Top 10 Early Stage Venture Capital Firms in Italy: Fueling Innovation and Growth

The venture capital landscape in Italy is evolving rapidly, showcasing a vibrant and promising future for early-stage startups. Despite the fluctuations in overall investment volumes, the increasing number of VC-backed companies and the growing size and diversity of VC funds paint a positive picture. With over 100 venture capital firms operating in Italy, the ecosystem is steadily maturing, though it still lags behind more established markets.

Key Trends Shaping the Italian VC Ecosystem

1. Focus on Early Stages: The Italian VC market is heavily weighted towards pre-seed and seed funding rounds.
2. Larger Fund Sizes: The average size of Italian funds increased by 71% in 2023, reflecting growing investor confidence.
3. Going Global: Italian investors remain dominant, but there's a growing presence of European and North American players.
4. ESG on the Rise: Environmental, Social, and Governance (ESG) factors are gaining importance in investment decisions.
5. Tech and Deep Tech Thrive: Artificial Intelligence (AI) and other deep technologies continue to attract significant VC interest, According to Italian Tech Alliance Report
6. Diversity Takes Center Stage: VCs are increasingly prioritizing startups that champion diversity in their teams and target markets.

10 Early-Stage VC Firms to Watch in Italy:

• 1. 1. Vento

     

     • Headquarters - Torino, Piemonte, Italy
     • Founding Year - 2022
     • Founders/Partners - Diyala D'Aveni, Mario Trerotola
     • Investment Stage - Pre-seed or seed
     • Sector Focus - Sector Agnostic
     • No of Investments - 69
  2. Vento, backed by Exor Ventures, supports top founders through venture building and investments. It offers €150,000 investments with quick decisions and founder-friendly terms. Targeting early-stage startups led by Italian founders worldwide, Vento provides co-investment with a standard ticket size. The assessment involves an online application, an introductory call, and a deeper evaluation call, with responses given within two weeks at each stage.

  1. 2. Growth Engine

     

     • Headquarters - Milan, Lombardia, Italy
     • Founding Year - 2021
     • Founders/Partners - Andrea Marangione, Fabio Mondini de Focatiis
     • Investment Stage - Pre-seed and seed
     • Sector Focus - Sector Agnostic
     • No of Investments - 40+
  2. Growth Engine supports companies, most of which have evolved into successful scale-ups. It functions as a diversified asset class by sector and stage, effectively mitigating liquidity issues. By providing strategic guidance and resources, Growth Engine fosters growth and stability, ensuring that businesses can navigate various stages of development and industry challenges. This approach not only accelerates growth but also enhances the overall resilience of the companies within its portfolio.

  1. 3. Delirus Capital

     

     • Headquarters - Milan, Lombardia, Italy
     • Founding Year - 2019
     • Founders/Partners - Riccardo Pozzoli
     • Investment Stage - Pre-Seed to Series A
     • Sector Focus - Sector Agnostic
     • No of Investments - 23
  2. Delirus Capital is an early-stage investment firm that supports outstanding founders throughout Europe, the UK, and the US. Specializing in consumer-centric enterprises, the firm leverages extensive expertise in branding and community development. Emphasizing a permanent capital structure, Delirus Capital recognizes the importance of time in nurturing exceptional companies and creating enduring value.

  1. 4. Zanichelli Venture

     

     • Headquarters - Bologna, Emilia-Romagna, Italy
     • Founding Year - 2019
     • Founders/Partners - Enrico Poli
     • Investment Stage - Seed, pre-A and A rounds
     • Sector Focus - Edtech
     • No of Investments - 17
  2. Zanichelli Venture, backed by Italy's foremost textbook publisher Zanichelli Editore, invests in edtech across all educational stages, from early childhood to lifelong learning. They support founders developing tools that enhance learning within existing systems or propose new educational models. Operating mainly in Europe and North America, they offer ongoing funding and strategic support, aiming for impactful, sustainable innovations that benefit both education and their corporate interests in the long term.

  1. 5. 40Jemz Ventures

     

     • Headquarters - Verona, Veneto, Italy
     • Founding Year - 2022
     • Founders/Partners - Michele Padovani, David Erba
     • Investment Stage - Early Stage
     • Sector Focus - Sector Agnostic
     • No of Investments - 14+
  2. 40Jemz Ventures Spa, an investment holding firm funded by Ultra-High-Net-Worth Individuals, accelerates early-stage startups by swiftly providing capital within 60 days of initial contact. With a team of ex-founders and finance experts, the company prioritizes founder-friendly interactions to build a diverse portfolio across various sectors. Their streamlined evaluation process ensures prompt feedback and potential partnership opportunities for promising ventures.

