Italy’s economy is one of the largest and strongest in both Europe and the world at large with a strong industrial base, rich agricultural tradition and a developed services sector, especially in the tourism industry.
The country is known for its strong cultural traditions, one of which is its family-owned small and medium enterprises (SMEs) that are particularly prevalent in furniture, fashion a food production.
Indeed, Italy boasts a conveniently central location within Europe and it’s not only part of the Eurozone but a founding member of the European Union (EU) too. The country’s membership in the EU brings both advantages and disadvantages, including economic and political stability as well as an inability to change the valuation of its currency respectively.
Much like most other countries around the world, including those with the strongest economies, Italy faces various challenges in maintaining its economic power. However, a great indicator of a strong and growing economy is a healthy startup ecosystem.
The Startup Ecosystem in Italy
Italy’s startup ecosystem isn’t the most successful in Europe, but it does have a relatively large economy and gradually, over time, more and more successful startups are beginning to emerge. Italian startups are receiving increasing support from both the public and private sectors, and the industries that are achieving the most success are technology and fashion.
A few features of the Italian economy and startup ecosystem that are allowing companies and entrepreneurs to succeed include:
- Government Support: In Italy, startups receive support from a startup via programme, innovative startup laws and several funds.
- Venture Capital and Funding: Italy is home to a small but growing venture capital scene, including investment from the EU, angel investors and an increasing number of VC firms.
- Incubators and Accelerators: In recent years, Italy has seen a growing number of incubators and accelerators, helping startups thrive.
Top Unicorns in Italy
According to Investopedia, Italy is home to the third-largest economy in Europe and the ninth-largest GDP in the world. So far, four privately-owned companies have exceeded valuations of $1 billion and there are currently three that are still considered unicorns.
1. Bending Spoons: $2.55 Billion
Bending Spoons is a mobile applications developer. The applications are designed to achieve both functionality and aesthetics, and they use complicated proprietary technologies by means of accurate statistical models.
The applications are also able to offer video editing capabilities and image editing by means of artificial intelligence technology. The purpose is to provide users with access to highly advanced technology by means of applications that provide functionality in everyday use.
Bending Spoons was founded in Milan in 2013 by Matteo Danieli, Luca Ferrari and Luca Querella and with nearly 500 employees, the company is now worth $2.55 billion.
2. Engineering Ingegneria Informatica: $1.77 Billion
Engineering Ingegneria Informatica was founded in Rome in 1980 in Rome, Italy. Most recently valued at $1.77 billion, the company is a provider of information technology services. It caters to the needs of governmental bodies and well as those in the healthcare, utility, telecom and finance industries.
The company offers its customers services including cloud computing and outsourcing, all by means of an integrated network of data centres. These data centres are equipped with infrastructure that allows clients to adopt digital technology in order to conduct business effectively and efficiently.
As of Engineering Ingegneria Informatica most recent evaluation, it had approximately 15,000 employees and 29 investments after having completed eight different funding rounds.
3. Scalapay: $1 Billion
Scalapay is the developer of a payment platform that is designed for the purpose of making shopping as convenient as possible.
The platform provides customers with payment methods for making both in-store and online purchases. Purchases can be made in three different installments without having to pay extra interest. This allows customers to make use of a payment method that is both easy and flexible.
Scalapay was founded by Simone Mancini, Johnny Mitrevski and Raffaele Terrone in 2019 and it’s currently valued at $1 billion, making it one of only three unicorns from Italy.
