The discussion starts with early-year funding momentum in Italy, highlighting structured club deals and their role in smaller and mid-size rounds. A major focus is D-Orbit’s €110M growth round, led by Azimut, showcasing how accredited investor networks and Luxembourg-based SPV vehicles are reshaping capital aggregation. The hosts analyze why advanced fund structures outside Italy enable faster execution and regulatory clarity. The conversation then shifts to Brum, a mobility-tech startup digitizing driver’s license processes, and why Italian Founders Fund’s rapid deployment matters. The episode concludes with insights from 2025 ecosystem reports, revealing Italy’s strong growth rates but structurally smaller early-stage round sizes compared to other European markets. The key takeaway: Italy’s venture ecosystem is maturing fast, but scaling capital efficiency remains the real unlock.