Rating Venture Capital Firms in Italy

Using social network analysis to measure the quality of investors connections

Vincenzo Farina

Networks provide channels for the exchange of information and resources. Central actors can use these channels to reach key information and resources that enhance knowledge and power.

VCs could exploit their network position to have a better access to industry relevant information and good investment opportunities. Therefore, measuring how well is connected a VC firm with other VC firms in the industry could be a driver/predictor of VCs future performance.

Using CrunchBase database, I analyze all VC deals made in Italy in the last five years (2010–2014) to rank VCs according to their network centrality. Overall, in the period 2010–2014, 191 VCs invested in 443 startups. I define inter-actor networks considering investors’ memberships in VC co-investments. As a measure of network centrality I use the betweenness of each actor.

Below you can find the results of the analysis. The order of the investors is based on their centrality.

Top 30 Italian VC investors, based on network centrality.

Club Italia Investimenti

Vertis

H-FARM Ventures

LVenture Group

Zernike Meta Ventures

United Ventures

Massimiliano Magrini

Digital Magics

Start-Up Chile

Nanabianca

360 Capital Partners

Principia SGR

Siamosoci

Italian Angels for Growth

Boox

Filas

Atlante Ventures

RedSeed Ventures

P101

Telecom Italia

Techpeaks

TIM Ventures

Vertis Sgr

56CUBE

Atlante Ventures Mezzogiorno

GameFounders

LUISS ENLABS

Marco Bicocchi Pichi

Mario Mariani

Innogest

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