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1、Bocconi campusBocconi campusPalazzo LombardiaBosco VerticaleMIND zona ExpoHangar BicoccaAssago MilanofioriMilan Ecosystem Report 2024November 2024Image:Bocconi University Campus,Milan,ItalyRob Oo,FlickrMilan Ecosystem Report 2024December 2024Image:Bosco Verticale,Isola District,Margherita Dente1 The

2、 Rise Of Milan Tech2 Ecosystem Today3 OutlookPage/2 Page/3 Milan startups are now worth more than 29B.Ecosystem has grown 15x in ten years.Source:Dealroom.co.Data as of 8 November 2024.Sum of the valuations of all startups in the ecosystem.Using estimated valuations based on most recent VC rounds,pu

3、blic markets and publicly disclosed valuations.Combined enterprise value of Milan startups by founding year view live2024Page/4 Nearly half of Italys tech ecosystem value is concentrated in Milan.Source:Dealroom.co.Data as of 8 November 2024.Italians combined enterprise value by regionEV share of ci

4、ties in the Italian ecosystemNearly half of Italys tech ecosystem value is concentrated in Milan.Page/5 Source:Source:Dealroom.co.Milan is home to some of Italys most successful companies.View moreRising Stars Valuation 1BSource:Page/5 Dealroom.co.View more View onlinePage/6 Milan is a fast-growing

5、ecosystem in Europe.Milans ecosystem has grown 2.1x since 2019,surpassing mature ecosystems like London and Paris.Source:Dealroom.co.Data as of 8 November 2024.Selected European ecosystems EV growth since 2019Page/7 Milan ranks as Europes 15th leading hub by VC investment since 2019.VC investment by

6、 European cities,since 2019 11 12 13 14 15 16 1718 19 20Source:Dealroom.co.Data as of 8 November 2024.Page/8 On a per capita basis,Milan is well ahead of both the European and Italian averages.Source:VC investment per capita by selected European cities,since 2019Dealroom.co.Data as of 8 November 202

7、4.European average:542Italian average:120Italian average:120European average:542Source:Dealroom.co.Data as of 8 November 2024.Page/9 Universities have been central to the growth of the ecosystem.Polytechnic University of Milan780+alumni foundersCatholic University of the Sacred Heart420+alumni found

8、ersBocconi University1300+alumni foundersUniversity of Milan410+alumni foundersUniversity of Milan-Bicocca140+alumni foundersSource:Dealroom.co.Selected Milan spinouts View onlineTop universities of Milan by number of alumni-foundersUniversities have been central to the growth of the ecosystem.Page/

9、10 Over 50 accelerators and incubators help push the entire ecosystem forward.a|cubeB4i-Bocconi for InnovationDigital MagicsFashion Technology AcceleratorPolihubSource:Dealroom.co.Selected startups from accelerators and incubators portfoliosSelected accelerators and incubators View onlineUniCredit S

10、tartup Lab Fintech AcceleratorB4i-Bocconi for innovationDigital MagicsUniCredit Startup Lab Fintech AcceleratorFashion Technology Acceleratora|cubePolihubOver 50 accelerators and incubators help push the entire ecosystem forward.1 The Rise Of Milan Tech2 Ecosystem Today3 OutlookPage/11 Page/12 Milan

11、 startups are on track to raise more than 500M in 2024.Investment is projected to remain close to last years level,staying above pre-2021 figures,though lower than the 2022 record.Source:Dealroom.co 2024 calculated based on projection of data as of July 2024.VC investment in 2024 is on track to be t

12、he second highest year to date.VC investment into Italian startupsEarly stage$415m(series A)$14m(seed)$01m(pre-seed)Late stage$250m+$100250mBreakout stage$40100m(series C)$1540m(series B)Source:VC investment into Milan startups,annualDealroom.co.*Projected values for 2024,the actual total value on N

13、ovember 8th is 422M.01m(pre-seed)14m(seed)415m(series A)1540m(series B)40100m(series C)100250m 250m+*Early-stageBreakout stageLate-stage*Early-stageBreakout stageLate-stagePage/13 Top funding rounds raised by Milan startups in 2024.Enterprise Software:app development141MFeb 2024-Late VCLife Sciences

14、:gene therapy for genetic diseases46.6MSep 2024-Series BTravel&Transportation:luxury business mobility platform35MJul 2024-Late VCReal Estate:online home buying platform20MAug 2024-Late VCTransportation:digital platform for vehicle assistance18MSep 2024-Series BMarketing&Media:AI content creation fo

