founded from 2010 onwards*Value of goods and/or services produced*ATECO sectors included in the ICT Perimeter by ISTAT/EUROSTATSource:Registro Impre

306、se|Graphs created with Datawrapper.deNumber of Companies-Italian SMEs and Startups2023-companies founded from 2010 onwards8.Systemic Impact,Sustainability&Gender DiversityVC generates a Systemic Impact on the Italian EconomyIn 2023 Italys number of Startups and SMEs totalled 15.4k entities,of which

307、86%startups and 14%SMEs.They generated a combined production value of$9.4B and provided 61.8k jobs.This results in an average yearly production value of$614k per company.Particularly noteworthy is the ICT sector*,which is a prime target for VCs and counts 7.2k companies or 46%of the total.This secto

308、r alone generated$3.6B in production value,making up 38%of the total,and employed 29.3k people,representing 46%of total employment.The average yearly production value per ICT company was$530k in 2023.Collectively,Italian Startups and SMEs contribute to 0.44%of Italys GDP,which stands at$2.12T.Page/6

309、6 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONVC Investments in Italian Startups by Sustainable Development Goals(SDGs)Cumulated value 2019-2023Source:Dealroom.co|Graphs created with Datawrapper.deThe SDG

310、s VC investment trends in 2023 reflect a global shift in focus towards sustainable and environmentally conscious technologies.These trends are evident both globally and in Italy,showcasing the countrys growing role in the space.In 2023,investments in SDGs related startups totalled$1.3B,growing 1.6x

311、with respect to 2019($813M),and hitting a record high in 2022($2.7B).In particular,the sectors Affordable and Clean Energy and Climate Action,together raised 873M,between 2019 and 2023,equivalent to 59%of total funding and 32%of total rounds.This surge has been propelled by both market forces and ne

312、w legislative measures,like the Inflation Reduction Act in US and the Net Zero Industry Act in EU.8.Systemic Impact,Sustainability&Gender DiversityEmphasis on sustainable technology,Energy and Climate Action leadPage/67 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAP

313、H 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Dealroom.co,Medium,Registro Imprese|Graphs created with Datawrapper.deIn Italy and across Europe,efforts to close the gender diversity gap in venture capital firms and startups are gaining momentum.Europe is enacting initiatives like

314、 the EUs Strategy for Gender Equality 2020-2025 to bolster diversity with guidance and financial support for women in business.In the Italian venture capital landscape,31.4%of the workforce comprises women,with only 14.3%in key roles(European average is 15%).However,theres a notable increase in the

315、number of female investors at the mid(42.1%)and junior(45%)levels,reflecting recent initiatives to promote gender balance and constituting the foundations for women being promoted at key roles in VCs in the medium to long term.Concerning leadership in Italian startups,women,youth,and foreigners are

316、not proportionately represented,with women leading only 12.6%,youths 15.0%,and foreigners a mere 3.3%of Italian startups.These figures underscore the need for greater diversity and international perspectives in the Italian startup ecosystem.Incorporating women in investor roles can significantly imp

317、act the social and cultural dynamics of venture capital firms,influencing decision-making processes.Similarly,promoting diversity by supporting female,young,and international entrepreneurs across all sectors can invigorate Italys startup ecosystem dynamism,competitiveness,and global relevance.Italia

318、n VC Firms*Gender distribution2023-Percentage of Men and Women in Italian VC firmsKey Roles=Key person/Partner or Co-founder;Workforce=any role*VC Funds,Accelerators,Incubators,Startup studios/venture buildersItalian Startups Leadership distribution2023-Percentage of startups where women/youths/fore

319、igners participation in ownership and governance is collectively majority.Youth 35 yrs old8.Systemic Impact,Sustainability&Gender DiversityEU initiatives for gender diversity,with Italy signaling a push for broader inclusionLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1

320、GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTi

321、tle AdsCover TtlQuoteWit titleNNNNLOOK DOWN BELOWItaly has taken steps to create a favorable regulatory environment for venture capital and startups.Some key regulations include the Italian Startup Act,Smart&Start Italia,Innovative SMEs Regulation,Growth Decree,Italian Investment Fund Regulation.The

322、 Italian government,through various agencies and initiatives,provides support to the venture capital and startup ecosystem.Among which CDP Venture Capital(Cassa Depositi e Prestiti),a state-owned financial institution that plays a crucial role in supporting economic development and innovation;and Th

323、e Italia Startup Visa that offers visa and residency benefits to non-EU entrepreneurs.Yet additional challenges still need to be addressed and support is needed by the government.However,with an increasing number of success stories,these barriers are slowly eroding.Business Environment:Italy ranked

324、58th in the World Banks 2020 Ease of Doing Business ranking,highlighting issues like bureaucracy,conservative banking,and risk aversion impacting startup growth.LP investments:attract venture capital from LPs like pension funds and endowments.Questions remain on how to effectively allocate increased

325、 funds.Brain Drain:Italy faces talent loss as founders move abroad,necessitating strategies to retain and attract talent in key sectors.9.Regulation and Public SupportPage/68 GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/69 In recent years,we

326、have implemented our investment strategy by seeking opportunities beyond the usual asset classes,focusing particularly on Italian venture capital.This approach,which incorporates alternative investments into our diversification,aims to stimulate innovation,research,development,and economic growth,co

327、ntributing to the increase in employment.Cassa Forense stands out among the first Italian welfare funds to invest in alternative instruments,allocating about 12%of its portfolio to support the real economy,half of which is invested in PE/PD and VC.Of this portion,approximately 50%is allocated to fun

328、ds that invest in Italian companies.This strategy reflects a rising trend among pension and welfare funds in Italy,where 49%of them opted for alternative investments already in 2021,compared to a European average of over two-thirds,gradually reducing the existing gap.The European Unions SFDR regulat

329、ion,promoting sustainable and responsible investments,has further stimulated interest in opportunities that support ESG goals,to which several PE and VC funds have aligned.However,the adoption of these strategies require specific skills for risk assessment and investment selection,in addition to a c

330、onstant commitment to monitoring and active portfolio management.“Enrico CibatiDirigente Ufficio Investimentiat Cassa ForenseCassa Forense is among the first Italian welfare funds that implemented an investment strategy beyond the usual asset classes,focusing on Italian VCWe allocated about 12%of th

331、e portfolio in alternative instruments to support the real economy,a rising trend among pension and welfare funds in ItalyHowever,these strategies require specific skills for risk assessment and investment selection,and a constant commitment to monitoring and portfolio managementPage/70 LOGOS SPACIN

332、GYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONREGULATORY FRAMEWORKItaly has taken steps to create a favorable regulatory environment for VC and startups.Key regulations include:1.Italian Startup Act(2012):Simplifies bu

333、reaucracy and offers tax breaks for startups2.Smart&Start Italia Program(2013):Financial support for startups via grants and loans3.Innovative SMEs Regulation(2017):Provides tax incentives and support for SME innovation4.Growth Decree(2019):Stimulates economic growth with R&D incentives and venture capital support5.Italian Investment Fund Regulation:Regulations aimed at promoting investment though