Top 10 Active Investors in Italy (2026): Complete Founder Guide to Italian VC Firms

Italy's venture ecosystem has matured fast: bigger funds, more repeat investors, more structured follow-on, and (crucially) more "institutional muscle" behind early-stage tech. If you're raising in 2026, the game isn't "find any investor in Italy." It's: pick the 10–20 investors whose stage + thesis + decision style match your company, then run a tight process.

The 2025-2026 backdrop in three numbers founders should know:

• €1.74B deployed across 262 rounds in 2025 (+18% YoY by capital, -5% by deal count) — the average Italian round size jumped 48% to €5.8M as the market consolidated around fewer, larger checks. ([scaleupitaly][17])
• Top 6 deals captured ~50% of all 2025 capital — Italy's market is increasingly bimodal: a thin tier of mega-rounds plus a long tail of small early-stage rounds, with a thinning Series A middle. ([junto.space][18])
• Lombardy = 63% of capital + 46% of deals in 2025; Lazio and Liguria are distant 2nd and 3rd. Italy is the most geographically concentrated of the EU-3 (compare France's Île-de-France ~52% and Germany's Berlin+Bavaria ~55%). ([junto.space][18])

Q1 2026 update: €367M deployed across 53 rounds (lowest deal count in 5 years), with Series A and B+ comprising ~90% of capital despite being only ~33% of round count. Top deals: Rent2Cash €100M Series A (Rome fintech, Mar 3 2026), Newcleo €75M (nuclear SMR, Feb 4 2026), D-Orbit $53M Series D (Como space logistics, Jan 22 2026). ([startupbusiness][19])

Below is a curated list of 10 of the most active, high-reputation Italy-based (or Italy-core) investors—with founder-useful detail on what they fund, how they behave, and how to approach them.

When preparing your pitch, having a professional data room is essential. Peony helps Italian startups organize investor materials with AI-powered document organization, track investor engagement with page-level analytics, and securely share sensitive financial and operational data. With transparent pricing at $40/admin/month, Peony delivers enterprise-grade secure data rooms without the $5,000-20,000 per-deal costs of legacy platforms.

1) How to pick the right Italian investors (so you don't waste 6 weeks)

Start with stage math, not vibes

The #1 mismatch I see: founders pitch the "right brand" at the wrong stage.

• Pre-seed/Seed (first institutional money): prioritize speed, founder support, and a partner who'll work the round.
• Seed → Series A: prioritize follow-on capacity, syndicate leadership, and hiring/BD support.
• Series A+ / Growth: prioritize check size, governance experience, and international scale-up support.

Build your shortlist using 5 filters

Use these filters in order:

1. Stage fit (their typical first check + whether they lead)
2. Category fit (what they repeatedly fund: B2B SaaS, deep tech, healthcare, etc.)
3. Geography fit (Italy-only vs. pan-European; comfort with US expansion)
4. Follow-on power (do they reserve capital; do they reliably support winners?)
5. Decision mechanics (partner-led vs. committee; typical timeline)

Italy-specific nuance that matters in 2026

• Public-backed capital now dwarfs the private market. CDP Venture Capital's 2024–2028 Industrial Plan targets €8B AUM by 2028, with annual deployment scaling €2.1B (2025) → €2.9B (2026) → €4B (2027) → €5.5B (2028). Their 2025 deployment alone exceeded total tracked private Italian VC (€1.74B). Practical implication: in 2026, founders raising in Italy must navigate a market where the largest LP, the largest fund manager, and the most consistent capital deployer is all the same entity. ([cdpventurecapital.it][20])
• Cross-border ambition is increasingly expected. Many top Italian funds underwrite "Italy roots, global outcomes"—especially for software, deep tech, and life sciences.
• If your roadmap touches manufacturing/supply chain: be ready to discuss global sourcing and partnerships (including East Asia/China where relevant) with a fact-based, non-hand-wavy plan—investors will test operational realism hard.

2) Who are the 10 most active, high-reputation Italy investors in 2026?

