1、The State of VC in Italy 2024Keynote by Yoram WijngaardeDay 2 /26th September 20241 Italian tech coming of age2 The starting line is now3 Italys role in EuropeMore quality startupsSkilled talent&AngelsEarly VC with global quality standardsHigh profile exitsMore capital and bigger,more ambitious comp

2、aniesGetting on the global radarBigger outcomesThe message in 2021 was:Italy needs the flywheel to start spinning.Source:Dealroom.co.Looks at most relevant/favorable rankings(does not have to be 3)-8th in Europe for rounds raised since 2023-10th in Europe for VC raised since 2023-9th in Europe for d

3、eep tech VC since 2023-11th in Europe in Health VC since 2023-5th in Europe for surgery tag-3rd in Europe for surgical equipment since 2023Source:Dealroom.co.#10 in Europe by VC investment(2023-2024 YTD)#8 in Europe by VC rounds(2023-2024 YTD)Source:Dealroom.co 2024 calculated based on projection of

4、 data as of July 2024.VC investment in 2024 is on track to be the second highest year to date.VC investment stabilizing over 1B(add 2024 estimate)Similar to 2021/2023 level$01m(pre-seed)$14m(seed)$415m(series A)$1540m(series B)$40100m(series C)$100250m(mega rounds)$250m+(mega+)VC investment into Ita

5、lian startups$1.3BEarly stage$415m(series A)$14m(seed)$01m(pre-seed)Late stage$250m+$100250mBreakout stage$40100m(series C)$1540m(series B)VC investment into Italian startups View top rounds VC investment growth of European ecosystems(2014-2024E)Italy is one of the fastest growing ecosystems in Euro

6、pe,growing 11x in the last ten years.Source:Dealroom.co.2024E calculated based on data as of July 2024.Includes ecosystem for which 2024E is$1B.Source:Dealroom.coThe combined enterprise value of Italian startups has reached$60B in 2024.Combined enterprise value of funded Italian startups,by launch y

7、ear 1990-1995 1995-2000 2000-2005 2005-2010 2010-2015 2015-2020 2020-2024 YTDSource:Dealroom.coItalian startups have created over 300k jobs,driving consistent job growth for the Italian economy.2-10 10-50 50-200 200-500 500-1K 1K-5K 5K-10K Size FTEsEmployees of Italian startupsEmployees of Italian s

8、tartups view moreAcceleratorsItalian Investor landscape has bloomed.Late Stage&GrowthSeries C+Growth&Early StageSeries A&BEarly StagePre-Seed&SeedItalian VC FundsItalian Corporates&CVCForeign Funds*Source:Dealroom.coNote:The landscape is representative and not exhaustive.Investors are shown only at

9、the most common entry stage point.Logos are represented in alphabetical order*VC funds with HQ outside of Italy,that invested in at least 1 Italian Startups since 2019 and have at least 10 Portfolio companies1 Italian tech coming of age2 The starting line is now3 Italys role in Europe Source:Dealroo

10、m.coHighlight a few unicorns in traditional sectors(fintech,etc.)-and number of selected mafia companies with in other sectors(frontier tech/deep tech/climate tech/manufacturing)161514131313Company originalSegmentfounded companySegmentFacile.itInsurtechVedraiAIFacile.itInsurtechHomedoctorDigital car

11、eFacile.itInsurtechhttps:/app.dealroom.co/companies/ai_chat_1AIReplyMetaverseErisnaMetadataReplyMetaversesinapsiCybersecurityReplyMetaverseEPICODEEdtechReplyMetaverseKertosLow codeReplyMetaversehttps:/app.dealroom.co/companies/keetUrban techReplyMetaversehttps:/app.dealroom.co/companies/ermes_cyber_

12、security_1CybersecurityReplyMetaverseSharly.aiGenerative aiYoox net a porterFashionhttps:/app.dealroom.co/companies/landoopOptical techYoox net a porterFashionAkkovaCloud servicesYoox net a porterFashioneigensonnePhotovoltaicsYoox net a porterFashionaulabEdtechYoox net a porterFashionhttps:/app.deal

13、room.co/companies/truescreenCybersecurityMedical MicroinstrumentsHealthQuanta BrainAIInsurtechAIDigital careAIDataWORK IN PROGRESSCybersecurityEdtechLow CodeUrban techCybersecurityGenerative AIFashionDataCloud servicesEdtechCybersecurityHealthAIItalian successes spawn dozens of alumni founders,creat

14、ing more frontier tech in Italy and abroad.Digital transformationSource:Dealroom.coIn the last five years,top segments have included Nuclear,Payments,Space Tech and Surgical robots.Italy VC investment by segment since 2019Source:Dealroom.coTop segments in 2024 are related to deep tech.Italy VC inves

15、tment by segment in 2024Turin Italy and Turin VC investment by business model-shift to Saas and ManufacturingItaly VC investment by business modelTurin VC investment by business modelA shift to SaaS and Manufacturing,away from eCommerce.Turin is Italys main hub for Manufacturing startups.Italy VC in

16、vestment by business model(2016-2024)Turin VC investment by business model(2016-2024)Manufacturing33%SaaS36%Marketplace&Ecommerce31%Marketplace&Ecommerce12%SaaS31%Manufacturing57%Source:Dealroom.coSource:Dealroom.coItaly VC investment by business modelSaaS Manufacturing Marketplace&e-commerceItalian