  1. 6. NextSTEP

     

     • Headquarters - Venice, Veneto, Italy
     • Founding Year - 2022
     • Founders/Partners - Claudio Colombo
     • Investment Stage - Pre-Seed, Seed
     • Sector Focus - Climate Tech
     • No of Investments - 11
  2. NextSTEP, an investment initiative of NextEnergy Group known as NextEnergy Sustainable TEchnology for the Planet, is dedicated to fostering innovative early-stage startups focused on sustainability. They partner with driven teams to build impactful businesses from the ground up. Beyond funding, NextSTEP delivers hands-on support in strategy and execution. This comprehensive approach helps startups accelerate growth with access to investment, a strong network, and specialized expertise.

  1. 7. The Techshop

     

     • Headquarters - Milan, Lombardia, Italy
     • Founding Year - 2021
     • Founders/Partners - Aurelio Mezzotero, Gianluca D'Agostino
     • Investment Stage - Seed
     • Sector Focus - Sector Agnostic but supports B2B digital space
     • No of Investments - 10
  2. Techshop, an Italian seed-stage venture capital firm, specializes in supporting startups from design to internationalization. They collaborate with a diverse network of investors for subsequent funding rounds and advocate for OKR-driven management. Techshop focuses on enterprise and SME software solutions, investing in defendable technology and digital disruptors across all industries. They prioritize founders who aim to launch from Italy onto the global stage.

  1. 8. Lumen Ventures

     

     • Headquarters - Rome, Lazio, Italy
     • Founding Year - 2018
     • Founders/Partners - Prof. Rita Laura D'Ecclesia, Davide Fioranelli, Mattia Margonari, Elisa Rossi
     • Investment Stage - Seed
     • Sector Focus - Agnostic but emphasis on Fintech, Insurtech, Healthtech
     • No of Investments - 9
  2. Lumen Ventures focuses on backing seasoned second-time founders with investments from €500k to €1mln. They offer more than just capital; their involvement includes board participation, providing deep market insights, and leveraging a global network of VCs. They help founders build a strong foundation for growth using effective storytelling. Their team excels in spotting and assessing investment opportunities, ensuring rapid responses within days.

  1. 9. Sensible Capital

     

     • Headquarters - Milan, Lombardia, Italy
     • Founding Year - 2020
     • Founders/Partners - Silvia Rovere
     • Investment Stage - Seed, Early Stage
     • Sector Focus - Proptech and Contech
     • No of Investments - 3
  2. Sensible Capital leverages its team's extensive expertise in real estate and private equity to foster innovation in the industry. As a long-term strategic partner, the firm uses an industrial approach to accelerate the growth of invested companies. Focusing on proptech and contech sectors, Sensible Capital targets high-growth firms with significant potential. The firm offers critical business development, operational, and strategic support. Emphasizing long-term investments and patient capital, it supports teams throughout their growth journey.

  1. 10. Opes Italia

     

     • Headquarters - Milan, Lombardia, Italy
     • Founding Year - 2020
     • Founders/Partners - Elena Casolari, Stephen Magnoni, Patrick Landi, Ignatius Ludovisi Boncompagni
     • Investment Stage - Early Stage
     • Sector Focus - Sector Agnostic but Impact Startups
     • No of Investments - NA
  2. Opes Italia Sicaf Euveca is a Venture Capital fund focused on impact investing in Italy. They target early-stage companies that drive social impact, inclusive economic growth, and environmental sustainability. Their investments aim at businesses creating jobs for marginalized groups, improving underserved areas, advancing gender equality, integrating immigrants, and building sustainable supply chains. The fund emphasizes innovation and inclusivity, applying a gender and diversity perspective to ensure positive societal and environmental contributions.

The Road Ahead

The Italian VC landscape is on a promising path. While challenges remain, such as bridging the funding gap beyond seed stages and attracting more international capital, the presence of these active early-stage VC firms bodes well for the future of Italian startups. With a growing number of investors and an increasing focus on innovation and diversity, the ecosystem is poised for accelerated development and long-term success.

FAQs About Early-Stage Venture Capital in Italy

• What is the average investment size for early-stage startups in Italy in recent years?
  According to Zefyron's Startup Database, the average investment size is approximately $1.1 million USD.
• How does Italy's VC landscape compare to other European countries?
  Investment levels in Italy are generally lower compared to other European nations, with global figures often surpassing those in Italy. Despite this, Italy’s VC market is growing. However, the rise in interest rates and investor caution have made fundraising more challenging for Italian startups.
• What sectors are Italian VCs most interested in currently?
  Italian VCs are particularly interested in sectors such as Deeptech, Life Sciences, and Software.

How to Approach These Top VC Firms

• Research VC fit
• Crafting a Compelling Pitch
• Understand Networking Strategies in the Italian VC Ecosystem

This is where Zefyron comes in,

Zefyron understands how crucial networking and finding the right investors and collaborators are for a startup's success. Our platform facilitates easy connections and networking, streamlining the fundraising and investor scouting process. Design impactful pitch decks with Zefyron’s customizable, industry-specific templates- investor-ready presentation, manage portfolios, gain insights, host events, and track industry trends to make informed decisions and foster meaningful collaborations.