Not just Milan. In the first half of 2026, Italian startups raised €643.43 million in 83 operations, an 82% jump compared to the same period the previous year. This data, presented during SIOS26 Summer right in Cagliari, marks a profound change: fewer rounds, but much more substantial ones, signaling an ecosystem maturing toward true scaleups.
The engine of this growth is artificial intelligence. B2B startups based on AI solutions currently represent 24.1% of all investment operations, surpassing historically strong sectors such as deeptech, medtech, fintech, cybersecurity, and cleantech. It is no longer about isolated bets: AI has become the lens through which Italian funds read market opportunities.
From a geographical perspective, concentration remains strong: Lombardy absorbs 61.2% of the capital raised (approximately €393.5 million), followed by Lazio with 20.2%. However, the fact that these numbers are being told from Cagliari, and not from a Milanese event, is in itself a signal: Southern Italy is beginning to claim its place in the narrative of national venture capital, even if actual capital remains concentrated in the North.
For those observing the ecosystem, the lesson is twofold: on one hand, AI confirms itself as the dominant investment category; on the other, the geography of capital continues to be an open issue. Supporting emerging hubs outside the usual poles could be the next big bet for funds and policymakers who want a truly distributed and resilient ecosystem.
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