Capital raising services in Italy
Italy is the fourth-largest economy in Europe and its venture market has caught up meaningfully, with Milan-headquartered companies increasingly attracting mid- to late-stage rounds from top-tier European and US growth funds.
Bending Spoons' multi-billion-dollar valuation, Satispay's unicorn round and Scalapay's rapid Series B trajectory have placed Italian fintech and consumer tech on the global venture map alongside enterprise plays from Translated and Casavo.
We work with mid- to late-stage Italian companies looking to raise growth capital on the best possible terms - our extensive VC investor network spans Milan, London and the major continental funds, and we manage thorough preparation, pitch deck and operating and financial model build, and end-to-end process management from first investor contact through to signed term sheet.
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VC rounds raised in the last 12 months in Italy
$19M
Median VC valuation (across all stages) in Italy
8.9x
Median VC revenue multiple (across all stages) in Italy
$440M
Largest VC round raised in Italy in the last 12 months
Raising venture capital in Italy
Italy's VC market has scaled from a small base in the last decade, with Milan as the centre and CDP Venture Capital as the anchor public investor. Round mechanics involve notarised closings and the Startup Innovativa regime overlays.
AIFI-aligned documentation
The AIFI (Italian Private Equity, Venture Capital and Private Debt Association) coordinates industry conventions. Italian venture rounds typically use AIFI-aligned documentation tailored for the Italian SRL and SpA structures and the Startup Innovativa regime where applicable.
Convertible loans and SAFEs
Convertible loan notes (finanziamento soci convertibile) are the standard pre-priced instrument in Italy. SAFEs are used occasionally where the lead investor is US-based but are less universal than in the US. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Italian SRL and SpA structures require notarised resolutions for share issues plus Registro Imprese filings.
CDP Venture Capital co-investment
CDP Venture Capital co-invests at seed, Series A and growth stages alongside private VCs. Often the anchor public investor in Italian tech rounds, with preference structures and information rights well-defined and routinely accommodated in round documents.
Golden Power foreign investment review
Italy's Golden Power regime requires pre-completion notification for investments giving control of Italian companies in strategic sectors - defence, dual-use, energy, telecoms, AI, financial infrastructure. The regime has been expanding; adds notification time and conditions to scoped transactions.
Notarised closings
Capital increases and quota transfers in Italian SRLs require a notarised resolution recorded before an Italian notary, followed by filing at the Registro Imprese. SpAs follow similar mechanics. Closings are notary-driven events with associated formalities and fees.
Largest private tech companies in Italy
NextChem valued at $30B is the largest still privately-owned company in Italy.
See all large tech companies in Italy| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
NextChem | | NextChem is a Milan-headquartered engineering subsidiary of Maire Tecnimont focused on green chemistry and sustainable processes. The division designs plants for hydrogen production, methanol synthesis from CO2, and waste-to-chemicals conversion. Active in energy transition projects across Europe and the Middle East, NextChem deploys technologies for decarbonization and circular economy initiatives. | - | - | $30B | |
Enilive | | Enilive is a Rome-headquartered subsidiary of Eni focused on sustainable mobility services. The company delivers integrated low-carbon solutions including biomethane production facilities, car-sharing fleets, and refueling stations for alternative fuels. Enilive operates across Italy with a network supporting electric vehicle charging and hydrogen infrastructure, advancing decarbonization in transportation through public-private partnerships. | - | - | $14B | |
Bending Spoons | | Bending Spoons is a Milan-headquartered technology company that acquires, develops, and scales mobile applications serving over a billion users globally. The firm owns Evernote for note-taking, Splice for video editing, Remini for AI photo enhancement, 8fit for fitness tracking, Issuu for digital publishing, Meetup for social events, StreamYard for live streaming, and WeTransfer for file sharing. Founded in 2013, Bending Spoons employs machine learning across its apps to personalize user experiences in productivity, creativity, and social tools. The company operates studios in cities including Copenhagen, New York, and Turin. | Oct-25 | $440M | $11B | |
Facile.it | | Facile.it is Italy's leading online price comparison platform, helping consumers compare and switch providers across motor insurance, gas and electricity, broadband and mobile telecoms, mortgages, consumer loans, and—more recently—new and used car sales. Founded in 2008 in Milan by Alberto Genovese and originally launched as Assicurazione.it, the company built market leadership first in motor insurance brokerage and progressively expanded into adjacent household-spending verticals, complementing its online platform with a physical branch network across Italy. Facile.it was acquired by Oakley Capital in 2014, sold to EQT Partners in 2018 with Oakley reinvesting, and acquired by Silver Lake in 2022 in a deal that valued the business at over €1 billion, making it one of Italy's few technology unicorns. The company is headquartered in Milan and employs close to 1,000 people. | - | - | $1.1B | |
Scalapay | | Scalapay is a Milan-headquartered fintech company founded in 2019. It provides Buy Now, Pay Later services allowing customers to split purchases into three interest-free installments for online and in-store shopping across Europe. | May-22 | $27M Series B | $1.0B |
Startups who recently raised money in Italy
Largest VC round raised recently in Italy was a $118M Undisclosed stage of Exein in December 2025.