Below are the 10 Italian funds we'd build a 2026 shortlist around — based on fund vintage, deal cadence over the last 12 months, and stage/sector fit. Profiles updated April 29, 2026.

1) CDP Venture Capital SGR (Rome)

Why they're top-tier in Italy: CDP Venture Capital is effectively the country's national innovation platform—active across stages and sectors, via direct investing and funds-of-funds. In 2026, they're the single largest source of Italian venture capital by a wide margin.

• Scale & mandate: the 2024–2028 Industrial Plan targets €8B AUM by 2028, with annual deployment scaling €2.1B (2025) → €2.9B (2026) → €4B (2027) → €5.5B (2028). Seven strategic verticals: AI & Cybersecurity, AgrifoodTech, SpaceTech, Healthcare & Lifescience, CleanTech, IndustryTech, InfraTech & Mobility. €1B specifically reserved for AI (€120M tech-transfer, €580M startups, €300M scale-ups). ([cdpventurecapital.it][20])
• 2026 cadence signal: 256 portfolio companies, 48 new investments in the trailing 12 months, 10 new in 2026 YTD. Anchored the €70M Generative Bionics round (December 2025) — Italy's largest IIT spinoff to date — through the CDP AI Fund, with AMD Ventures, Eni Next, RoboIT, and Tether co-investing. ([cdp.center][21])
• How they invest: multi-vehicle strategy (direct funds, sector funds, accelerators, FoFs). Example: the Large Ventures fund launched with initial AUM (and a larger target) for later-stage growth. (cdpventurecapital.it)
• Founder fit: best if you're building in Italy with credible scale potential, or you need a structured Italian institutional anchor in a round.
• How to approach: treat them like a platform—be explicit which vehicle fits you (AI, digital transition, deep tech, etc.) and what "Italian advantage" you create (talent, IP, go-to-market, industrial partnerships).

2) P101 SGR (Milan)

Why founders chase them: P101 is one of the most established "Italy-first, Europe-scale" VCs for digital and tech-enabled businesses.

• Fundraising momentum: P101 announced the final closing of Programma 103 at €250M (April 22, 2025). ([p101.it][3])
• What they like: early + growth-stage, tech-driven companies; they're known for underwriting scale, not just prototypes.
• Good fit if: you have real traction or a very clear path to it (revenue, strong usage, repeatable GTM), and you want a partner with European ambition.
• Pitch angle that lands: "This is a category-winning machine, not a nice product." Show distribution + compounding.

3) United Ventures (Milan)

Why they're respected: strong track record in Italian tech, with a clear appetite for leading early-stage rounds and backing companies through growth.

• Current fund: United Ventures announced United Ventures III, a €150M early-stage fund, aiming to invest in 15–18 companies. ([United Ventures][4])
• Institutional signal: EIF documentation describes the fund focus as early-stage ICT primarily in Italy (and to a lesser extent elsewhere). ([eif.org][5])
• Good fit if: you're Seed/Series A-ish, product is ambitious, and you want a lead investor who can help you level up execution.
• How to approach: show a crisp wedge + expansion story (the "why now" and the "why us" must feel inevitable).

4) Innogest Capital (Milan/Turin)

Why they're high reputation: long-running Italian VC with strong presence in healthcare and technology, and a history of working with research-driven companies.

• What they do: their own positioning is partnering with ambitious founders building meaningful companies. ([innogestcapital.com][6])
• Proof of continued activity: Innogest appears as an investor in a 2025 Series B round for Newronika (company announcement coverage). ([innogestcapital.com][7])
• Good fit if: you're in medtech/digital health/health-adjacent tech, or you're a technical founder with real defensibility.
• How to approach: bring a clinical/regulatory/data plan that is investable, not "trust me."

5) 360 Capital (Milan + Paris)

Why they're valuable in Italy: a pan-European early-stage investor with meaningful Italy footprint—useful if you want Italy roots plus international scaling support.

