In just the first three quarters of 2024, Italian VC rounds have raised €1.195 billion—already surpassing the €1.180 billion raised in all of 2023.
This is one of the key insights from our Q3-24 VC Report, developed in collaboration with Italian Tech Alliance. Here are some of the other findings from our analysis:
Key points on Q3-24
- €524 million raised across 70 rounds in Q3, up from €226 million raised in 69 rounds in Q2
- 13 Series A rounds, 6 Series B rounds, 2 Series C rounds, and 11 exits
- Sectors: Smart City led both in terms of number of rounds and total amount raised
- Verticals: AI & ML had the most rounds, while CleanTech led in total amount raised
Key points on the year to date
- €1.108 billion raised across 246 rounds, up from €791 million raised in 232 rounds at the same point last year
- 37 Series A rounds, 10 Series B rounds, 6 Series C rounds, and 31 exits
- Sectors: Software had the most rounds, while Smart City had the highest amount raised
- Verticals: AI & ML led in number of rounds, and CleanTech had the most amount raised
Outlook
- As previously forecasted, the European ecosystem has bottomed out, with several changes expected: more balanced bargaining power between investors and founders, an increase in flat and down rounds, more common Buy & Build strategies, and more diversity in VC rounds
- IPO activity is expected to remain below historical levels in both Italy and Europe
“In terms of amount invested, Q3-24 in Italy was the best quarter of the last two years and the highest ever recorded if we exclude mega rounds. The total invested is already higher than the entire 2023, thanks to the increase in late-stage rounds, including three mega rounds. For 2024, we predict a total amount between €1.4 and €1.7 billion, with the number of rounds remaining in line with 2023. In terms of capital invested, Italy will be one of the fastest-growing ecosystems compared to the previous year,” comments Fabio Mondini de Focatiis, Founding Partner, Growth Capital.
Read the full report: