2025年意大利风险投资状况

Keynote byYoram Wijngaarde Day 1 / 1st October 2025 1Proof of Potential2Breaking Out of the Middle3Leapfrog Europe Italian startups ontrack to raise $1B+again in 2025 Despite absence of megarounds so far this year Source: Dealroom.co2025 calculated based onprojection as of August 2025 Top segments in 2025: AI and Climate Tech Knowledge aboutbuilding a greatstartup isaccumulating … with acombined valueof $60 billion Startups launched inthe last 10 yearsalready account for onethird of this value Source: Dealroom.co … let alone Sweden or France Italy is stuck in themiddle of theEuropean pack Source: Dealroom.co 1Proof of Potential2Breaking Out of the Middle3Leapfrog Europe Startupgraduation ratesare below itspeers Source: Dealroom.coNote: from standardized seedrounds between 2015 and 2020 Even Italyʼs mostsuccessful startupsare moredomesticallyfocused Italian startups havefar fewer founderswith an internationalbackground Source: Dealroom.co. Includes only companies that raised more than $1m, and countries with >5 founders. And Italian foundersare more likely to startabroad Italy is far more reliant on domestic capital than other European countries VC investment by domestic investors (2022-2025) Italy is a posterchild for EU INC 1Proof of Potential2Breaking Out of the Middle3Leapfrog Europe 1.7%of VC-backedEnterprise Valuein Europe 11% of EuropeanGDP (and G7producer) Tech Hubs are driving economic growth Italyʼs pension system is strained by low private savings, high public liabilities,and a rapidly aging population Summary conclusions 1.Italy can build. Dozens of startup successes2. But itʼsstuck in the middle. Punching far below its economic weight3. Startups and capital are overly domestic =self-limiting4. Italy is theposter child for EU INC. Needs it more than anyone else5.Leapfrog potential. EU INC can turn Italy into a European example6. A vibrant tech ecosystem is critical tofuture-proof its G7 status7. Bigger outcomes →reallocate savings to long-term growth→ secure values and sovereignty