There are no mega rounds yet, but Italian VC is holding its ground.
The first three quarters of 2025 show steady investment momentum driven by early-stage activity, putting the market on track to reach €1B in investments by the end of the year, even without any rounds above €100M.
This is one of the key insights from the Q3-25 VC Report, recently published by Growth Capital in collaboration with Italian Tech Alliance, and presented today by Founding Partner Fabio Mondini de Focatiis and Senior Associate Giacomo Bider.
"Excluding mega rounds, which are still absent this year, the amount invested in the first nine months of 2025 is in line with the past two years, evidence of the ecosystem’s stability in contrast with the trend seen in more mature European markets," comments Fabio Mondini de Focatiis, Founding Partner of Growth Capital.
"Series A performance remains steady, while Series B rounds continue to be the real bottleneck for Italian scaleups. In terms of the number of rounds, 2025 is shaping up to be the year with the highest number of deals in the history of Italian venture capital."
Read the full report here, with a special section in this edition on SpaceTech, developed in collaboration with CDP Venture Capital: https://docsend.com/view/b3k3yycpirmerdhy
