EIF IN


ITALY


Investing in the future of Italian SMEs

OUR ACTIVITY
SUCCESS STORIES
KEY FIGURES
MANDATES IN FOCUS

Investing in the future of Italian SMEs

Small and medium-size enterprises are the heart of the Italian economy.

Representing 99% of all businesses and more than two thirds of the workforce, Italy's 3,787,000 SMEs are responsible for driving innovation as well as spurring on growth, and their daily routine is what ensures the competitiveness of the Italian economy. But to do that, they often need finance.

At the same time, as the smallest actors in the economy, they are often the hardest hit when the economy encounters turbulence, which is why it is so crucial for them to have financial options in order to maintain and eventually grow their businesses.

At the EIF, our mission is to improve access to finance for small businesses across the EU. In Itay, we have been supporting SMEs using a broad range of instruments, including many tailored to the needs of the Italian market and designed with the Italian government and local authorities.

As a result, we've been able to support more than 410,000 Italian businesses, ranging from kindergartens to agri-businesses, and from medical devices to film production, making sure they have the financial fuel they need to pursue their ambitions.

Our intention is to continue to extend this type of support to the Italian market, making access to finance easier as we collectively move towards a greener, digital and more inclusive Europe.


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OUR INTERMEDIARIES IN ITALY

Success stories


Federico Bono

Success stories


Federico Bono

“Most degrees focussed a lot on computer science and engineering. I wanted something different, and I found that at EIT Digital,” explains Federico Bono, from Treviso, about his Masters studies. “The project has different phases—first a kick-off in Tallinn, the first year in Milan Polytechnic, a summer school in Madrid, and then a second year in Stockholm.”

Federico is doing a double Masters degree, focusing on data science and a minor on innovation and entrepreneurship, with courses on management. At the EIT Digital Masters School, he is able to focus on his studies without having to worry about finances. Already freelancing as a software engineer, Federico is keen to help small businesses digitalise: “I specialise in designing, coding and developing software that clients need. My main focus is the digitalisation of company processes.” In the second year of his Masters programme in Sweden, he will focus on data mining, distributed systems, and business intelligence.

Sector Skills & education

Purpose Re-skilling


Adler Ortho

“People like my grandmother just tended to sit around, not doing much. Today, 75-year-olds can still be very active.” Osteoarthritis and osteoarthrosis come with age and are quite common in Europe, with our higher life expectancies, creating a very large market for artificial joints that can be used to alleviate painful conditions.

Adler Ortho is an Italian company specialised in design, production and commercialization of joint prostheses and other orthopaedic surgical devices. Based in Milan, the company has manufacturing subsidiaries in both southern Italy and in the north, with markets stretching beyond Europe to Japan, the US, Australia, and New Zealand. “If you look back," says Edgardo Cremascoli, Director, "people like my grandmother just tended to sit around, not doing much. Today, 75-year-olds can still be very active. With ageing populations, this market is growing significantly,” he adds.

Sector Medical devices

Purpose Business expansion


Ecosmic

Founded in 2024 and headquartered in Turin, Italy, Ecosmic is on a mission to make space operations safer, smarter, and sustainable. The startup is building the operating system for space security, developing a suite that allows operators to navigate safely the growing complexity of earth’s orbital environment.

“Satellites play a critical role in everyday life,” explains Imane Marouf, co-founder and Chief Commercial Officer of Ecosmic. “From GPS to broadband, our society relies on them more than ever. Yet the space above us is becoming increasingly crowded.” Today, the company’s flagship product, SAFE – System to Avoid Fatal Events – combines collision avoidance software, risk estimation, and real-time insights for satellite operators, from commercial companies to agencies like the European Space Agency and even a proof of concept for the US Space Force.

Sector Space

Purpose Seed financing


Ginkgo III

“Everyone knows that Florence is a beautiful city, the birthplace of the Renaissance. However, it faces a significant issue,” says Guillaume Ribet, Managing Director and Partner of Ginkgo Advisors. “With 13 million tourists visiting a city of just 350,000 residents every year, housing has become a major concern. That is why we chose Florence for our next project.”

As cities expand, urban sprawl leads to overcrowding, pollution, and the loss of green spaces, while many old industrial sites remain abandoned. Ginkgo Advisors focuses on regenerating these areas into sustainable communities, addressing environmental, social and urban growth challenges. Over more than a decade, Ginkgo have been raising capital for similar projects in close partnership with private and institutional investors, including the EIF and the EIB. “We’re currently managing 28 projects across Europe and are present in six European countries,” Guillaume adds.

Sector Infrastructure

Purpose Urban regeneration project


Movimento Films

“It starts with a doctor in Trieste who witnesses a car accident. He rushes to the scene to offer his help, but decides to step back and let the man die,” says Mario Mazzarotto, Director of Movimento Films. “Non Odiare is a film about the aftermath of this decision.”

Founded in 2008 a stone’s throw from the Colosseum Movimento Films produces and distributes documentaries, series, and feature films for television and cinemas, and its titles have been selected by major international film festivals such as Berlin, Venice, Cannes, Rome, Locarno, Sundance, and Rotterdam. “The audiovisual funding environment is tough. There are only a few banks with the expertise and willingness to support film production in Italy today,” says Mario. “This is why it’s so important to find support from sources like the EU. We need to move as fast as possible, so it’s important that there are no unnecessary delays.”

