Italy’s economy may have contracted for the past three years but one sector is giving entrepreneurs and investors some confidence: technology start-ups.
The growing success of Europe’s technology sector has often focused on the powerhouses of the U.K. and Germany but Italy is beginning to gain traction.
Italy, the fourth largest economy in the Europe, was one of the worst hit during the financial crisis and the mistrust of large companies that rose during this period is one of the reasons people are flocking to start-ups, one investor said.
“I do think they (start-ups) have been getting a bit more help and focus in the last few years since the crisis where people have been generally got more skeptical about the big companies which In Italy that were seen as the ideal employers, people are more open to startups,” Tony Zappala, partner at Highland Capital, an investor in Italian start-up Shopfully.
Start-ups ‘at the right price’
Italy is also enjoying an increase in venture capital money. Venture capital funding into the country hit $56 million in the first six months of the year, a 12 percent rise from the $50 million during the same period last year. Read more at CNBC.