Brazil-Italy-Europe Observatory  ·  🇧🇷 🇮🇹 🇪🇺

Opportunities Map Brazil-Italy-Europe
A fortnightly benchmark of tenders and funding in Italy for Brazilian start-ups and SMEs

Period: 02/09/2026 - 16/09/2026 Published: 16/09/2026 Previous edition: 01/09/2026

🔄 What has changed since the edition of 01/09/2026

A turning-point fortnight. The most important finding of this edition is the Regione Lombardia call for the technological development of innovative startups, which has moved out of the "to monitor" section and become a concrete opportunity: the notice has been read in full and explicitly admits companies not resident in Italy, requiring only a declaration of intent to set up an operating base in Lombardy by the date of the first disbursement request. It is worth €15.6 million, a non-repayable grant covering 80% of eligible costs, up to €1 million (€1.5 million in assisted areas), with a window from 28/09 to 25/11/2026. This is the first time this benchmark has found a sizeable Italian instrument in which a Brazilian startup can file the application before setting up the Italian company. In parallel, Investimenti Sostenibili 4.0 - Bando 2026 has opened at MIMIT/Invitalia, with €447.6 million for SMEs in southern Italy. On the bilateral front the fortnight was a dense one: the Italian business mission to São Paulo on 14/09, and the consolidation of the CDP, SACE and Brazilian banks axis as the main route for Italian capital entering Brazil. Following the wider scope requested, this edition also begins to map, in a section of its own, the instruments through which Italian investors put money into Brazilian companies operating in Brazil, early stage included, with no requirement to export to Italy.

❌ Closed

EIC Accelerator, 02/09/2026 cut-off: the deadline has passed; the next and last cut-off of 2026 is 04/11. MCI, Mobility CONFAP Italy 2026: closed on 04/09/2026, with no sign of reopening in this round. BRAVI 2026: applications closed on 13/07; the selected companies have already been announced and the mission takes place in November, so it enters as a channel to monitor for the next edition, not as an open application.

✅ Still open

No structural change: Smart&Start Italia (rolling sportello), Contratto di Sviluppo, Invest in Italy / ZES Unica, SIMEST Fondo 394 (until 31/12/2026), CDP Venture Capital's national accelerator network and Italia Startup Visa. RAMP, Joint Transnational Call 2026 remains open, but with a pre-proposal deadline on 22/09: six days left.

🆕 New in this edition

Lombardia, Sviluppo tecnologico startup innovative (28/09 to 25/11, open to non-resident companies). Investimenti Sostenibili 4.0 - Bando 2026 (€447.6m, submission from 06/10). SIMEST, Fondo di Venture Capital MAECI, Italian capital in a Brazilian company. CDP, SACE and Banco do Brasil, with the facility announced for Brazil. Italian business mission to São Paulo, 14/09/2026.

