This document summarizes the state of the angel investment market in Italy in 2008. It finds that total surveyed investments were €31.1 million, spread across 120 deals, with an average investment of €213,000. The number and size of angel investments in Italy is growing and slowly aligning with trends in other European countries. A typical Italian angel investor is a male manager or entrepreneur in their 40s with €500,000 in assets who invests around 10% and holds less than 30% of companies for about 3 years. The Italian Angels for Growth organization was founded in 2007 with the goal of promoting angel investing and facilitating access to early stage funding for entrepreneurs.