The year 2024 ended with an important upswing for equity investments in Italian hi-tech start-ups, thanks to a total volume of around EUR 1.493 million. This figure represents an increase of 32% compared to 2023, when investments stood at 1.131 million, but is still a long way off the record of 2022, which had reached 2.160 million euro.
These numbers emerge from the latest research of the Startup & Scaleup Hi-tech Observatory of the Politecnico di Milano, carried out in collaboration with InnovUp and presented during the conference "Digital & Open Innovation 2025". The research highlights a positive trend for the Italian market, bucking the general European slowdown, but underlines the need for a paradigm shift in investments. In particular, the data published by the Observatory shows how the current model, which is too focused on short-term results and efficiency, needs to evolve to integrate agility, experimentation and measurement of impact on multiple dimensions, including sustainability and long-term value.
The Growth of Formal Investments and the Role of Corporations
One of the most relevant elements of the analysis concerns the strong growth of investments from institutional and independent players, such as Venture Capital and Corporate Venture Capital funds, which increased by 42% over the previous year. This figure confirms the central role these players are taking on in supporting the Italian startup ecosystem, with a greater involvement of large companies in funding rounds.
On the other hand, investments by informal players such as Business Angels and Equity Crowdfunding platforms show a more moderate recovery (+10%). The main reason for this moderate growth is the rise in interest rates, which has made start-ups a less attractive asset from a risk-return perspective, affecting the Equity Crowdfunding segment in particular.
Signs of Confidence from International Investors
International investments also show a recovery (+30%) compared to 2023, with a greater presence of foreign investors in the main rounds. This is a sign of confidence in the most promising Italian start-ups, especially those in the scale-up phase. However, the European context remains complex, characterised by a lack of late-stage and exit financing, such as IPOs.
In particular, 2024 was a positive year for Italian venture capital, with a progressive alignment with European standards. The startup ecosystem in the country is more mature than in the past, thanks to the investments of previous years and the emergence of new experienced entrepreneurs, the so-called 'second-time founders'. Moreover, the activity of large companies in open innovation is growing, with a more active involvement in supporting start-ups.
A More Favorable Regulatory Environment
The regulatory framework is also becoming more favourable to the development of start-ups, with new legislative measures aimed at simplifying investments and encouraging the sector's growth. These include the ratification of the amendments to the DDL Concorrenza and the approval of the Centemero bill, which introduces tax incentives for investments in start-ups and innovative SMEs. These initiatives contribute to positioning Italy as a true 'Startup Nation,' a country that is increasingly focusing on innovation as a driver of economic development.
Challenges and Opportunities for the Future
Despite progress, the Italian startup market still faces several challenges to reach the scale of other European countries. The global context remains uncertain due to geopolitical and macroeconomic instability, which affects equity investments and draws attention to the importance of a clear and long-term political strategy to attract foreign capital and consolidate the sector's growth.
Ultimately, 2025 could be a turning point for the Italian startup ecosystem. The market is demonstrating greater resilience than in the European context and is benefiting from greater openness to investment, both domestic and international. However, for this growth to be sustainable, a coordinated effort between companies, investors and institutions is essential to create an increasingly innovation-friendly environment.