• 2026 fund signal: Poli360 2 first close at €85M (March 23, 2026), target €100M final close by end-2026. Anchor LPs include EIF, CDP Venture Capital, Italian pension funds, and corporates Brembo, MBDA, and Lucchini RS. At least 80% of capital deployed in Italy, targeting 20–25 deeptech investments in Industry Automation and Sustainability themes. This makes 360 Capital one of the few Italian managers actively closing fresh capital in 2026. ([360cap.vc][22])
• Good fit if: deep tech / frontier digital, and you want a fund comfortable going cross-border early.
• How to approach: highlight technical moat, speed of iteration, and why you can win beyond Italy.

6) Primo Capital (formerly Primo Ventures) (Milan)

Why they're strong: one of the most visible early-stage platforms in Italy; plus they expanded into healthcare private equity (useful signal for founders in regulated/clinical markets).

• Platform expansion: Primo Ventures rebranded as Primo Capital and launched Primo Health, which reached a €64M first closing (Oct 2024). ([primo.capital][9])
• Activity signal: Primo continues publishing investments and updates (showing an active platform posture). ([primo.capital][10])
• Good fit if: you're a Seed-stage founder who wants hands-on support and a fund deeply plugged into Italy's tech network.
• How to approach: be concrete—pipeline, milestones, use of funds, and specific help you want from them.

7) Indaco Venture Partners SGR (Italy)

Why they matter: a recognized local VC manager with participation in meaningful Italian rounds, often around tech + innovation-driven companies.

• Fund activity signal: Indaco announced a first closing for a vehicle associated with Indaco Ventures (reported by ecosystem databases). ([Nordic 9][11])
• 2025 deal participation: Indaco appears as an existing investor in the 2025 Newronika Series B financing (coverage). ([innogestcapital.com][7])
• Good fit if: you're building from Italy and need an investor comfortable with the local ecosystem + follow-on dynamics.
• How to approach: emphasize capital efficiency, execution cadence, and the "Italian unfair advantage" you're leveraging.

8) Neva SGR (Intesa Sanpaolo Group) (Turin/Milan)

Why they're distinctive: corporate-backed VC with a high-tech focus and strong institutional credibility.

• Who they are: Intesa Sanpaolo describes Neva SGR as the group's venture capital arm, investing in high-tech areas like AI, cybersecurity, cloud, 5G, blockchain. ([Intesa Sanpaolo Group][12])
• 2026 fund signal: Neva II Parallelo Lombardia (March 2026) — Regione Lombardia committed €20M alongside Neva's own €20M from existing vehicles, totaling €40M dedicated to Lombardy cleantech startups and scaleups. Neva II targets ~€400M total final size; Neva II Italia targets €100M. This is a clear signal that Neva is leaning into regional public-private partnerships in 2026. ([Intesa Sanpaolo Group][23])
• Active investing signal: Neva II Fund investment in Phosphorus Cybersecurity (April 28, 2025). ([Phosphorus][13])
• Good fit if: you're in enterprise/security/infra/AI-adjacent tech and want a strategic investor with deep networks.
• How to approach: make security, compliance, and enterprise GTM credible—this audience hates hand-waving.

9) Italian Founders Fund (managed by Koinos Capital) (Milan)

Why founders like the concept: a "founder-led" angle with a clear intention to back ambitious Italian founders early.

• Positioning: the fund describes itself as built by founders, for founders, with typical initial investments (as presented by Koinos). ([Koinos Capital][14])
• Updated fund size: launched with €50M in June 2024, then expanded to €90M by August 2025 (Koinos disclosed 12 investments deployed by that date — most recent: TaDa). ([vestbee][24])
• Good fit if: pre-seed/seed with high ambition, and you want founder-operator energy rather than pure finance energy.
• How to approach: tell a bold story, but back it with numbers: retention, margins, growth loop, or scientific validation.

10) Zest S.p.A. — formerly LVenture Group (Rome)

Why they matter (and what changed): In April 2024, Digital Magics S.p.A. completed a reverse merger with LVenture Group, and the combined entity now operates as Zest S.p.A. (BIT:ZEST). If you've been reading older "Italy investors" guides that still list "LVenture Group" as standalone, that's outdated — Zest is the current legal entity, and it's now one of Italy's largest accelerator-linked platforms.