Sector Audiovisual

Purpose Cashflow


Abiomed

“In our fields, in the warm Sicilian climate we produce all sorts of fruits and vegetables. From artichokes to carrots, peppers, zucchini, aubergines, but the top product is our cherry tomato,” says Luciano Caruso, Director at Abiomed, “We sell them fresh, sun-dried as tradition dictates, or even as a sauce.”

Abiomed is an association of agricultural producers founded in 2001 by 10 producers. It has since grown to a network of 434 producers located in the provinces of Ragusa, Agrigento, Catania, Caltanissetta, Syracuse and Trapani. They also work with local schools to promote nutrition. “Good, locally-sourced food is itself a great investment in future generations,” Luciano explains. “Producers play an active role in our community, collaborating with local schools and sports teams, helping to put on athletics, cycling, and volleyball activities, and campaigning at the same time about good nutrition for youth and athletes. Training starts at the table.”

Sector Agriculture

Purpose Working capital

Key figures*

Figures as of December 2025


Over

of EIF financing


Transactions with financial intermediaries


Equity investments since inception

Guarantees support since inception


made available for


Italian businesses

Mandates in focus

The EIF continues to deploy capital in Italy under a wide range of strategic programmes and mandates. Below are brief summaries of our main initiatives in Italy.

InvestEU

The InvestEU programme provides the EU with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It is helping to mobilise private investments for the EU’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU Programme brings together under one roof the multitude of EU financial instruments previously available to support investment in the EU, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

RCR

The EIB’s Risk Capital Resources (RCR) is the core pillar of the EIF’s equity activity. It has enabled us to pursue our equity strategy in the venture capital and growth segments for more than 25 years. In 2025, RCR accounted for about 30% of our equity activity, committing €2.1bn to financial intermediaries.

EFSI

The European Fund for Strategic Investments formed part of the EU’s Investment Plan for Europe, launched by the European Commission in 2015. EFSI addressed market gaps in financing - whether in infrastructure, research, energy efficiency or risk finance for SMEs – and mobilised private investment into these areas. Through EFSI the EIF deployed €10.5bn in resources of the European Commission, the EIB and the EIF to improve access to finance for SMEs and small midcaps.

REPowerEU

The EU launched REPowerEU in 2022 to reduce dependence on fossil-fuel imports and accelerate the green transition. To support the plan, in October 2022, the EIB Group developed a package of measures focussing on renewable energy, energy efficiency, electricity networks and on deepening its engagement in green innovation and breakthrough technologies. Under REPowerEU, the EIF will invest €4.5bn by 2027 through EIF equity products.

AI Co-investment Facility

The AI Co-Investment Facility is a €150m joint equity instrument targeting companies in the field of artificial intelligence. Launched in December 2020, it is deployed over a period of four years, to support the European AI ecosystem and the European Digital Strategy of the European Commission; and to target the "second equity gap” that companies face when they move into the growth phase of their life cycle. The co-investment structure of this Facility allows the EIB to invest alongside EIF-backed fund managers and private investors.

Social Infrastructure Partnership with CDP

In 2023 we set up a €300m instrument with Cassa Depositi e Prestiti (CDP) Real Asset SGR that constitutes the EIF's first national social housing programme in Europe. The agreement will enable the EIF and Fondo Nazionale dell’Abitare Sociale (FNAS—National Social Housing Fund) to support real estate projects that will have a direct impact on social inclusion and urban regeneration in Italy. FNAS’s main objectives include supporting the creation of around 10,000 new beds for students as well as housing solutions for self-sufficient elderly people, with a strong focus on ESG principles. The EIF will play a dual role vis-à-vis FNAS, namely, as a consultant to pinpoint and assess the investment opportunities and, subsequently, as a co-investor in the funds identified, resulting in an overall commitment to Italy’s social housing sector of up to €300m shared equally between the EIF and FNAS.

ITAtech

Launched in 2016 in partnership with CDP, ITAtech focuses on the development and support of the technology transfer (TT) sector. By targeting the earliest stages of the value chain — notably through collaboration with key partners such as universities and research centres — ITAtech was designed to help bring ideas to market. Under ITAtech, €200m was made available on the Italian market for investments in TT funds. The programme was fully deployed by 2021, having invested in five TT teams, and its successor initiative, ITAtech II, launched in 2021 with CDP Venture Capital also with €200m of size, has also been fully absorbed by the market by mid-2025.

ETCI

The European Tech Champions Initiative was launched in February 2023 with EIB Group resources alongside contributions from Germany, France, Spain, Italy, Belgium, the Netherlands and hopefully soon, also other EU Member States. Managed by the EIF, this is the first of its kind growth stage fund-of-funds in Europe, with and endowment of €3.75bn of capital to tackle the European scale-up gap.

EGF

The European Guarantee Fund was created by the EIB Group with contributions from Italy and other Member States to protect companies struggling in the crisis caused by COVID-19. With almost €25bn in guarantees, the EGF allowed the EIB and EIF to swiftly offer companies, mostly SMEs and mid-caps, access to loans, guarantees, asset-backed securities, capital and other financial instruments. The EGF forms part of the package of recovery measures put in place by the EU, with the objective of providing a total of €540bn to support the hardest hit sectors of the European economy.

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