In the first half of 2025, Italian VC activity has been in line with the average of the past three years in terms of both number of rounds and amount raised, excluding mega rounds (those above €100 million).
While mega rounds have been notably absent over the past two quarters, and Q2 showed a slowdown compared to Q1, larger rounds are expected in the second half of the year.
This is the picture that emerges from the Q2-25 and H1-25 VC Report, developed and presented by Growth Capital in collaboration with Italian Tech Alliance.
"Italy maintains a high number of rounds but has not yet seen any capital raises over €25 million this year. However, we expect these to become more frequent in the second half, making 2025 the year with the highest number of rounds and the largest amount invested—excluding mega rounds," comments Growth Capital Founding Partner Fabio Mondini de Focatiis.
"Despite challenges and the historically low sentiment recorded by the VC Index, there is cautious optimism about the deployment of new capital, supported by the steady flow of newly announced funds and a potential increase in Series B+ rounds, driven by a strong pipeline of over 150 Series A rounds from 2022 to 2024."
Quick numbers on H1-25 in Italy:
Amount invested: €545 million
Number of rounds: 210
Exits: 16
Top sectors: Smart City (most rounds) and Life Sciences (highest amount invested)
Read the full report here, with a special section in this edition on Fundraising & Returns in International VC: https://lnkd.in/dtaxmGn2
