According to the statistics produced by P101 and BeBeez, startups and scaleups based in Italy or founded by Italians (and based abroad) have raised more than € 5.1 billion in 5 years (2016-2021), of which approx. € 2.9 billion was raised by Italian-based companies and € 2.2 billion by Italian companies abroad.
In particular, in 2021, the total amount raised by Italian startups and scaleups was € 2.9 billion in 534 deals divided into 341 VC rounds, 171 equity crowdfunding campaigns and 23 fundraising rounds from other investment vehicles.
Two-thirds of the capital raised in 2021 was invested in 20 companies (€ 2.05 billion). Many scaleups are companies founded by Italians and based abroad, particularly in the US or UK, with a global business model easily developed outside Italy.
Top 20 rounds in Italian startups and scaleups in 2021
|Total Capital Raised|
|Sysdig (USA)||Software & ICT||$ 538 m||$ 744 m|
|True Layer (UK)||Fintech||$ 200 m||$ 272 m|
|Heroes (UK)||Internet & commerce||$ 200 m||$ 265 m|
|Soldo (UK)||Fintech||$ 180 m||$ 264 m|
|Evidation Health (USA)||Internet & commerce||$ 153 m||$ 259 m|
|ScalaPay||Fintech||$ 203 m||$ 203 m|
|Casavo||Real Estate||€ 50 m||€ 150 m|
|Kong (USA)||Fintech||$ 100 m||$ 170 m|
|Supply@MeCapital (UK)||Fintech||£ 67 m||£ 109 m|
|MotorK||Software & ICT||€ 75 m||€ 115 m|
|Everli||Retail / Food||$ 100 m||€ 112 m|
|Newcleo (UK)||Energy & utilities||$ 118 m||$ 118 m|
|Helbiz (USA)||Transport, shipping, logistics||$ 29.5 m||$ 68 m|
|Genenta Science||Biotech||$ 36 m||€ 66 m|
|Delimobil (Russia)||Transport, shipping, logistics||$ 75 m||$ 75 m|
|D-Orbit||Space||€ 36.6||€ 62 m|
|Yapily (UK)||Fintech||$ 51 m||$ 69 m|
|Cortilia||Retail / Food||€ 34 m||€ 50 m|
|Tannico||Internet & commerce||€ 32 m||€ 40 m|
|V-Nova (UK)||Software & ICT||€ 33 m||€ 38 m|
Apart from the large rounds, there were 173 investments between € 1 and 20 million in 2021. A considerable number of rounds were equity crowdfunding campaigns. According to CrowdfundingBuzz, crowdfunding platforms raised a total of € 171.9 million last year, up from € 103 million in 2020 and up from € 65 million in 2019.
Statistics also include venture debt rounds, which are rapidly gaining ground, although still a minority. Banks and specialised funds provide capital in direct lending or convertible bonds. In 2020 and 2021, venture debt accounted for about 10% of total funding, € 75 million and € 296 million, respectively.
Statistics consider all venture capital operators, including funds and equity crowdfunding platforms and other investment vehicles, who have communicated in the press their investments.
2021 was the year in which an increasing number and variety of investors entered the VC market. Alongside specialised VC funds, investment holding companies, corporations (with or without corporate venture capital structures), business angels, crowds, incubators and accelerators also took an active part in the Italian market. Moreover, investment vehicles and funds open to private retail investors have grown more numerous.
The market’s internationalisation level increased in 2021: Italian startups and scaleups are growing in size and attracting international investors. At the same time, Italian venture capital firms are growing in size and investing in companies outside Italy. Moreover, corporates applying the open innovation approach without geographical limits are also increasing.
Top 9 rounds of Italian investors in foreign startups and scaleups in 2021
|Company||Country||Activity||Investors 2021 Round|
|Wefox||Germany||Fintech||Global Tech Ventures, Victory Park Capital, Target Global, Yaron Valler, Speedinvest, Sound Ventures, Ashton Kutcher, Seedcamp, Reshma Sohoni, Salesforce Ventures, Alex Kayyal, Partners Group, OMERS Ventures, Henry Gladwyn, Mubadala Capital | Ventures Europe, Amer Alaily, Mountain Partners, other international funds|
|Archer Aviation||USA||Transport, shipping & logistics||Exor, Stellantis, Atlas Crest Investment Corp, Baron Capital Group, Federated Hermes Kaufmann Funds, Mubadala, Putnam Investments, Access Industries, United Arlines|
|Argobio||France||Financial services||Angelini Pharma, Evotec, Institut Pasteur|
|Augmenta||France||Industrial automation||CNH and other investors|
|Bipi Mobility||Spain||Transport, shipping & logistics||P102, Italia 500, Adevinta Ventures, Toyota AI Ventures, AtresMedia, IDC Ventures, Maniv Mobility, TA Ventures|
|Cars24||India||Internet & ecommerce||Alpha Wave Global (ex Falcon Edge), DST Global, SoftBank Vision Fund 2, Tencent, Alpha Wave Incubation, BloombergSen Investment Partners, Moore Strategic Ventures, Exor Seeds|
|Chipper Cash||USA||Fintech||Global Tech Ventures, Tribe Capital, SVB Capital, Tilli Kalisky- Bannett, Ribbit Capital, One Way Ventures, Deciens Capital, Daniel Kimerling, Brue2 Ventures, Bezos Expeditions, 500 Startups|
|Coinhako||Singapore||Fintech||Digital Asset Opportunity fund (Sygnum Bank, SBI, Azimut), Boost VC|
|Datafolio||France||Fintech||Valerio Caracciolo, European investors in the insurance and tech industries|
SUBSCRIBE TO THE SCALEUPITALY NEWSLETTER