📊 Opportunities at a glance

✅ Direct Brazilian access⚠️ Through an EU corporate structure🔗 Through an EU partner in the consortium 🏢 Through an Italian subsidiary🤝 Self-funded (associated partner)🆕 New in this edition
ProgrammeDescriptionCategoryType of supportDeadlineAmountOrganisationInfoAccess for Brazilian companies
📋 National and regional instruments
Sviluppo tecnologico startup innovative🆕 NEW
Regione Lombardia / Finlombarda
 A non-repayable grant for early-stage innovative startups to raise their technology readiness level, from prototype to industrial validation. The notice expressly admits companies not resident in Italy 📋 GeneralR&D / prototyping / TRL Non-repayable grant, 80% of costs 28/09 to 25/11/2026 OPENS IN 12 DAYS €15.6m budget; up to €1m per company, €1.5m in assisted areas Regione Lombardia ↗ link ✅ Yes, Italian base only at disbursement
Investimenti Sostenibili 4.0, Bando 2026🆕 NEW
MIMIT / Invitalia
 Support for innovative, sustainable productive investment programmes by SMEs located in the less developed regions of southern Italy, under the PN Ricerca, Innovazione e Competitività FESR 2021-2027 📋 SustainabilityProductive investment 4.0 Capital grant (conto impianti) plus subsidised financing, up to 75% of costs Submission from 06/10/2026 form filling open since 10/09 €447.6m; projects from €750,000 to €5m Invitalia ↗ link 🏢 Through a production unit in southern Italy
Smart&Start Italia
Invitalia / MIMIT
 Zero-interest finance for technology business plans from innovative start-ups, open to foreign companies that establish an operating base in Italy 📋 GeneralTech product, service or platform Zero-interest repayable loan plus a partial grant Rolling sportello open €100,000 to €1.5 million Invitalia / MIMIT ↗ link ✅ Yes, with an Italian base
Contratto di Sviluppo
Invitalia / MIMIT
 Financing for large productive investment programmes (industry, agribusiness, tourism, environmental protection) 📋 GeneralProductive investment Repayable financing plus a partial non-repayable grant Rolling Large-scale investment Invitalia / MIMIT ↗ link 🏢 Through an Italian production unit
Invest in Italy / ZES Unica
MIMIT / Invitalia / ICE
 A national one-stop shop for foreign investors, alongside the tax credit for productive investment in southern Italy 📋 GeneralInvestment attraction / tax credit Institutional support plus a tax credit of up to 70% Rolling ZES in force until 2028; the 2026 tax window closed on 30/05 €2.3bn budgeted for 2026 MIMIT ↗ link ✅ Yes, any country of origin
SIMEST, Fondo 394
SIMEST / CDP Group
 Subsidised finance for Italian SMEs, or Italian subsidiaries of foreign groups, for internationalisation, digitalisation and the green transition 📋 GeneralService or product Repayable financing at a reduced rate plus a partial non-repayable grant Rolling until 31/12/2026 Amounts set by thematic line SIMEST ↗ link 🏢 Through an Italian subsidiary
National accelerator network
CDP Venture Capital
 A network of vertical acceleration programmes (deep tech, bioeconomy, welfare, sport tech, agritech and others), with equity investment, open to international startups that open an operating base in Italy 📋 GeneralAcceleration plus equity Equity plus an acceleration programme Varies by accelerator rolling calls through the year Set by each programme CDP Venture Capital ↗ link ✅ Yes, with an Italian base
Italia Startup Visa
MIMIT
 A simplified, centralised visa procedure for non-EU founders setting up an innovative start-up in Italy; this is not funding, it is the immigration entry point 📋 GeneralVisa / soft landing Administrative facilitation Rolling subject to the annual quota A sub-quota of 500 visas a year; own capital of €50,000 required MIMIT ↗ link ✅ Direct access
📋 European calls
RAMP, Joint Transnational Call 2026
Raw Materials Partnership / Horizon Europe