17、 university spinouts are now worth over$2B,growing more than 3x in the last five years.Selected Italian spinoutsCombined enterprise value of Italian spinouts view more$2B$581M201920243.4x20192024Combined enterprise value of Italian spinoutsCombined enterprise value of Italian spinouts view more Sele

18、cted Italian spinouts$2B$581M3.4x2019202420212024$581M$2BSource:Dealroom.coSource:Dealroom.coSource:Dealroom.coItaly is still far behind when it comes to creating value from university spinouts.Update with most recent(Cambridge version)University value creation is ranked by multiplying the number of

19、 startups at every stage of maturity for a score 2 for a VC-backed startup to 100 for a unicorn.Spinouts policies vary from country to country.Countries like France and Sweden are hard to compare due to the professor privilege model,where universities have no stake in any research innovation coming

20、out of the activities carried out there.The definition of spinouts and their comparison with other countries like UK,Germany and Switzerland is therefore challenging.Some universities such as KTH collaborated in sharing detailed data for a fair comparison.The ranking might evolve with better involve

21、ment of more universitiesEuropean countries by spinout value created:composite indexVC-backed startups(2 points each)Series A+startups(10 pts)Future unicorns(30 pts)Unicorns(100 pts)Italys rank in Europe by deep tech VC investmentItaly now ranks 8th in European Deep Tech VC in the last years.Given I

22、taly is Europes 4th largest economy,getting closer to where it needs to be.14th11th8th8th2021202220232024Source:Dealroom.co14th8th20232021202211th20248thSource:Dealroom.coNew startupsVC-backed companiesThere are 1.6K VC-backed startups in Italy.$1B+companiesAbout 1K Italian startups launched each ye

23、ar1.5KEarly($100K15M total funding)98Breakout($15100M total funding)14Scaleups($100M+total funding)$100B+$10B+$1B+1102%0%4%2%1.3%0%of Europe0WIPSource:Dealroom.co150First-time founded startups per year18%of Italianstartups advance to series A funding.European average is at 24%.WIPSource:Dealroom.coG

24、raduation rate of startups from standardized seed rounds between 2015 and 20201 Italian tech coming of age2 The starting line is now3 Italys role in EuropeEMEA4,0002%0.1%Americas4,5005%0.2%Asia3,5003%0.1%Thinking in Power Law terms:$29 trillion of new enterprise value from VC-backed companies in the

25、 last 35 years New VC-backed companies per year Unicorns and/or$100M revenueDecacorns$100B+companies$1T+companiesSource:Dealroom.co,conversion based on standardized seed rounds between 2015 and 2020Source:https:/www.politico.eu/article/mario-draghi-report-says-eu-must-spend-twice-as-much-after-wwii/

26、https:/app.dealroom.co/transactions.rounds/f/amount_max/anyof_250000000/growth_stages/not_mature/rounds/not_GRANT_SPAC%20PRIVATE%20PLACEMENT/tags/not_outside%20tech?showScale=percentage&showStats=YEAR&statsType=country Europes share of global early-stage VC is at a record 22%in 2024.($40M rounds)Dou

27、ble the level of 2011.Early stage VC investment in Europe($40M rounds)Rest of worldRest of Asia ChinaUSAEuropeSource:Dealroom.coMore entrepreneurial talent than ever in Europe and Israel.Source:Accel&dealroom.coSource:Accel&dealroom.coEntire industries shifting online,to cloud,and to mobile.Big home

28、 market was huge advantage(Amazon,Facebook).In this second era,European players could go up against US counterpartsInternet eraSelling hardware and software to large enterprises and homesPC eraAI deeply embedded in physical world including biotech,healthcare,defense,manufacturing,et ceteraNext 20 ye

29、arsEntering a new era in tech,more driven by Physical Tech.UN and World Bank data.South KoreaItalyUKJapanFrance17K12K8.0K7.8K5.5K5.3KGermanyMexicoChinaIndia3.1K3.0K1.7K0.2KUSAGlobal rank of manufactured exports per capita(10 biggest manufacturing countries)Italy is Europes fourth economy and a world

30、 leader in manufacturing.Manufactured exports per capita 10 biggest manufacturing countries-UN and World Bank dataManufactured exports per capita 10 biggest manufacturing countries-UN and World Bank data700900 billion annual spendingIT spending&Capex in Industry 4.0European industrial expenditure on

31、 tech dwarfs VC.20 billionVC investmentCorporates involvement in European industrial tech VC is on the rise.62%Corporates involvement in European industrial tech VC is on the rise.Corporate funding in selected industrial segmentsSource:Dealroom.coMore quality startupsSkilled talent&AngelsEarly VC wi

32、th global quality standardsHigh profile exitsMore capital and bigger more ambitious companiesGetting on the global radarBigger outcomesIn 2024,flywheel is getting there.The starting point is now.Source:Dealroom.coFind more about this landscapeExplore the landscape Access the platformecosystem.torino

33、techmap.itecosystem.torinotechmap.itExplore Turins most promising companies.Maybe do a QR Code?Find more about this landscapeExplore the landscape Access the platform927Companies 22VC Investors 487Funding Rounds 16kEmployeesFind out morex+funded companies in Turin,mapped across a detailed industry t

34、axonomy.A dedicated open-access data platform for Turins tech ecosystem.ecosystem.torinotechmap.itFind more about this landscapeExplore the landscape Access the platformFind out moreTurins tech ecosystem mapped across the Dealroom sector taxonomy.x+funded companies in Turin,mapped across a detailed industry taxonomy.yoramdealroom.co