Milan Ecosystem Report 2024: A Rising Tech Powerhouse in Europe

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The Milan Ecosystem Report 2024 reveals an exciting narrative of transformation and growth, positioning Milan as a burgeoning hub in Europe’s technology and startup scene. With its startups collectively valued at over €29 billion, Milan is driving innovation and attracting global attention in fields ranging from FinTech to life sciences.

Dealroom produces Milan Ecosystem Report 2024 in partnership with Milano & Partners, Camera di Commercio Milano Monzabrianza Lodi, Commune di Milano and Promos Italia.

Milan ecosystem

15-Fold Growth in a Decade

Over the past ten years, Milan’s startup ecosystem has expanded by an astonishing 15 times, transforming the city into Italy’s tech nucleus. Nearly half of Italy’s total tech ecosystem value is concentrated in Milan, demonstrating its dominance in fostering high-growth companies.

Startups established in Milan since 2010 have significantly contributed to this success. By 2024, Milan had already surpassed some of Europe’s mature ecosystems, like Paris and London, in terms of ecosystem growth, reflecting the city’s ability to adapt and innovate at a remarkable pace.


2024 Key Achievements

  • Record Valuations: Milan startups reached a combined valuation of €29 billion in 2024.
  • VC Investment Milestones: Milan startups are projected to secure over €500 million in venture capital investment this year, with funding levels remaining well above pre-2021 figures.
  • Leading Funding Rounds: The top funding rounds in 2024 include:
    • €141M for an enterprise software startup in app development (Late VC).
    • €46.6M for a life sciences company focused on gene therapy.
    • €35M for a luxury mobility platform (Late VC).
    • €18M for a vehicle assistance digital platform.

Sectors Driving Milan’s Growth

  1. FinTech:
    • With €1.2 billion raised since 2019, FinTech leads VC investments in Milan, accounting for 87% of the sector’s funding in Italy.
    • Prominent companies like Satispay and Scalapay have driven this momentum.
    • Milan ranks 9th among European cities for FinTech VC funding.
  2. Life Sciences:
    • Home to over 100 startups, Milan’s life sciences sector has raised €365 million since 2019.
    • Supported by major institutions like the Human Technopole and private partners like AstraZeneca, the sector saw €86 million in VC investment in 2024 alone.
    • Notable life sciences clusters include the Milano Innovation District (MIND), hosting Italy’s largest research hospitals and life sciences companies.
  3. Bike Economy:
    • A niche but emerging sector, Milan hosts 160+ companies focused on sustainable mobility, collectively raising €14 million in VC funding since 2019.

Educational Institutions at the Core of Success

Milan’s universities are pivotal in driving entrepreneurial talent and innovation:

  • Bocconi University: Over 1,300 alumni founders, known for their leadership in tech and business.
  • Polytechnic University of Milan: A leading institution producing 780+ alumni founders.
  • Catholic University of the Sacred Heart: A major contributor to the ecosystem with 420+ alumni founders.

This academic strength is bolstered by over 50 accelerators and incubators, including PoliHubDigital Magics, and Bocconi for Innovation (B4i), which help transform ideas into scalable businesses.


Key Ecosystem Highlights

  • Per Capita Excellence: On a per capita basis, Milan exceeds both European and Italian averages for venture capital investment.
  • Active Investors: Milan has consistently attracted more than 200 unique investors annually since 2021, with a growing share of foreign VCs.
  • Startup Funnel:
    • ±50 Milan-based startups raise their first VC rounds annually.
    • The city hosts 539 startups (with total funding between €100K–15M) and 50 breakout companies (total funding €15M–100M).
    • Milan has produced seven scaleups with €100M+ in funding.

Strength in SaaS and Enterprise Software

Since 2019, SaaS startups have raised more than half of Milan’s VC funding. Notable successes include companies focused on AI-driven HR solutions, enterprise software, and real estate platforms. These startups are creating ripple effects across industries by streamlining operations and enhancing customer experiences.


Life Sciences Cluster: MIND and Beyond

The Milano Innovation District (MIND) has become a cornerstone of Milan’s life sciences ecosystem. Established in 2019, this one-million-square-metre site hosts:

  • Galeazzi – Sant’Ambrogio Research Hospital: Italy’s largest life sciences research institute.
  • Human Technopole: A leading research institute focused on precision medicine and genomics.
  • Bio4Dreams: A life sciences incubator nurturing early-stage biotech companies.

These institutions, alongside 19 other research hospitals in Milan, are fostering groundbreaking advancements in healthcare and biotechnology.


Milan’s Global Appeal

Milan has emerged as a magnet for international investors. Over the last two years, foreign participation in Milan-based funding rounds has surged, bolstering the city’s global reputation. Local venture capital funds have also raised over €900 million since 2023, reinforcing the ecosystem’s financial backbone.


Challenges and Future Opportunities

While Milan’s startup graduation rates surpass the national average, they lag behind some European peers. However, the city’s consistent growth trajectory, coupled with its diverse industry focus, positions it for sustained success.

Sectors like green transitionAI, and sustainable mobility present immense opportunities for future development, aligning Milan’s ecosystem with global priorities.


The Road Ahead

The Milan Ecosystem Report 2024 demonstrates that Milan is no longer just a regional player but a critical hub in Europe’s innovation landscape. With a robust support system, thriving sectors, and growing global interest, Milan is poised to become one of Europe’s premier startup destinations in the years to come.

For a deeper dive into Milan’s innovation landscape, explore the full report at YesMilano Innovation Map.