 A joint transnational call on the raw materials value chain, circular economy and sustainability. Brazil takes part as a funding country, through CONFAP and EMBRAPII 📋 SustainabilityR&D / industrial innovation Grant, paid to each partner by its own national agency 22/09/2026 6 DAYSfull proposal on 15/02/2027 ~€40 million for the call as a whole RAMP / ANR (secretariat) ↗ link ✅ Yes, direct Brazilian funding
EIC Accelerator, 04/11/2026 cut-off
EIC / European Commission
 Blended finance (grant and equity) for deep-tech startups with radical innovations; the last cut-off of the 2026 calendar 📋 GeneralDeep-tech product or technology Blended finance (grant plus equity) 04/11/2026 stage 1 runs continuously Grant up to €2.5 million plus equity of €0.5m to €15m EIC / European Commission ↗ link ⚠️ Through an EU structure
Horizon Europe, WP 2026-2027
European Commission
 Sector calls for research and innovation with windows staggered through the European autumn; Brazilian bodies can take part, but as a rule without automatic EU funding 📋 GeneralR&D / innovation Grant, with eligibility set topic by topic Varies by topic check on the portal Varies by topic European Commission ↗ link 🔗 Through an EU consortium
📋 Brazil-Italy bilateral cooperation
EU-Brazil administrative arrangement (Horizon Europe)
EC / CNPq / FINEP / CONFAP
 A co-funding mechanism that lets Brazilian agencies fund national participation in Horizon Europe projects, partnerships and missions 📋 GeneralA mechanism, not a call Brazilian national co-funding Permanent activated call by call Set by each agency CNPq / FINEP / CONFAP ↗ link ✅ Yes, through a Brazilian agency
BRAVI 2026, agrifoodtech mission🆕 NEW
Findeslab / Fapes / Fundação Araucária
 An internationalisation mission taking Brazilian agrifoodtechs to Italy, with Ecomondo (Rimini), technical visits and matchmaking with Italian investors and corporates 📋 SustainabilityAgrifoodtech / bioeconomy Training plus mission; a grant of up to R$60,000 for companies from Espírito Santo Mission from 02 to 11/11/2026 APPLICATIONS CLOSED Up to 15 startups selected Findeslab / Fapes ↗ link ✅ Direct Brazilian access
💶 Italian capital for Brazilian companies operating in Brazil
SIMEST, Fondo di Venture Capital MAECI🆕 NEW
SIMEST / CDP Group / Farnesina
 A direct Italian equity stake in a Brazilian company, by SIMEST together with the Fondo di Venture Capital, of up to 49% of the capital of the company in Brazil. It does not require the Brazilian company to export to Italy 📋 GeneralEquity in a Brazilian company An equity stake, on promotional terms Rolling assessed case by case Cases mapped in Brazil range from €2m to €4m per deal SIMEST ↗ link 🔗 Through a sponsoring Italian partner
CDP and BNDES, cooperation on projects in Brazil🆕 NEW
Cassa Depositi e Prestiti / BNDES
 A memorandum of understanding and an announced commitment of up to €1 billion to support the green transition in Brazil, with joint development and financing of green projects 📋 SustainabilityProject finance / transition Financing and co-financing of projects Rolling pipeline built project by project Up to €1 billion, the figure announced by CDP itself CDP ↗ link ⚠️ Large scale, not early stage
CDP, SACE and Banco do Brasil🆕 NEW
CDP / SACE / Banco do Brasil
 A €250 million facility to Banco do Brasil with a SACE guarantee, plus a memorandum to mobilise further funds and hold matchmaking events between Italian companies and Brazilian companies financed by the bank 📋 GeneralIntermediated credit / matchmaking Credit on-lent through a Brazilian bank Rolling €250m in the first operation CDP / SACE ↗ link ✅ Yes, through a bank in Brazil
Italian business mission to Brazil🆕 NEW
MAECI / Confindustria / ICE / Italcam
 A Sistema Italia mission to São Paulo on 14/09/2026, setting up a bilateral working group with an agenda covering energy, agrifood, pharmaceuticals, mechanical engineering, digital and new technologies 📋 GeneralMatchmaking / investment attraction Access to Italian counterparts and investors Held on 14/09/2026 follow-up under way Not applicable MAECI / ICE ↗ link ✅ Direct Brazilian access

