The first half of 2026 delivers a historic milestone for the Italian startup ecosystem: €643.43 million raised through 83 transactions, representing 82% growth compared to the same period in 2025, when investments had reached €353.4 million. The figures come from the H1 2026 Investment Report presented by StartupItalia at SIOS26 Summer, the event hosted in Cagliari with Fondazione di Sardegna as Main Partner.
A More Mature and Selective Market
The growth in capital is accompanied by a structural transformation: the number of rounds has fallen by 16%, while their average size has increased. This signal indicates an ecosystem that has moved beyond the dispersal phase and is now concentrating resources on the most promising and scalable ventures.
Rounds below one million euros now represent just 18.1% of the total, while the €1–9 million bracket accounts for 62.7% of transactions. Deals above €10 million account for 19.3%, confirming the emergence of an increasingly structured scaleup segment.
The Largest Rounds of the Half-Year
Among the most significant transactions: Rent2Cash with €100 million, WeRoad with €49.95 million, Smartness with €47 million, Lexroom with €43 million and Niulix with €38 million.
Artificial Intelligence Drives Venture Capital
AI confirms itself as the main driver of the new phase of Italian venture capital. Startups developing AI-powered B2B software account for 24.1% of all transactions closed in the half-year. They are followed by deeptech (9.6%), medtech and fintech (8.4% each), cybersecurity (6%), and cleantech and robotics (4.8%).
The geography of investment sees Lombardy in a dominant position, with 61.2% of capital raised (€393.5 million), followed by Lazio at 20.2%, driven by the Rent2Cash mega-round. Further behind are Trentino-Alto Adige (7.7%), Emilia-Romagna (2.6%), Friuli-Venezia Giulia (2.3%) and Puglia (2.2%).
Expert Commentary
According to Simone Pepino, CEO of Pull the Rabbit, “Italian venture capital is going through a phase of transformation in line with major international markets: less dispersal, larger rounds and greater concentration on technology investments. Artificial intelligence is the main driver of this change.”
Chiara Trombetta, Media & Events Director at Pull The Rabbit, highlighted how the real challenge remains that of exits: “We continue to see investment grow, but we still need more stories capable of completing the journey and becoming global champions.” The next event is SIOS Winter, scheduled in Milan on 16 December 2026.
Original article: giornaledellepmi.it
