Milan’s innovation ecosystem has recently gained international investor attention. Between January and September 2022, more than €1.3bn was invested into Milan’s start-ups — an increase of 90% on full-year 2021 figures and beating all previous full-years on record, according to PitchBook data. 

The city, which is capital of Italy’s most developed region, Lombardy, has attained its first two homegrown ‘unicorns’, or start-ups valued above $1bn. Entrepreneurs and investors believe the city has all the ingredients, including infrastructure, capital and talent, necessary to become a leading European technology hub.

“Milan’s innovation ecosystem is finally experiencing a flourishing season and is ready to start that growth path toward a size in line with other European cities,” says Ignazio Castiglioni, founder and CEO of HAT Group, an Italian multi-asset investment firm. 

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