Italian startups, venture capital investments halved: withdrawal of foreigners – Corriere.it

There is a lack of mega deals, operations over 100 million, and a lack of foreign operators: investments in Italian startups halved. In the first six months of this year, according to data from the Venture Capital Monitor (Vem) presented yesterday at the Aifi headquarters, venture capital funds concluded investments in Italian startups for 496 million (out of 135 rounds), against 976 million in the first half of 2022 (in 180 deals). Considering the market as a whole, including also foreign companies with Italian founders (14 of which five in the United Kingdom and three in the Netherlands), the investment amounted to 690 million (intended for 168 operations), against 1.2 billion euros (for 212 rounds) in the first six months of last year.

Fewer deals and smaller ones

Therefore, fewer and smaller venture capital operations. With the retreat of foreigners. In fact, only 148 million (for 22 operations) arrived from international funds in the January-June period for Italian startups, half compared to the 297 million in the first half of 2022. the role of the large international funds that slowed down the activity was missing in the first part of the year due to the ongoing economic and geopolitical crisis, said Anna Gervasoni, general manager of Aifi and pro-rector of the Liuc-Universit Cattaneo, who with Intesa Sanpaolo Innovation Center, the law firm E. Morace & Co. and the institutional support of Cdp Venture and Iban (Italian business angel network) support the Observatory, born in 2008.

Recovery

The Vem-i index, which monitors venture capital activity for Italy, rose to 1,775 in the second quarter from 1,500 in the first quarter: a sign of recovery

, according to operators . In any case, at the peaks of recent years, after the 375 points reached in the first quarter of 2020. Therefore, operators say they are satisfied in any case, given the succession of three crises: Covid, the Russia-Ukraine war, the rise in raw material prices with consequent inflation . Among the difficulties encountered by the operators, in addition to the collection of funds which has slowed down, is the exiti.e. the exit from the capital of the company, by reselling the share or by bringing the company to the Stock Exchange.

Leading sectors

Leading the startups in which venture capital funds invested in the first half of the year, in the initial phase, are those of technology: l‘Ict covers 38% of investments. Both follow with 12% Energy and the environment and Health, one driven by the digital transition and the other by life sciences. The most attractive region was, as always, Lombardy (49% of the Italian market) followed by Piedmont (13%) and Lazio (8%).

Technology transfer

Investments in technology transfer are good, from universities to companies, which since 2018 have exceeded 600 million out of 232 operations. The role of Cdp Venture Capital and the ItaTech platform is central, commented in Aifi. Born in 2016 from a co-investment agreement between CDP and Fei to facilitate access to the market for high-tech innovations, ItaTech has raised 312 million since 2018 and concluded 143 deals, in the first half of this year 35 million for 171 transactions.