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Startups in Greece

Found.ation and EIT Digital, have released the Startups in Greece report for the 7th consecutive year. This report is supported by the Hellenic Development Investment Bank (HDBI) with the support of egg | Eurobank | CoralliaRoche, and Seedblink.

The report is a study of the Greek startup ecosystem, providing valuable insights of the Greek startup scene and its development over the years.

Key features:

  • In 2023 more than 70 companies were funded with more than 485M euros. Only 20% of them have a female among the founders. Thirty-one percent of the funded companies have been previously supported under the EquiFund.
  • On par with the European trend where a 38% drop in funding is expected by the end of the year, 2023 funding levels in Greece show a 24.5% decrease. This percentage changes to a 4.2% increase if we are to deduct debt funding from the equation. This increase is due to more intense activity in the Series A+ spectrum and the decrease of rounds that include debt funding.
  • There are 13 active Greek VC funds focused mainly on startups with a total size of €540M (assets under current management). Those funds have invested in 62 startups in 2023, accounting for about 85% of the total volume of deals.
  • VC fund managers are cautiously optimistic for 2024. Their prospects for the new year are rated on a 3.8 on a scale of 5.
  • The pattern of U.S.-based companies and venture capital funds participating in acquisitions and investments of Greek startups is a highlight this year as 33% of the participating VCs in investment rounds were from the U.S. Overall, the involvement of investors outside of Greece reached 78% of total investors. The number of angel investors participating in the investment rounds is also large as it is present in an impressive 42% of the funding rounds.
  • The total value of early-stage startup investments, encompassing Pre-Seed and Seed stages, has plummeted by 41.57%. However, notably, the value of deals within the Pre-Seed stage has surged, more than quadrupling. This decline poses a concerning trend that could significantly impact forthcoming vintages.
  • A shift in the top sectors where investors choose to place their capital is noted: RetailTech, AI- and AgriTech-focused startups have risen to the top 2 positions of the funded companies in 2023, on par with global trends.
  • Ten new exits were noted this year, with some of them surpassing €100M in deal value. Building up from previous years, there appears to be a growing interest from US-based tech giants to acquire Greek startups, with Hewlett Packard Enterprise, Cisco, Dell and Intel, completing successful acquisitions within 2023.

STARTUPS IN GREECE 2023-2024 REPORT IS

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Past reports: [2017] [2018] [2019] [2020] [2021] [2022]

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