• New leadership: Marco Gay (Executive Chairman), Luigi Capello (CEO). Two operating subsidiaries: Zest Investments (Gabriele Ronchini) and Zest Innovation (Antonella Zullo). ([zestgroup.vc][16])
• Scale signal: 230-startup portfolio, 7 accelerators, €82M acquisition budget through 2029 to consolidate Italy's accelerator landscape further. The last LVenture-branded investment was Keplera (April 14, 2025), completed before the brand sunset. ([zestgroup.vc][16])
• Good fit if: you're very early and want acceleration + structured support in Italy's ecosystem.
• How to approach: be "accelerator-ready": tight narrative, clear MVP, clear customer path, fast iteration cadence — and approach them as Zest, not LVenture, in any first email.

3) How do you pitch Italian VCs and actually get the meeting?

1. Lead with momentum. Even pre-revenue: show velocity (waitlist conversion, pilots, LOIs, retention, weekly growth). Then explain why it compounds.

2. Make the "Italy → world" story explicit. Your plan can start in Italy, but show how you expand to larger markets (EU/US/MENA) with a believable wedge.

3. Have a clean financing plan. How much you're raising, why, milestones, and what "success" looks like in 12–18 months. No fog.

4. Engineer the warm intro path. Italian VC is networked. A good intro from founders they backed, co-investors, or ecosystem operators can compress timeline massively.

5. Be specific about what you want from them. Not "smart money." Say: hiring help for X, enterprise intros to Y, regulatory guidance for Z, follow-on leadership at Series A, etc.

Why do professional data rooms matter for Italian startup fundraising?

Italian startups need to present complex documentation—financial projections, regulatory compliance, partnership agreements, and market expansion plans—professionally to build investor confidence.

Peony helps Italian startups create investor-ready data rooms with AI-powered organization that sets up in minutes instead of weeks. Key benefits: page-level analytics show which documents investors review most, enterprise security protects sensitive information, and transparent pricing at $40/admin/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal.

Conclusion

Italian venture capital in 2026 looks healthier in dollar terms than at any point in the last decade — but it's also increasingly bimodal: a small tier of mega-rounds capturing roughly half of all capital, a thinning Series A middle, and a long tail of small early-stage rounds clustered heavily in Lombardy. The investors on this list are the ones actively deploying capital across that landscape — but they're selective, especially as average round sizes climb (€5.8M in 2025, +48% YoY) and total deal count compresses (262 rounds in 2025, -5% YoY).

Match your stage, thesis, and geography to the right investors, and bring momentum—not just vision. If you're outside Lombardy, lean into your "why this region" story. If you're hunting for fresh capital, prioritize the funds that just closed (360 Capital's Poli360 2 in March 2026, Neva's Lombardia parallel fund in March 2026, Italian Founders Fund's expansion to €90M in August 2025) — partners with new dry powder are under deployment pressure, which compresses your timeline. And take CDP Venture Capital seriously — at €2.9B planned 2026 deployment, they're now the single most important LP and direct investor in the Italian ecosystem.

Having a professional data room is table stakes for serious fundraising. Peony helps Italian startups organize investor materials, track engagement, and securely share sensitive data at a fraction of legacy platform costs.

Ready to pitch Italian investors? Set up your investor data room with Peony in minutes, not weeks.

FAQ

I'm a seed-stage B2B SaaS founder in Milan raising EUR 1.5M -- which Italian investors actually lead rounds at that stage?

For a EUR 1.5M seed round in Milan, your top targets are United Ventures, P101, Primo Capital, and Italian Founders Fund managed by Koinos Capital. United Ventures launched their EUR 150M United Ventures III fund targeting 15 to 18 early-stage companies, making them a natural seed lead. P101 closed Programma 103 at EUR 250M and backs early through growth-stage tech companies. Primo Capital is one of the most visible early-stage platforms in Italy with hands-on founder support. Italian Founders Fund went live with EUR 50M and is built by founders for founders at pre-seed and seed. LVenture Group is another option with EUR 174M invested across 130 accelerated startups. Peony's data room at $40 per admin per month lets you share your pitch materials with all of these firms simultaneously through separate NDA-gated links, while page-level analytics show which investors are actually reading your financials -- something Google Drive and Dropbox simply cannot do.

