ITALY Trends and Developments Contributed by: Silvia Bordi, Emanuele Bosia, Federico Dettori and Rodrigo Boccioletti, Gianni & Origoni
porting start-ups from ideation through interna - tional expansion. Its mission is twofold: to cata - lyse private investment and to support strategic national interests through innovation. By acting as both investor and ecosystem builder, CDP Venture Capital plays a dual role that is unique among European public players. Its presence often de-risks early-stage deals, providing vali - dation and confidence that attracts co-invest - ments from private actors who might otherwise remain on the sidelines. CDP Venture Capital operates through both direct and indirect investment strategies. Its direct funds focus on sector-specific initiatives, while indirect funds (funds of funds) invest in independent VC managers to scale impact. The scope and structure of these funds reflect Italy’s commitment to becoming a serious contender in global innovation. The design of these instru - ments reflects a clear understanding of market gaps and leverages targeted interventions to stimulate systemic change. CDP Venture Capital’s direct funds include the Artificial Intelligence Fund, which targets start- ups engaged in AI, cybersecurity and quantum technologies, especially those with applications in strategic industrial sectors for Italy. Green Transition Fund backs start-ups and innova - tive SMEs driving ecological transition and developing green technologies. The Accelera - tors Fund builds a network of vertical accelera - tors in partnership with corporates, SMEs and international players, financing start-ups during and after acceleration. The Technology Trans - fer Fund focuses on commercialising scientific and technological research, working closely with universities and research centres to cre - ate deep tech start-ups. These vehicles are not just sources of funding but active participants in company-building, often providing access to
technical expertise, strategic partnerships and policy advocacy. The indirect funds or funds of funds include FoF VenturItaly II, a continuation of the original FoF VenturItaly, which supports funds man - aged by Italian general partners (GPs) and pro - motes international scaling of portfolio compa - nies, and the International FoF, which invests in global VC funds to attract international capital and expertise to the Italian ecosystem. Through these vehicles, CDP Venture Capital fosters the cross-pollination of knowledge and capi - tal, enabling Italian VCs and start-ups to inte - grate more seamlessly into global innovation networks. Such exposure accelerates learning curves, promotes best practices and opens up exit opportunities in larger markets. Beyond national efforts, European institutions play a crucial role in reinforcing Italy’s VC ambi - tions. The European Investment Bank (EIB), for instance, has increasingly focused on innovation financing. In October 2024, the EIB announced the European Tech Champions Initiative to pro - vide late-stage capital to European scale-ups, including potential unicorns from Italy. This type of initiative is critical in addressing one of Europe’s most persistent innovation gaps: the scarcity of late-stage growth capital, which often forces promising companies to relocate or sell prematurely. By anchoring such resources with - in Europe, and by extension in Italy, the EIB is laying the groundwork for a new generation of homegrown tech champions. This initiative complements other EU pro - grammes like Horizon Europe and the InvestEU Fund, which provide blended finance solutions for high-risk, high-potential ventures. Such sup - port not only mitigates investor risk but also signals policy alignment at the continental level.
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