“Stagnation” is the term used by several representatives of Greek investment funds to describe the trajectory of the Greek startup ecosystem at the end of the first quarter of this year compared to the same period last year.
“So far, a total of 15 investments have been made in Greece-based startups. If the number of investment rounds continues at this pace in the next quarters of this year, it will reach the 2023 level. “There are also cases of unannounced funding,” a person familiar with the matter told Kathimerini.
According to data from Marathon Venture Capital, a Greek investment fund, from the beginning of this year to date, all startups that are based in Greece (head office or branch) or consist of Greek founders: , which does not have a presence in Greece, has raised $174 million in 25 funding rounds from 22 international investors.
Notably, the startup company with Greek roots and based in Greece has raised $78 million from a total of 13 investors, with the remaining capital, i.e. $96 million, coming from foreign startups with Greek founding teams. given to companies.
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For some investors, funds raised purely by Greek startups have remained at very low levels so far. In fact, Marathon Venture Capital’s list also includes his recent $32 million investment in insurance company Hellas Direct, although the company is at a fairly mature stage of development and is therefore not a start-up. Therefore, the total amount raised will be even lower.
“Investment funds have been established with the help of funds from the Hellenic Development and Investment Bank, but investment activity is not very active. Perhaps it is because some of them have been introduced recently. But the truth is that most ‘s original idea is not in Greece, but abroad. That’s why, once we have established the fund, we intend to start traveling to locations with Greek elements,” he said. said an investor who plans to launch a fund.
However, over the past year, inflation, rising borrowing costs and geopolitical turmoil have negatively impacted the technology industry, with global investment expected to fall by 40% in 2023.
Greek startups are not immune to the upheaval in the investment environment either. Following the general trend observed around the world, the market declined as funding for new ideas declined at roughly the same rate.
Other notable investments so far include Hellas Direct, as well as Greek startup Kinvent, which raised $17.3 million from French investment fund Eurazeo, and Greek Investment, according to data from Marathon Venture Capital. House Bright Solar etc.