What are the typical check sizes for Italian VC firms from pre-seed through growth stages?

Italian VC check sizes have grown significantly as the ecosystem matured. At pre-seed and seed, Italian Founders Fund through Koinos Capital and LVenture Group write early checks, with Primo Capital and 360 Capital also active at this stage. At seed through Series A, United Ventures targets EUR 150M across 15 to 18 companies suggesting average checks around EUR 8M to EUR 10M. P101 closed at EUR 250M and covers early through growth stage. At growth and later stage, CDP Venture Capital manages EUR 4.6B across 15 investment funds with vehicles from accelerators to their Large Ventures fund for later-stage growth. Neva SGR backed by Intesa Sanpaolo invests in high-tech areas with institutional firepower. Indaco Venture Partners and Innogest Capital participate in meaningful Series A and B rounds. Peony lets you organize separate data rooms for pre-seed angels and institutional Series A investors with different permission levels, so each investor sees exactly the materials relevant to their check size -- unlike DocSend where a single link offers no granular access control.

I'm building a medtech startup in Turin and need investors who understand healthcare and regulatory complexity -- which Italian VCs should I approach?

For a medtech startup in Turin, Innogest Capital and Primo Capital are your best starting points. Innogest Capital has a long history of healthcare and technology investing with a focus on research-driven companies, and they participated in the 2025 Newronika Series B. Primo Capital expanded into healthcare private equity by launching Primo Health with a EUR 64M first closing, making them serious about regulated health markets. Neva SGR backed by Intesa Sanpaolo invests in AI, cybersecurity, and adjacent tech that could include health-tech infrastructure. CDP Venture Capital has sector-specific vehicles that may include healthtech depending on the fund. Bring a clinical and regulatory plan that is investable, not speculative, since Italian health investors test operational realism hard. Peony's data room handles regulatory filings, clinical trial data, and patent documentation with the same AI-powered organization and enterprise-grade security as financial documents, so your medtech due diligence looks as polished as any SaaS startup's -- unlike a Google Drive folder where sensitive health data sits without watermarking or access tracking.

What do Italian VCs expect to see in a data room during seed or Series A due diligence?

Italian VCs expect a well-organized data room with your pitch deck, financial projections with clear assumptions, traction data covering pipeline and conversion and retention metrics, product demo or walkthrough, cap table and round mechanics, team bios and key hires plan, incorporation and IP documentation, and a credible Italy-to-world expansion plan. P101 and United Ventures specifically underwrite scale, so include your go-to-market roadmap beyond Italy. CDP Venture Capital operates like a platform, so be explicit about which vehicle fits you and what Italian advantage you create. If your roadmap touches manufacturing or supply chain, be ready to discuss global sourcing including East Asia with fact-based plans since Italian investors test operational realism hard. Peony's AI auto-indexing organizes all of this into a professional folder structure in under five minutes, and the AI Q&A feature lets investors ask questions about your documents and get cited answers with exact page numbers -- a level of due diligence readiness that Italian institutional investors expect but rarely see from early-stage founders using Google Drive.

I need to share sensitive financial projections and IP documentation with eight Italian VCs running a competitive seed process -- how do I protect my documents?

In a competitive process with multiple Italian VCs, you need separate tracked links with independent access controls for each firm. This is especially important in Italy's networked ecosystem where firms like P101, United Ventures, and CDP frequently co-invest and share deal flow. Peony lets you generate unique sharing links per investor with dynamic watermarking that stamps each viewer's identity on every page, screenshot protection that blocks and logs capture attempts, NDA gates requiring agreement before document access, link expiry dates so access automatically revokes, and page-level analytics showing exactly who viewed which documents and for how long. Google Drive offers basic sharing but zero engagement tracking. Dropbox has no watermarking or screenshot protection. DocSend charges per user without offering screenshot protection or AI-powered document organization. Peony's Business plan at $40 per admin per month gives you enterprise-grade security for a fraction of the EUR 5,000 to EUR 20,000 that legacy platforms like Datasite or Intralinks charge per deal.

