Italy’s tech funding landscape in 2025 appears larger and more mature, but also highly concentrated. Total funding of around €2.5 billion is driven by a small number of very large rounds, while most deals remain relatively small, indicating a broad early-stage base but limited late-stage depth.
A significant share of funding comes from debt, suggesting that more mature companies are increasingly accessing structured and non-dilutive capital. This reflects an evolving ecosystem in which businesses with stronger fundamentals can access more sophisticated financing beyond traditional venture equity.
Investment is led by software, with strong activity across security, fintech, healthcare, robotics, and deeptech, pointing to a shift towards infrastructure, industrial applications, and regulated sectors.
Cybersecurity stands out for attracting larger rounds, fintech remains highly active, and healthcare continues to show steady growth. Robotics and deeptech indicate increasing confidence in capital-intensive innovation, while cleantech is still developing through smaller, earlier-stage funding. A broader trend is the integration of AI across sectors, rather than its emergence as a standalone category.
Overall, the market is shifting towards B2B, infrastructure, and applied deeptech. A key consideration for the coming period is whether more companies can transition from early-stage funding to larger growth rounds, reducing reliance on a limited number of outsized deals (for more detailed analyses of the European technology ecosystem, check out Tech.eu’s annual report: European Tech 2025 - The Big Picture).
Here are the 10 companies that raised the most in 2025.
Bending Spoons
Amount raised in 2025: €1.1B
Bending Spoons is a technology company that acquires and operates established digital products, focusing on long-term ownership and performance improvement.
The company enhances acquired platforms using proprietary technologies and in-house expertise to drive innovation, improve user experience, and strengthen business outcomes. Its portfolio includes widely used consumer and enterprise applications, serving hundreds of millions of users globally.
In 2025, the company raised approximately €1.1 billion across two corporate financing rounds to support the continued expansion of its product portfolio.
Inwit
Amount raised in 2025: €350M
INWIT is a digital infrastructure company that builds and manages shared telecommunications assets, including mobile towers, distributed antenna systems, and indoor coverage solutions.
It enables mobile operators and other clients to deliver reliable connectivity, supporting technologies such as 4G, 5G, and IoT. By expanding and upgrading infrastructure across urban and rural areas, INWIT plays a key role in improving network coverage, capacity, and the overall digitalisation of Italy.
INWIT received a €350 million loan from the European Investment Bank in 2025 to support digitalisation and connectivity, including improved mobile coverage in rural areas.
EXEIN
Amount raised in 2025: €170M
Exein is an embedded cybersecurity company that develops software to secure IoT devices at the firmware level.
Its technology enables real-time threat detection, response, and monitoring directly on devices, helping manufacturers and operators protect connected systems without relying on cloud-based security.
By integrating security into the device itself, Exein supports compliance with evolving regulations and strengthens resilience across critical infrastructure, industrial systems, and consumer IoT environments.
In 2025, Exein raised €170 million across two funding rounds to support product development, acquisitions, and international expansion of its embedded cybersecurity solutions for connected devices.
NanoPhoria
Amount raised in 2025: €83.5M
NanoPhoria is a preclinical-stage biotechnology company developing inhalable therapies for cardiovascular diseases. Its proprietary platform uses non-viral, calcium phosphate nanoparticles to deliver biologics such as peptides and RNA directly to target tissues.
By enabling precise, tissue-directed drug delivery via inhalation, NanoPhoria aims to improve treatment effectiveness while reducing systemic side effects, with a focus on conditions such as heart failure.
In 2025, NanoPhoria secured €83.5 million in funding to support the preparation of its NP-MP1 drug candidate for human trials.
Generative Bionics
Amount raised in 2025: €70M
Generative Bionics is a deeptech company developing intelligent humanoid robot platforms powered by “Physical AI,” combining robotics, artificial intelligence, and design.
Its systems are built to operate safely in real-world environments, working alongside humans to support industrial and complex tasks. The company focuses on creating human-centred robots that enhance productivity and address labour shortages, with applications across sectors such as manufacturing, logistics, and healthcare.
In 2025, Generative Bionics secured €70 million in funding to advance the development of physical AI systems, establish a dedicated manufacturing facility, and expand edge AI applications across logistics, healthcare, and manufacturing.
Scalapay
Amount raised in 2025: €70M
Scalapay is a fintech company offering buy now, pay later (BNPL) payment solutions that allow consumers to split purchases into interest-free instalments.
Founded in 2019, the platform enables seamless payments both online and in-store, helping shoppers access flexible payment options while allowing merchants to increase conversion rates and customer engagement. Scalapay operates across multiple European markets, partnering with thousands of retailers to deliver accessible and transparent digital payment experiences.
In 2025, Scalapay secured €70 million from the European Investment Bank to support growth, expand its product offering, and strengthen its presence across existing markets.
Hercle
Amount raised in 2025: $60M
Hercle is a fintech infrastructure company providing institutional-grade solutions for global money movement across fiat currencies, digital assets, and stablecoins.
Its platform enables banks, brokers, fintechs, and payment providers to execute cross-border transactions, trading, and settlement in real time, combining deep liquidity with regulatory-compliant infrastructure. By bridging traditional financial systems with digital asset networks, Hercle supports large-scale, low-latency transfers and treasury operations across multiple currencies and markets.
Hercle raised $60 million in 2025 to strengthen its institutional services and expand its international reach.
Caracol
Amount raised in 2025: $40M
Caracol is an advanced manufacturing company that develops large-format additive manufacturing (LFAM) technologies combining robotics, software, and materials.
Its turnkey solutions enable the production of large-scale, complex components across industries such as aerospace, automotive, and energy. By integrating digital design, robotic systems, and on-demand manufacturing services, Caracol aims to improve efficiency, flexibility, and sustainability in industrial production.
In 2025, Caracol secured $40 million in Series B funding to scale its robotic additive manufacturing platform and support global expansion and technology development.
Jet HR
Amount raised in 2025: €25M
Jethro is a technology company that provides software solutions and integration services for the banking, financial services, and public sectors.
Its platform supports core banking systems, payments, document management, and digital services, helping organisations modernise operations, improve efficiency, and enhance customer experience.
In 2025, Jet HR raised €25 million to enhance its platform and develop new modules aimed at reducing administrative complexity for businesses.
Tulum Energy
Amount raised in 2025: $27M
Tulum Energy is a climate-tech company developing methane pyrolysis technology to produce low-carbon hydrogen for industrial applications.
Its approach repurposes existing industrial equipment to generate clean hydrogen and solid carbon without direct CO₂ emissions, offering a scalable and cost-effective alternative to traditional production methods. The company focuses on enabling the decarbonisation of heavy industries such as steel, chemicals, and refining by delivering high-volume hydrogen solutions tailored to industrial demand.
Tulum Energy secured $27 million in seed funding in 2025, to develop hydrogen production technology based on methane pyrolysis.
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