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  • Writer's pictureIlma Danielienė

Greek start-ups absorb $ 1 billion in funding

Greek start-ups have been receiving a significant inflow of funds in recent years. In the first three quarters of 2020, approximately $ 1 billion has been invested in Greece startups, while in 2019 the total amount invested was $ 1.13 billion.

Athens, Greece: 2 December 2020

According to Marathon Venture Capital, approximately $ 1 bln has been invested in Greek start-ups in the first three quarters of 2020. This compares favourably with the $ 1.13 bln invested in Greek start-ups in 2019.

The majority of the funds, about $ 800 mln, were absorbed by Greek-founded companies with their headquarters abroad. Some $ 210 mln have been raised by companies that either have their headquarters in Greece or maintain a strong presence here.

According to Kathimerini, the market of Greek start-ups entered a phase of maturity, as it managed to attract the interest of a larger number of investors, many of whom have an international impact.

According to Marathon Venture Capital, the funds raised by Greek companies with a presence in Greece in the period 2014-2017 totalled between $ 50-100 mln. Although the Greek founders of technology companies abroad created a market that many estimated to be 15-20 times larger in size compared to those of the Greek technology sector, there are several companies investing in or expanding in Greece.

For example, Orfium, started in Los Angeles, but has more than 50% of its workforce in Greece. Today it has about 110 employees, while its goal is to reach at least 150 by the end of 2021.

According to Marathon, in the first three quarters of 2020, 7 acquisitions were recorded compared to 16 in 2019 and 6 in 2018. Some of the biggest deals in the field of technology companies were closed this year. Such is the case with InstaShop, which was acquired for $ 360 mln by Delivery Hero, and Softomotive, which is now under Microsoft control.

The number of employees employed in start-ups in Greece has increased. In the first thre quarters of 2020, the number of employees in start-ups had risen to 7,746 compared to 7,321 in 2019 and 5,552 in 2018. In 2012, on the contrary, in the heart of the Greek economic crisis, the number was around 569.

Navigator Consulting provides Investment Advisory, Strategic Management and support for start-ups in Cyprus, Greece and internationally.

For further information, please contact:

Philip Ammerman

Managing Director


Kathimerini. 2 December 2020

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