How long does a typical VC fundraising process take in Italy from first meeting to close?

In Italy, expect six to ten weeks from first meeting to term sheet for seed rounds and eight to fourteen weeks for Series A. The timeline compresses if you target firms with recent fund closings since partners are under deployment pressure. Recent closings worth prioritizing in 2026: 360 Capital's Poli360 2 first close at EUR 85M (March 2026, target EUR 100M by year-end), Neva SGR's Neva II Parallelo Lombardia at EUR 40M (March 2026), Italian Founders Fund expanded to EUR 90M (August 2025, up from the EUR 50M debut), Programma 103 final close at EUR 250M (P101, April 2025), United Ventures Fund III at EUR 150M, Primo Health at EUR 64M, and CDP Venture Capital deploying EUR 2.9B in 2026 across its 2024-2028 plan. Warm introductions through portfolio founders or ecosystem operators compress timelines massively in Italy's networked VC community. A good intro from a founder they backed can turn a two-week email chain into a next-day call. Having a clean data room ready before your first meeting signals execution maturity and can save two to three weeks. Peony lets you set up a complete investor data room in under five minutes with AI-powered organization, versus days of manually creating folders in Google Drive.

Are there Italian investors who back deep tech, AI, or companies with hardware and manufacturing components?

Yes, Italy has strong investor appetite for deep tech and industrial innovation. CDP Venture Capital operates sector-specific vehicles including deep tech and digital transition funds with EUR 4.6B across 15 funds. Neva SGR backed by Intesa Sanpaolo explicitly invests in AI, cybersecurity, cloud, 5G, and blockchain. Innogest Capital has a technology and healthcare focus with research-driven companies. 360 Capital targets deep tech and frontier digital from Milan and Paris with a cross-border early-stage approach. Indaco Venture Partners participates in tech and innovation rounds. For companies with manufacturing or supply chain exposure, Italian investors will test your operational realism on global sourcing and partnerships including East Asia. Peony's data room handles technical documentation like patents, prototype specifications, and manufacturing agreements with the same AI-powered organization and security as financial documents, so your deep tech diligence process looks as polished as any SaaS company's, compared to DocSend which cannot provide AI-powered Q&A or cited page references during deep tech diligence.

I'm comparing data room solutions for my Italian startup fundraise -- should I use Google Drive or invest in a dedicated platform?

Google Drive and email attachments are the two most common mistakes Italian founders make during fundraising. You lose all visibility into investor engagement, cannot revoke access after sharing, and forwarded documents reach unintended recipients. In Italy's institutional VC ecosystem where firms like CDP Venture Capital, P101, and United Ventures expect professionalism, a messy shared folder signals you are not ready for serious capital. Peony gives you a purpose-built investor data room with page-level analytics showing which investors read which documents and for how long, dynamic watermarking with viewer identity on every page, screenshot protection, NDA gates, AI-powered document organization with five-minute setup, and AI Q&A for investor questions. At $40 per admin per month on the Business plan, a five-person team pays $200 per month versus EUR 5,000 to EUR 20,000 per deal for legacy platforms like Datasite or Intralinks. Dropbox and Google Drive are free but give you zero fundraising intelligence, and DocSend lacks screenshot protection and the AI-powered organization that Italian institutional investors increasingly expect.