📂 Open opportunities in detail

1. Regione Lombardia, Sviluppo tecnologico delle startup innovative 🆕 NEW

28/09 a 25/11/2026
Non-repayable grant, competitive assessment with a ranking
Regione Lombardia, with Finlombarda S.p.A. as intermediate body
€15,637,408.95, with €7 million reserved for energy projects
Up to 80% of eligible costs
€1 million; €1.5 million if the operating base is in an assisted area (art. 107.3.c TFEU)
Decree no. 10622 of 04/08/2026; DGR no. 6218 of 25/05/2026
Who can apply
Small and micro enterprises within the meaning of Annex I to EU Regulation 651/2014, incorporated and active for no more than 36 months, or up to 60 months provided the readiness level of the solution is at or below TRL 6. They may not be listed on a regulated market or have distributed profits. Each applicant files a single application.
Why this changes the game for a Brazilian company
The text of the notice deals expressly with companies not resident in Italy. They must be incorporated under the rules of their country of residence and registered in the equivalent business register, attaching supporting documents. As for the two requirements that normally block access, the notice defers them to the moment of the first disbursement request: registration in the special section of the Business Register for innovative startups can merely be declared as an intention in the application, and the operating base in Lombardy can likewise be the subject of a declaration of intent to set one up. In practice, a Brazilian startup can apply as a Brazilian company, be assessed, and set up the Italian structure only if it is approved.
Assessment
A formal admissibility check followed by technical assessment by the Regione Lombardia technical evaluation unit, with a minimum score of 65/100, covering project quality, scalability, degree of innovation and financial soundness. It is not first come, first served: it is competition on merit.
How to join
Exclusively through the Regione Lombardia Bandi e Servizi platform, from 10:00 on 28/09/2026 to 15:00 on 25/11/2026. Information on filing and processing: [email protected]. regione.lombardia.it
The Chamber's reading: this is the most relevant item of this edition and probably of the quarter. It combines three rare things at once: a non-repayable grant (not a loan), high intensity (80%), and a door open to those who do not yet have a structure in Italy. For a Brazilian startup at prototype stage, with TRL up to 6, the ratio between the effort of applying and the potential value is the best in the table. The twelve days before it opens are exactly what is needed to prepare translated Brazilian corporate documents and the technical plan.
Honest caveats: first, the reading above follows the text published on the official Regione Lombardia page; the full Allegato A, in PDF, must be read in its entirety by Italian advisers before submission, above all art. A.3 paragraph 3, which lists the grounds for exclusion. Second, the assessment is comparative and the 65/100 threshold is real: this is not a first-come desk. Third, approval requires setting up a company and an operating base in Lombardy before the first disbursement, so the cost of structuring is still there, it simply does not come before the application.

2. RAMP, Joint Transnational Call 2026 (Raw Materials Partnership)

22/09/2026, pre-proposal
A joint transnational call, in two stages
Raw Materials Partnership, a European partnership co-funded by Horizon Europe
About €40 million, committed by 39 funders from 27 countries
CONFAP and EMBRAPII
Where it stands in this round
No change in the rules since 01/09. What has changed is the clock: the pre-proposal deadline is 22/09/2026, at 15:00 CEST, six days away. Consortia must have at least three partners requesting funding in three participating countries, of which at least two EU Member States or associated countries.
Timetable from here
Stage 1 results in mid-December 2026, full proposal on 15/02/2027, decisions between June and September 2027, projects starting from mid-2027.
How to join
Submission through the call's electronic system, always by the consortium coordinator, after checking the national rules in Annex 1. ramprawmaterials.eu
The Chamber's reading: this remains the only mapped case in which a Brazilian company receives funding inside a European project without setting up an entity in the EU, with EMBRAPII as the natural route for companies. Anyone without a consortium already formed by now should treat the call as a reference format for the next round, not as a viable application in this one.
The caveat that remains: a Italy is not among the 39 funders. An Italian partner can only join as a self-funded partner. For a Brazil-Italy arrangement, the consortium needs at least two funders from EU countries that are on the list.

3. Smart&Start Italia, Invitalia

Rolling, sportello open
Zero-interest repayable loan, with a partial grant
Invitalia, on behalf of MIMIT
€100.000 a €1.500.000
Zero interest on 80% to 90% of the expenditure; in the south, 30% to 35% as a grant
Eligibility requirements
Innovative startups incorporated less than 60 months ago. Foreign companies are eligible provided they open an operating base in Italy, evidenced by the first disbursement. There are bonuses for teams that are mostly young, mostly female, or include a PhD holder returning from abroad.
How to join
Submission of the business plan through the Invitalia platform, assessed in order of arrival. invitalia.it
How to combine this with the Lombardy news: the two instruments are not alternatives, they are sequential. The most efficient route for a Brazilian technology startup is now to apply to the Lombardy call (a non-repayable grant, assessment on merit, no structure needed beforehand) and then, once the Italian company has been set up because of the approval, to use Smart&Start for development capital. The rules on cumulating aid over the same costs must be checked with Italian advisers.