15、r enterprises16.4MJan 2024-Series BEducation:AI-powered virtual tutors14MMay 2024-Series ALife Sciences:implantable leads for neuromodulation12.5MJul 2024-Late VCHR Tech:AI-driven payroll,HR,and administrative tasks12MSep 2024-SeedSource:Dealroom.co.Data as of 8 November 2024.View live Page/14 Serie

16、s BSeries ASeedMilan sees steady growth in Seed and Series A median round sizes,Series B rounds have remained above 15M for the third consecutive year.Milan Italy Europe Milan Italy Europe Milan Italy EuropeSource:Dealroom.co.Data as of 8 November 2024.Page/15 Since 2019,more than half of all Milan

17、VC investments have been raised by SaaS startups.Milan VC investment by business model,since 2019Rest of Italy VC investment by business model,since 2019Since 2019,more than half of all Milan VC investments have been raised by SaaS startups.The rest of Italy is much more manufacturing oriented.Sourc

18、e:Dealroom.co.Data as of 8 November 2024.Page/16 Fintech startups have raised the most VC funding,over 1B since 2019.Satispay and Scalapay have accounted for 87%of all Fintech VC investment since 2019.Source:Top sectors by VC investment view liveDealroom.co.Data as of 8 November 2024.Startups,as wel

19、l as capital invested in them,are categorised under up to two industries.As such,double counting may occur.Page/17 Since 2019,Payments has emerged as the top segments.Source:Top segments by VC investment,since 2019Dealroom.co.Data as of 8 November 2024.Segments may overlap between each other.Page/18

20、 Source:Fintech440+Startups HQd/founded in Milan1.2BVC investment since 2019View more Dealroom.co.Data as of 8 November 2024.7.8BCombined EV in 2024x2.7Combined EV growth since 2019Page/19 Milan ranks 9th among European cities for fintech VC investment since 2019.For overall VC funding,Milan ranks 1

21、5th in Europe instead.Source:Fintech VC investment by European cities,since 2019Dealroom.co.Data as of 8 November 2024.Page/20 Source:Life Sciences100+Startups HQd/founded in Milan365MVC investment since 2019View more 2.5BCombined EV in 2024x2.3Combined EV growth since 2019Dealroom.co.Data as of 8 N

22、ovember 2024.Life Sciences100+Startups HQd/founded in Milan365MVC investment since 2019View more 2.5BCombined EV in 2024x2.3Combined EV growth since 2019Page/21 Since 2019,Life Sciences startups in Milan have raised 365M,surpassing the funding of several other European ecosystems.Source:Life Science

23、s VC investment by selected European cities,since 2019Dealroom.co.Data as of 8 November 2024.Page/22 In 2024,Life Sciences startups in Milan set a record by raising over 86M.Source:Dealroom.co.Data as of 18 December 2024.VC investment into Life Sciences Milan startups,annualEarly-stageBreakout stage

24、Page/23 Investors and acceleratorsRising life science starsStartup successes in MilanSince 2019,more than half of all Milan VC investments have been raised by SaaS startups.Milano Innovation District(MIND)is a new innovation hub established in 2019 on the former Expo 2015 site and spanning a one-mil

25、lion-square-meter site in the citys north-east.It hosts a life sciences cluster fostering collaboration between public and private sectors.Key public entities include Galeazzi-SantAmbrogio research hospital(Italys largest life sciences research institute),Human Technopole research institute,and an u

26、pcoming university science campus.Notable private tenants include life science leaders AstraZeneca(UK)and Illumina(US),as well as life science incubator Bio4Dreams.According to Fabio Bianco,the initiative has aligned previously fragmented stakeholders in Italys life sciences ecosystem.Overall Milans

27、 network of research hospitals spans 19 institutions,including prominent institutes like Humanitas and the European Institute of OncologyMilan has also built a key life science cluster to further propel the life science innovation ecosystem.Source:Dealroom.co.Data as of 8 November 2024.Investors and

28、 accelerators Panakes Partners,Indako,Innogest Capital,Xgen Venture,Bio4Dreams,Claris Ventures,Sofinnova PartnersSelected example of Milan life science ecosystemMilan has also built a key life science cluster to further propel the life science innovation ecosystem.Page/24 Source:Bike Economy160+Comp