Related Resources

• Startup Fundraising Strategy: Complete Guide
• Why Startups Need Data Rooms for Fundraising Success
• What Makes a Data Room Investor Ready
• Pre-Seed Investors in Germany
• Top Venture Capital Firms in Dublin
• Top Venture Capital Firms in Rome
• Top Venture Capital Firms in Sweden
• How to Send Pitch Deck to Investors
• The Rise of AI-Powered Data Rooms
• Fundraising Data Rooms
• Startup Data Rooms

[3]: https://p101.it/p101-sgr-announces-the-final-closing-of-the-programma-103-fund-at-e250-million/?utm_source=chatgpt.com "P101 SGR Announces the Final Closing of the " ..." [4]: https://unitedventures.com/2023/07/24/announcing-the-launch-of-united-ventures-iii/?utm_source=chatgpt.com "Announcing the launch of United Ventures III" [5]: https://www.eif.org/files/records/monthly-report-approval-of-transactions-ce-delegation-20241231.pdf?utm_source=chatgpt.com "Delegation of powers to the Chief Executive" [6]: https://www.innogestcapital.com/?utm_source=chatgpt.com "INNOGEST CAPITAL" [7]: https://www.innogestcapital.com/category/news/?utm_source=chatgpt.com "News - Innogest" [9]: https://primo.capital/post/primo-ventures-becomes-primo-capital-and-expands-into-the-private-equity-segment-with-its-new?utm_source=chatgpt.com "Primo Ventures becomes Primo Capital and expands into ..." [10]: https://primo.capital/post/xbooks-raises-eur1-9-million-to-fuel-european-expansion?utm_source=chatgpt.com "XBOOKS Raises €1.9 Million to Fuel European Expansion" [11]: https://nordic9.com/companies/indaco-venture-partners-sgr-investor2556125642/?utm_source=chatgpt.com "Indaco Venture Partners Sgr (investor)" [12]: https://group.intesasanpaolo.com/en/editorial-section/a-year-of-sustainability/targets-results-initiatives-2025/innovation-and-sustainable-infrastructures/support-to-innovation-and-startups?utm_source=chatgpt.com "Support to innovation and startups" [13]: https://phosphorus.io/neva-sgr-invests-in-phosphorus-cybersecurity-leader-in-security-for-the-internet-of-things/?utm_source=chatgpt.com "NEVA SGR Invests in Phosphorus Cybersecurity" [14]: https://www.koinoscapital.com/strategy/early-stage-vc?utm_source=chatgpt.com "Early Stage VC" [16]: https://zestgroup.vc/en/about-us "Zest S.p.A. — About Us (formerly Digital Magics + LVenture Group, merged April 2024)" [17]: https://scaleupitaly.com/venture-capital-investments-italy-2025/ "Scaleup Italy: Venture Capital Investments Italy 2025 (€1.74B, +18% YoY)" [18]: https://www.junto.space/en/post/italian-venture-capital-market-numbers-2025 "Junto Space: Italian Venture Capital Market Numbers 2025 (Lombardy 63%, +48% avg deal size)" [19]: https://www.startupbusiness.it/en/venture-capital-in-italy-just-e367-million-across-53-deals-in-the-first-quarter/164553/ "StartupBusiness: Q1 2026 Italian VC — €367M across 53 rounds (April 2026)" [20]: https://www.cdpventurecapital.it/cdp-venture-capital/it/dettaglio_comunicato.page?contentId=COM3469 "CDP Venture Capital Industrial Plan 2024-2028 — €8B AUM target, €2.9B 2026 deployment" [21]: https://cdp.center/post/startup-report-venture-funds-deals-and-trends-march-2026 "CDP Center Startup Report — 256 portfolio cos, 48 new investments trailing 12mo (March 2026)" [22]: https://www.360cap.vc/ressources/360-capital-closes-eu85m-for-poli360-2 "360 Capital — Poli360 2 first close at €85M (March 23, 2026)" [23]: https://group.intesasanpaolo.com/en/newsroom/press-releases/2026/03/regione-lombardia-and-neva-sgr---40-million-for-lombardy-based-c "Intesa Sanpaolo Group — Regione Lombardia + Neva SGR €40M for Lombardy startups (March 2026)" [24]: https://www.vestbee.com/insights/articles/italian-founders-fund-secures-90-m "Vestbee — Italian Founders Fund secures €90M (August 2025)"