4. Contratto di Sviluppo, Invitalia / MIMIT

Window open
Repayable financing plus a non-repayable grant
Invitalia, on behalf of MIMIT
Industry, agri-industry, tourism, environmental protection
Large-scale investment programmes
Eligibility requirements
Open to Italian and foreign companies of any size, provided they set up a production unit on Italian territory before the benefits are released. It operates through thematic sportelli.
How to join
invitalia.it. A complex process, where support from specialist advisers is strongly recommended.
No change since 01/09: suited to SMEs with a solid investment plan, for example setting up a manufacturing plant or a distribution centre in Italy. It is not an instrument for small tickets.

5. Invest in Italy / ZES Unica, MIMIT

Rolling, ZES in force until 2028
A one-stop shop for foreign investors, alongside a tax credit
MIMIT, with Invitalia and ICE Agenzia
€2.3 billion budgeted for 2026 under the ZES Unica
Minimum €200,000, maximum €100 million, with a tax credit of up to 70%
Tax timetable
The institutional desk is open on a rolling basis, but the tax credit has a timetable of its own. For calendar year 2026 the notification to the Agenzia delle Entrate had a window from 31/03 to 30/05/2026, now closed. The supplementary notification runs from 03/01 to 17/01/2027. Anyone who did not notify in 2026 should plan for the 2027 cycle.
How to join
Direct contact with the Sportello Unico Nazionale Invest in Italy. investinitaly.gov.it
Note of the fortnight: the Italian business mission to São Paulo on 14/09 publicly restated the declared aim of attract Brazilian investment to Italy, and not merely to export. The Sportello Unico is the formal channel through which that message turns into project mentoring. It is worth getting in touch and citing the mission.
An important distinction: institutional support is open to investors of any origin, Brazilians included, with no structure in place beforehand. The tax credit, on the other hand, can only be used by an Italian taxpayer, which requires an entity incorporated in Italy.

6. SIMEST, Fondo 394 (for Italian subsidiaries of Brazilian groups)

Rolling until 31/12/2026
Subsidised loan at a reduced rate, with a partial grant
SIMEST S.p.A., CDP Group
Italian SMEs and mid-caps, or Italian subsidiaries of foreign groups, with at least two sets of filed accounts
How to join
The SIMEST portal, managed a sportello until the funds run out. Amounts, support intensity and eligible costs vary with the thematic line chosen and must be checked line by line on the portal. simest.it
For Brazilian companies: applicable to Italian subsidiaries of Brazilian groups that are already incorporated, with at least two closed financial years. It is not an entry instrument, it is a second-stage one.

7. SIMEST, Fondo di Venture Capital MAECI, Italian capital in a Brazilian company 🆕 NEW

Rolling, assessed case by case
A direct equity stake in a company incorporated in Brazil
SIMEST S.p.A., CDP Group, managing the Venture Capital Fund under an agreement with the Italian Ministry of Foreign Affairs
SIMEST plus the VC Fund up to 49% of the capital of the Brazilian company, without exceeding the stake held by the sponsoring Italian company
Cornaglia do Brasil (€2.6m, 36%), Socage do Brasil (€2m), Bronte / Grupo Bomi (€4m, 45% jointly)
Why it appears in this edition
Following the wider scope requested, this benchmark also begins to map the reverse flow: Italian capital invested in companies operating in Brazil, with no requirement that those companies export to Italy or work on sustainability themes. SIMEST's Fondo di Venture Capital is currently the most direct Italian public instrument of this kind, and its remit has been widened to include startups that want to grow abroad.
How the structure works in practice
The deal is not SIMEST investing directly in an independent Brazilian startup. There is always a sponsoring Italian company holding a stake in the Brazilian company; SIMEST and the VC Fund come in alongside it, as minority investors, on promotional terms and with a defined exit horizon. For a Brazilian entrepreneur the right reading is this: if there is an Italian industrial or financial partner willing to co-invest, the Italian state multiplies that cheque.
How to join
The initiative comes from the Italian company, together with SIMEST. The role on the Brazilian side is to identify and qualify the Italian counterpart. simest.it and export.gov.it
The Chamber's reading: this is the structural finding of the wider scope. It repositions the Chamber's role: as well as taking Brazilian companies to Italy, there is an Italian public instrument that rewards the Italian who invests in Brazil. That turns the search for an Italian partner into a concrete value proposition rather than a mere statement of intent.
An honest caveat: the Brazilian cases mapped (car parts, aerial platforms, healthcare logistics) involve Brazilian subsidiaries of Italian groups, not independent Brazilian startups. It was not possible in this round to confirm a single case in which the vehicle was used to capitalise an early-stage Brazilian startup with Brazilian founders. The theoretical eligibility is there; the fund's practical track record is not. A direct enquiry to SIMEST and to the Italian Embassy is advisable before building a thesis on this basis.