29、anies HQd/founded in Milan14MVC investment since 2019Explore the landscape Dealroom.co.Data as of 8 November 2024.Bike Economy160+Companies HQd/founded in MilanView more 14MVC investment since 20191 The Rise Of Milan Tech2 Ecosystem Today3 OutlookPage/25 Page/26 Milan is showing a promising funnel o

30、f startups,breakouts and scaleups.Pre-funding companies VC backed companiesVC backed 1B+companies founded since 1990 50 Milan startups raise their first VC round each year539Startups(100K15M total funding)50Breakouts(15M100M total funding)7Scaleups(100M+total funding)44%35%50%54%of Italy4Source:Deal

31、room.co.Data as of 8 November 2024.Page/27 Notable exits since 2023.AcquisitionFeb 2024byAcquisitionOct 2023byAcquisitionMay 2023byAcquisitionJun 2024byAcquisitionJun 2023byAcquisitionFeb 2024byView live Source:Dealroom.co.Data as of 8 November 2024.Page/28 Dealroom.co.Data as of 8 November 2024.Gra

32、duation rate:the percentage of startups raising the next round.Source:Milan graduation rates outerform national average,but fall short compared to European peers.Graduation rate of startups from standardized seed rounds between 2010 and 2020Graduation rate of startups from standardized seed rounds b

33、etween 2010 and 2020Page/29 Since 2021,the number of unique investors in Milan has remained consistently above 200.Source:Dealroom.co.Data as of 8 November 2024.Includes all investors participating in at least one round in each respective year.Investors counted only once within the year,regardless o

34、f the frequency of their investments.Unique number of active investors in MilanYTDPage/30 The most active investors in Milan since 2019Half of the top 10 most active italian investors have their HQ in Milan.Source:Dealroom.co.Data as of 8 November 2024.Page/31 Source:Dealroom.co.Data as of 8 Novembe

35、r 2024.Excluding investors with undisclosed locations.Number of rounds in Milan by investor locationOver the last 2 years,Milan has become more attractive for foreign investors.YTDPage/32 Source:Dealroom.co.*Projected values for 2024,the actual total value on November 8th is 200M.New VC funds in Mil

36、an,since 2019Since 2023,local VC investors have raised more than 900M in new VC funds.Since 2019,51%of Italian VC funds have been based in Milan.100%26%98%of Italy61%47%100%*Accessible to anyone,to provide data transparency,learn about the ecosystem,measure KPIs,promote startups.Milan tech ecosystem

37、.innovationmap.yesmilano.itExplore Milans most promising companies.innovationmap.yesmilano.itPage/35 MethodologyWhat is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,t

38、hey develop into scaleups(50 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached US$1B valuation or exit at one point in time.What is a startup?What is a Unicorn?Scope of the

39、 reportWhile many startups founded in Milan relocate beyond its borders,most maintain business-critical ties to their homelands.In order to take this reality into account,this report includes both Milan-based startups,which maintain their main center of business(HQ)in their country of origin,and Mil

40、an-founded startups,with their HQ relocated outside of Milan.Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manu

41、al process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Data for this report was taken in November 2024.Venture Capital,InvestorsInvestment are referred to by their round labels such as Seed,Series A,B,C,la

42、te stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital and grants.Unless otherwise mentioned,rounds labelled as(pre-)seed,series A or early VC,as well as all rounds under 15M are considered Early.Those rounds 15-40M,and all rounds labelled Series B and C are consid

43、ered Breakout.Rounds labelled Series C,Late VC and/or 40M+are considered Late.Page/36 Dealroom.co is the foremost data provider on startup,early-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent investor

44、s,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Global startup&venture capital intelligence platform.Milano&Partners,created by the Municipality of Milano and the Chamber of Commerce of Milano Monza Brianza Lodi,promotes the city

45、 around the world and increase its international attractiveness.Milano&Partners employs the YesMilano brand to promote a dynamic,inclusive and sustainable city,capable of welcoming and supporting the younger generations locally and globally.The official promotion agency of the city of Milano.Page/37

46、 The Chamber of Commerce of Milano Monza Brianza Lodi is a public body focused on the needs of local businesses.Its primary mission is to work for the development of the local business community,serving as a reference point for the community by supporting businesses and promoting the local economy.A

47、 public body focused on the needs of business community and local economyThe Municipality of Milano looks after its interests and promotes its development.The local authority that represents the City and its community.The National Agency of the Chamber of Commerce network that supports Italian SMEs in internationalization and the development of the local economy.The National Agency of the Chamber of Commerce that supports businesses internationalization.