The Venture Capital market in Italy is growing again – after the slowdown phase recorded between 2023 and 2024 – and 2025 marks a turning point. According to Bain & Company Italia’s Venture Capital Scanner, investments reached approximately 1.5 billion euros, the highest level ever recorded in the country. The figure represents an increase of +40% in value compared to 2024, thanks to the contribution of rounds of significant size, with a growth dynamic clearly higher than the European average, which in the same period stood at +3.8%. The long-term Italian trend (2017–2025) confirms solid growth, with a CAGR of +22%.
Venture Capital in Italy: record-breaking 2025
“2025 proved to be a very positive year for Italian Venture Capital. The national ecosystem is in excellent health, but Italy still remains marginal in terms of scale: this is the right time to consolidate progress and catch up. The result is not only quantitative, but also reflects a greater quality of the financed companies and their ability to attract capital along more structured growth paths”, comments Emanuele Veratti, Senior Partner and Digital Practice Leader Italy at Bain & Company.
In detail: in 2025, 262 transactions were recorded, a slight decrease (-5%) compared to 2024. At the same time, the average size of the rounds increased significantly (+48%), reaching 5.8 million euros. The market shows a strong concentration: the first six operations of the year represent approximately 50% of the total value invested. From the point of view of the investment phases, Early and Late Stage represent approximately 74% of the total value while Angel, Pre-Seed and Seed 26% of the value but 68% of the total number of operations. “In 2025 the market also continued to support startups in the first round of financing (approximately 40% of the value) compared to follow-ons, in line with the historical mix. It is a positive signal for the innovation ecosystem, which is growing while maintaining the ability to access capital unchanged even for companies that are preparing to face the first collection”, observes Gianmarco Rallo, Senior Manager of Bain & Company.
driven by mega-deals
By size of the deals, 46% of the value invested in Italy is concentrated in Mega and Large Deals, approaching the European mix (52%). However, Italy remains more exposed to Small Deals (29% vs. 16% in Europe). In terms of type, Seed accounts for 22% of the value (vs. 11% in Europe), reducing the overall incidence of Early and Late Stage (75% vs. 85% in Europe).
Tech market driver, Healthcare experiencing strong expansion
At a sector level, Tech confirms itself as the first sector in terms of value, with approximately 760 million euros invested (50% of the total, vs. 42% in Europe). In particular, operations in the deep tech field stand out, including humanoid robotics, demonstrating the growing attention towards technologies with a high intensity of skills and research. “One of the areas with the greatest impact is the so-called physical or embodied AI, or artificial intelligence integrated into physical systems. Humanoid robotics represents one of the most visible examples. Today there are already over 20 global players in this market, which according to estimates could reach between 150 and 200 billion euros by 2035, with a competitive ecosystem concentrated above all between the United States and China. In this context, it is encouraging to see investments in these technologies emerging also in Italy and Europe”, continues Rallo. Healthcare, with approximately 339 million euros (22% of the total, vs. 15% in Europe), is consolidated as one of the sectors in which Italy is able to enhance and translate the distinctive skills developed over time into innovation. However, the Energy and Financial Services sectors are underrepresented compared to the European average.
Europe experiencing moderate growth, Italy above average
In 2025, European Venture Capital will reach approximately 52 billion euros, with growth of +3.8% on an annual basis. Northern and Western Europe concentrate around 88% of the overall value. The main markets are the United Kingdom (6.6 billion euros, over 30% of the European total), France at 7.4 billion (14.2%) and Germany at 7.3 billion (14.1%). Italy represents approximately 3% of the European total, confirming itself as the second largest market in Southern Europe after Spain, but still distant in size from the main continental hubs. Italian growth (+40% year-on-year) exceeds that of other large countries: France (~0%), Germany (-6.5%) and the European average (+3.8%), driven mainly by the increase in the average size of rounds.
Lombardy dominant hub
In 2025, Lombardy confirms itself as the main national hub, concentrating around 1 billion euros of investments (63% of the total) and 120 deals (46% of the total), demonstrating a mature and highly attractive ecosystem. Followed by Lazio, with 227.6 million euros (15%) and 29 deals, and Liguria, which despite only 7 deals records a particularly high average ticket (13.6 million euros). Piedmont and Tuscany complete the group of the most active regions in terms of number of operations, while in the rest of the country the activity is more fragmented and with lower volumes, confirming a strong geographical concentration of Venture Capital investments in the North of the country, and in particular in Lombardy. Furthermore, in 2025 Lombardy confirms itself as the first Italian region for the number of active startups and innovative SMEs, with around 4,160 entities (29% of the national total out of 14,358), outpacing Lazio (~1,675; 12%) and Campania (~1,650; 12%). In addition to numerical leadership, the region also concentrates over 60% of the cumulative investments raised between 2016 and 2025 by innovative startups and SMEs, highlighting a capacity to attract capital significantly above its weight in terms of number.