🔭 Expected opportunities (opening soon)

1. Investimenti Sostenibili 4.0, Bando 2026, MIMIT / Invitalia 🆕 NEW

Submission from 06/10/2026
Capital grant (conto impianti) combined with subsidised financing
Invitalia, coordinated by MIMIT, under the PN Ricerca, Innovazione e Competitività FESR 2021-2027
€447.6 million
Molise, Basilicata, Calabria, Campania, Apulia, Sicily and Sardinia
From €750,000 to €5 million per programme
Up to 75% of eligible costs
Timetable
Applications can be filled in from 12:00 on 10/09/2026; formal submission, with the sportello opening, from 10:00 on 06/10/2026. Legal basis: the ministerial decree of 08/03/2026 and the directorial decree of 05/08/2026.
How to join
The Invitalia platform. invitalia.it
Who this is for: a Brazilian group that already has, or is willing to create, a production unit in southern Italy, in manufacturing sectors with a digital and sustainable component. It fits the logic of the ZES Unica: the same territory, with two distinct instruments, one a tax credit and the other a direct grant.
To be confirmed: it was not possible to confirm in this round whether, and on what terms, companies under foreign control, or with their registered office outside Italy, are admitted. The published criterion refers to a base in the eligible regions, which points to a requirement for an Italian structure located in the south. Having the directorial decree of 05/08/2026 read by Italian advisers is essential before planning an application.

2. EIC Accelerator, 04/11/2026 cut-off

04/11/2026
Blended finance, grant and equity
EIC / European Commission
The short proposal can be submitted at any time, processed monthly
EU or associated country, required at stage 2
Eligibility requirements
Startups, SMEs and small mid-caps must be based in the EU or in a country associated with Horizon Europe at the moment the full proposal is submitted. Brazil is not an associated country. The short stage 1 proposal can be submitted at any time, still as a Brazilian company.
What this means in practice
This is the last cut-off scheduled for 2026. A Brazilian startup planning to use the EIC needs to bring forward the corporate decision, because eligibility is checked at stage 2. The 2027 calendar has not yet been formally adopted by the Commission and is therefore not reported here.
How to join
eic.ec.europa.eu, through the Funding & Tenders Portal.
Suggested planning: prepare the short proposal now, still as a Brazilian company, in parallel with setting up the Italian entity. If the route chosen is the Lombardy call, the natural sequence is: apply in Lombardy by 25/11, incorporate if approved, and go to EIC stage 2 at the first 2027 cut-off the Commission confirms.

3. Horizon Europe, autumn 2026 windows

Deadlines vary by topic
Calls on research, innovation and international cooperation
European Commission, through EISMEA, HaDEA and other agencies
Digital, health, energy, industry, climate, culture, raw materials
Set topic by topic, concentrated in the European autumn; check the Funding & Tenders portal
The eligibility rule that matters for Brazil
Institutions from Latin America and the Caribbean can join consortia in almost every call. Brazil, however, is among the Latin American countries not eligible for automatic funding from the Commission, alongside Chile, Mexico, Panama and Uruguay. European funding only happens when the text of the call expressly says so, which means checking topic by topic every time.
Where to look first
The indicative list kept by EURAXESS Latin America and the Caribbean filters the 2026-2027 calls that are explicitly open to cooperation with the region. euraxess.ec.europa.eu/worldwide/lac
The Chamber's reading: the realistic route is still to join the consortium with Brazilian funding secured from CNPq, FINEP or a state FAP, under the Administrative Arrangement, rather than to seek direct European funding. That is the mechanism that made funded Brazilian participation in RAMP possible.