1

Italianventurecapitalmarket,keyfiguresandperspectives

ClaudioGiuliano,AIFI

Roma,September2016

2

Thestartupecosystem inItaly

5,415Innovativestartups

96Incubators and

businessaccelerators

43Technologyparks

49Startup

competitions

3,000Businessangels

20Venturecapital

players

Source:Chamber ofCommerce,SiamoSoci,Osservatori.netPolitecnicoMilano,AIFI

3

+74%amount invested+15%number ofinvestments+6%number ofstartups financed

2002-2015981startups financed

1Bln Euroinvested inseed andstartupdeals

2015vs2014:

Source:AIFI-PwC

122investments

48 54

3643

5768 67 66

77 78

106 108

84 8965

59

2330 29

66

115

9889

82

135

81

43

74

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Numberofcompanies Amountinvested(EuroMln)

122investments

VenturecapitalinItaly since 2002

~

4

Focus2015:thesector distribution ofearlystagedeals

Source:AIFI-PwC

0

5

10

15

20

25

5

3.5%

+6.8%10.3%

Comparativeannualrevenuegrowth2004-2014

AverageCAGR%

VCcompanies

Benchmark

Theeconomic impactofventurecapitalinItaly

Note: PwC study based on a sample of 246 venture capital divestments undertaken in Italy by venture capital players in the period 2004-2014. Benchmark extrapolated from the informationincluded in ʺDati cumulativi di 2.055 società italiane”, compiled byMediobanca

6

TheVCPlayer– 2016landscape

Source: Fondo Italiano di Investimento (revised by Innogest Sept 2016)

Primo miglio

Principia I

Digital Investments

Atlante Ventures

Atlante Ventures

Mezz.

Principia II

PrincipiaHealthCare

Innogest CapitalI

Next

Panakes

TLCom

Seed Stage Round A Round B Late Stage

FOC

USE

DBR

OAD

INVE

STM

ENT

SEC

TOR

S

P101

Oltre II

360 Capital I

TTVenture

VertisVenture

InvitaliaVentures

Atlante Seed

= Fund DimensionEqual to €50 mln

United Ventures

InnogestCapital II

360 Capital 2011

7

Somecasehistories intheItalian market

8

Institutional website for startups aimed at connecting them with venturecapital investors and the ecosystem.The website is characterized by two main sections:• Informative section: news and documents on the players active in the

startup ecosystem, with practical guides, case histories, links to internationalwebsites, video clips and other material on the most important topics, suchas venture capital, business angels, equity crowfunding, national incentives,business planning, tax&legal.

• Marketplace: section dedicated both to startuppers/entrepreneurs and toventure capital investors. It’s a virtual place that connects business ideas toequity investors.

AnewAIFI-FIIproject:VentureUp

Incooperation with:

www.ventureup.it

Initiative of:

9

Italian venture capital market,key figures and perspectives

ClaudioGiuliano,AIFI

Roma,September 2016