See all VC rounds in Italy| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Exein | | Exein is an embedded cybersecurity provider for IoT and connected devices in automotive, industrial, and consumer markets. Its firmware-integrated platform delivers runtime threat detection, behavioral analysis, and automated response without hardware modifications. Compatible with FreeRTOS, Zephyr, and Linux, Exein offers SDKs and APIs for developers. Barcelona-headquartered, it partners with chipmakers like STMicroelectronics for edge security. | Blue Cloud VenturesGeodesic Capital+3 | $118M | $822M | Undisclosed stage | |
Dec-25 | Generative Bionics | | Generative Bionics is a company designing humanoid robots that combine robotics and advanced AI for safe operations in industrial settings. | AMD VenturesCDP Venture Capital+4 | $82M | - | Seed | |
May-26 | Lexroom.ai | | Lexroom.ai is an AI platform for legal professionals that performs intelligent search, multilingual document analysis, synthesis, comparison, and clause generation. Tailored plans serve solo attorneys, law firms, and in-house teams handling international contracts and litigation. The tool supports over 20 languages and integrates with document management systems for rapid revisions. | Acurio VenturesBase10 Partners+5 | $50M | - | Series B | |
Apr-26 | Niulinx | | Niulinx provides autonomous driving technology solutions that use AI, connectivity, and data analytics. | A2AAFL+8 | $44M | - | Seed | |
Mar-26 | Subbyx | | Subbyx is a subscription service provider offering long-term plans for technology gadgets and small home appliances across Europe. | Azimut Digitech FundSystemiq capital | $35M | - | Series A | |
May-26 | Webidoo | | Webidoo is a Milan-headquartered digital marketing platform for small and medium businesses in Italy. Services cover website development, e-commerce setup, Google Ads, social media management, GDPR compliance, and cloud hosting on AWS. Clients include restaurants, law firms, and electricians across Lombardy and Veneto. Founded in 2014, Webidoo manages 10,000+ projects annually through a single-vendor model. | 8a+ Investments SGRAzimut Libera Impresa+1 | $25M | - | Undisclosed stage | |
Mar-26 | DRONUS | | DRONUS delivers drone-based inspection, safety checks, and smart city functions from a stable base that supports flights in harsh weather. | Algebris InvestmentsAzimut Digitech Fund+3 | $18M | - | Series A | |
May-26 | Cosmico | | Cosmico is a remote talent platform matching digital professionals with companies for project acceleration. Milan-based since 2020, it serves 8000 members including designers and developers to clients like Accenture Song, Scalapay, and EY across Europe. | P101PranaVentures | $14M | - | Series B | |
May-26 | Pillar | | Pillar is a Milan-headquartered software provider for construction firms across Italy and Europe. Its platform analyzes financial data, project timelines, and market volatility to forecast risks and recommend mitigation strategies. Tools cover cash flow modeling, subcontractor vetting, and insurance optimization, serving small contractors to large developers. Pillar processes data from over 5,000 projects annually, helping companies maintain liquidity during economic downturns like post-2020 supply chain disruptions. | Base10 PartnersEarlybird VC+2 | $14M | - | Seed | |
Mar-26 | Cleafy | | - | eCAPITAL ENTREPRENEURIAL PARTNERSUnited Ventures | $14M | - | Series B | |
Apr-26 | Casavo | | Casavo is a proptech iBuyer platform operating in Italy, Spain, and Portugal. It buys homes directly from sellers using instant valuations and handles renovations, then resells with guarantees. Milan-headquartered since 2017, Casavo partners with banks and agents across cities like Milan, Madrid, and Lisbon for streamlined transactions. | EVRG 18Picus Capital+2 | $14M | - | Undisclosed stage | |
Dec-25 | Equixly API Security | | Equixly API Security is a SaaS platform that integrates API security testing into software development lifecycles. It uses machine learning trained on thousands of tests to automate attacks, deliver real-time vulnerability results, and provide remediation plans for developers worldwide. | 33N Ventures360 Capital+3 | $12M | - | Series A | |
Feb-26 | Sinergy Flow | | Sinergy Flow is a Spanish developer of redox flow batteries using abundant materials like vanadium for grid-scale energy storage. The Valencia-based firm designs modular systems compliant with circular economy standards, targeting renewable energy integration in Europe. | 360 CapitalCDP Venture Capital+2 | $8.3M | - | Seed | |
Feb-26 | Contents | | Contents is a Series B-funded AI platform for enterprise content generation supporting text, audio, video, and animations in multiple languages. Its Brand Voice feature customizes outputs to match company tones using trained models on brand data. Targeted at bloggers to Fortune 500 firms, the Milan-headquartered service integrates with CMS like WordPress. Launched in 2021, Contents processes millions of assets monthly for marketing and social campaigns. | Alkemia CapitalQatar Development Bank | $8.3M | - | Series B | |
Dec-25 | Limenet | | Limenet is a UK-based provider of CO2 storage solutions using mineral carbonation. Headquartered in London, it injects captured emissions into basalt formations off Scotland's coast for permanent sequestration. Limenet secures contracts with North Sea oil platforms for annual storage volumes exceeding 100,000 tons. | CDP Venture CapitalFassa Bortolo | $8.2M | - | Seed |
Top VCs and strategic investors in Italy
CDP Venture Capital, Vento, Primo Capital and United Ventures funded the most startups in Italy in the last 12 months.
