CDP Venture Capital Sgr (CDP Venture Capital – Fondo Nazionale Innovazione)

Back to Atlas

Italy's national policy fund designed to boost investment in start-ups and scale-ups and develop the Italian venture capital ecosystem.
What are the main aims and objectives?

The primary goal of CDP Venture Capital Sgr is to transform venture capital into a strategic driver of Italy’s economic growth and innovation. CDP Venture Capital Sgr aims to build a robust, self-sustaining investment ecosystem, supporting entrepreneurs from early-stage to growth, especially in sectors such as digital transformation, green transition, life sciences, and deep tech. By bridging the gap between research, development, and the market, the program overcomes traditional barriers limiting Italian start-ups, such as insufficient access to capital, fragmented support infrastructure, and limited international expansion, while encouraging collaboration between private and public sector stakeholders.

How does the program work?

CDP Venture Capital Sgr operates as the main national fund manager for Italy's innovation-focused investment programs. The platform manages resources through various venture capital funds, offering both direct investments in early and growth-stage start-ups and indirect investments through other funds and accelerators. Its main policy tools include capital investment, network building, and partnerships across public, private, and international domains.

The organization manages the Fondo Nazionale Innovazione (National Innovation Fund), composed of several sub-funds with specific sectoral focuses—such as Technology Transfer, Green Transition, and Acceleration Funds. Through these, CDP Venture Capital Sgr provides equity and quasi-equity to start-ups, supporting the full lifecycle from seed to scale-up. Funding can be accessed via open calls or through dedicated accelerators, and investment decisions are guided by national strategic priorities, technological potential, and societal impact.

Besides direct funding, CDP Venture Capital Sgr operates a network of sectoral accelerators in cities across Italy, offering mentorship, access to research infrastructure, training, and connection to corporate partners. These accelerators typically run structured cohort programs, focusing support for up to 16 weeks per batch, and are accessible to founders in prioritized fields such as climate tech, digital health, and industry 4.0. Selection is based on criteria including the potential for technological disruption, market scalability, team quality, and alignment with Italy’s industrial development objectives.

The policy also includes indirect measures: CDP Venture Capital Sgr co-invests with private funds, helping to de-risk and catalyze additional investment, and frequently partners with universities, ministries, and corporate R&D hubs to strengthen deal flow and commercialization of research. Periodic monitoring and evaluation ensure transparency, adjust sector focus, and track overall progress. All activities are guided by a commitment to addressing gaps in the national ecosystem while aligning with the long-term strategic priorities outlined by the Italian government and the European Union.

What is the overall cost?

CDP Venture Capital Sgr manages total resources exceeding €2 billion (approx. $2.2 billion USD as of August 2025) sourced primarily from the Italian Ministry for Economic Development and investments from the National Recovery and Resilience Plan (PNRR). The program includes an initial €2 billion allocation, an additional €550 million from PNRR, and Supplemental private and institutional capital of approximately €600 million. All funds are managed as public capital, with the goal of mobilizing private sector co-investment.

How was it implemented?

The establishment of CDP Venture Capital Sgr was initiated by CDP Equity (part of Cassa Depositi e Prestiti) and Invitalia in 2020 as a response to Italy’s long-standing underperformance in venture capital investment compared to other large European economies. The implementation began with the launch of the Fondo Nazionale Innovazione, designed to centralize public funding and provide a more streamlined support pathway from research to commercialization.

CDP Equity and Invitalia jointly provided the initial capital and institutional backing. The Ministry for Economic Development played a key role in defining strategic investment priorities and allocation frameworks, while CDP Venture Capital Sgr recruited investment professionals, sector experts, and established governance to ensure transparency in decision-making. The policy emphasized partnerships with universities, regional authorities, and established networks for deal sourcing and post-investment support.

A network of specialized accelerators and sector funds was established nationwide in 2021–2023, covering major hubs such as Milan, Turin, Rome, and Naples. By 2023, additional sector-focused accelerators were launched in fields like climate technology and digital health. The policy features regular open calls for start-up applications, due diligence panels, and several review mechanisms to evaluate both social and economic impact.

Key milestones:

  • 2019: Policy design and consultation.
  • 2020: Launch of CDP Venture Capital Sgr and Fondo Nazionale Innovazione.
  • 2021–2024: Rollout of accelerators, sectoral programs, and first large-scale investment rounds.
  • 2024–2025: Ongoing expansion, increased private sector participation, and alignment with EU priorities.tesi.luiss+2Atlas-Tone-of-voice-template-guide-2025.docx
What impact has been measured?

CDP Venture Capital Sgr has contributed to a significant transformation of Italy’s venture capital landscape. Between 2017 and 2024, annual Italian VC investments grew more than twelvefold, from under €150 million to approximately €1.9 billion, increasing Italy’s share of the European market to around 4%. Over 800 start-ups have benefited from direct funding or accelerator support, and several hundred have raised follow-on investments as a result of increased investor confidence.

CDP Venture Capital Sgr’s accelerators have delivered over 50 structured program cycles, involving 1,800+ founders, mentoring sessions, and corporate partnership deals. Many start-ups have successfully expanded internationally, particularly in sectors like digital health and clean energy. The policy has been instrumental in narrowing regional disparities, supporting start-ups in both major cities and lesser-developed areas.

Performance reporting and independent university evaluations point to improved rates of innovation commercialization, a rise in start-up survival rates, and increased private sector involvement in the national ecosystem. However, policy documents do not yet show rigorous control group evaluations, and causality is inferred from participation and market growth data rather than direct proof of macroeconomic impact.

CURATED BY

Tom Hancock

Research Associate
Global Entrepreneurship Network
United Kingdom