See all VCs in Italy| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
CDP Venture Capital | | CDP Venture Capital Sgr manages the National Innovation Fund in Italy, channeling investments into deep tech startups and scaleups. Rome-based, it supports hardware, biotech, and AI ventures to foster the domestic venture ecosystem under public-private partnerships. | SmartnessNiulinxDRONUS+2 | 75 | Seed | |
360 Capital | | 360 Capital is a Paris- and Milan-headquartered venture capital firm investing in early-stage deeptech and digital startups throughout Europe. Managing €500 million in assets, it backs over 50 portfolio companies such as Alsid for cybersecurity, Exotec for warehouse robotics, Sophia Genetics for precision medicine, and Arbe Robotics for automotive radar. With two decades of experience, the firm provides seed and Series A funding across Paris, Milan, and Lyon offices to scale disruptive technologies in AI, biotech, and robotics. | Sinergy FlowEquixly API SecurityGuidoio+2 | 25 | Seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | IntuosBestie BiteSylloTips+2 | 22 | Pre-seed | |
Vento | | Vento is a London-based venture studio building and investing in deep tech startups in AI, biotech, and climate tech. It co-founds companies with in-house teams providing product development and go-to-market support. Portfolio includes ventures raised over $20 million collectively since 2018. | GyverCato AIQura+2 | 19 | Pre-seed | |
Primo Capital | | Primo Capital is a venture capital firm targeting seed and early-stage startups in digital software, new space, climate technology, and healthcare. The Tel Aviv-based multi-fund manager deploys dedicated strategies across its portfolios, backing companies like those in satellite tech and biotech. Primo Capital provides growth capital and mentorship to founders building scalable ventures worldwide. | Mirai RoboticsMON5Bricks.sh+2 | 17 | Seed | |
United Ventures | | - | SmartnessCleafyQura+2 | 13 | Seed | |
Italian Founders Fund | | Italian Founders Fund is a venture capital firm that invests in early-stage startups founded by Italian entrepreneurs. Headquartered in Milan, the fund targets sectors including fintech, healthtech, and climate tech. It has backed companies such as Satispay and Musement, providing capital from pre-seed to Series A rounds. Launched in 2021, Italian Founders Fund manages over €100 million in assets under management and operates across Europe with a focus on Italy's growing tech ecosystem. | PillarInvertixCato AI+2 | 13 | Pre-seed | |
P101 | | P101 is Milan-based venture capital firm backing early-stage digital startups in Europe. Focused on fintech, SaaS, and consumer tech, it invests from pre-seed through Series A stages. | CosmicoA-CubeTeiaCare+2 | 12 | Seed | |
Azimut Libera Impresa | | Azimut Libera Impresa is an Italian investment company managing funds for retail and institutional clients focused on private equity and alternative assets. Based in Italy, it structures opportunities in mid-market buyouts and growth capital deals. | WebidooUpSurgeOnGuidoio+2 | 11 | Seed | |
The Techshop | | - | OctostarMirai RoboticsKlaaryo+2 | 10 | Seed |
What if not VC? Non-equity funding in Italy
Italy's non-dilutive funding stack has scaled materially under the Startup Innovativa regime. Between CDP Venture Capital, SIMEST, regional financing vehicles and the R&D + Patent Box framework, Italian startups have multiple paths to extend runway without taking equity dilution.
Startup Innovativa investor tax credit
Italian individual investors can claim a 30% (50% for de minimis) tax credit on investments in qualifying Startup Innovativa or Innovative SMEs, capped per investor per year. Three-year minimum holding period to preserve the credit. The main scheme driving structured Italian angel investment.
Italian R&D and Patent Box
Italy provides R&D tax credits (10% on R&D, 10% on innovation, 5% on design) refundable as a credit against tax liability. Patent Box provides 50% super-deduction on qualifying IP development costs. One of the more generous combined regimes in Europe at mid-stage.
CDP Venture Capital and SIMEST
CDP Venture Capital provides equity and convertible investments; SIMEST provides subsidised loans for internationalisation and export. Often combined to provide both equity and non-dilutive capital alongside private VCs.
Regional financing
Italian regional financing vehicles (Veneto Sviluppo, Finlombarda, Lazio Innova, Sviluppumbria) provide grants, loans and equity investments. Programmes vary by region; worth checking the specific region of incorporation for available calls.
EU funding access
Italian companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies.
Crowdfunding
Mamacrowd and CrowdFundMe are the main Italian equity crowdfunding platforms, both authorised by Consob. Used for raises typically €300k-2M, often layered on top of a lead investor.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Italy and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Italy.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Italy
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Italy
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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