Startups in Greece 2019 report: how Equifund affects the Greek ecosystem

2019 is a decisive year, as it marks almost two years since the launch of EquiFund. For the first time, all the investments made under the framework of the financing program are recorded and the profile of the companies that have been strengthened is analyzed.
As is pointedly noted on the EIF (European Investment Fund) statement in the report: “EquiFund-backed fund managers have been able to mobilize the Greek VC ecosystem by targeting different market segments […], while also contributing to the development of the startup community […] and have pushed towards multiplying the results of the program by creating new jobs and increasing interest from investors outside Greece who are more regularly involved than they used to. “

The list of the most successful Greek startups, both those that have received the largest funding in 2019 and overall, as well as those that have achieved the best exit deals, are updated and presented.

For the second year in a row, Found.ation has partnered with Velocity.Partners VC, an EquiFund-backed fund, to analyze and highlight the attributes of Greek startups that are in their early stage of development (pre-seed and seed), understand their needs, identify the problems they face in fundraising, and build their profile.

Some of the report’s highlights:

• 60m euros have been invested in Greek startups so far through the EquiFund apparatus. The 74 companies that have been strengthened have raised a total of €180m with contributions from non-EquiFund-backed investors as well.
• For every € 1 invested through EquiFund VCs, startups have received another € 1 from non-EquiFund-backed investors in subsequent funding rounds. In total, for every €1 through EquiFund, startups have received an additional €2 from non-EquiFund-backed investors.
• EquiFund-backed startups are “younger” (<4 years since formation) compared to startups that received funding in previous years (<8 years since formation).
• Eight out of ten startups that are the largest funding recipients to date are among those funded through EquiFund. Specifically, 25% of all investment rounds involve the participation of an EquiFund VC. For companies that have received funding through EquiFund, the program’s participation represents on average 33% of the total funding they have received.
• The Greek startup ecosystem still favors B2B services. Most startups in their early stages of development belong to the life sciences, retail and e-commerce, as well as agri-food verticals. Other verticals such as Tourism and Energy are also on the rise.

In an opinion article hosted in the report, the Deputy Minister of Development and Investments, Yiannis Tsakiris, notes that: “…startups are the essence of entrepreneurship and entrepreneurship means sustainable development. As a government, we must ensure that there is sufficient access to great ideas, talent, and funding.”

You can read the full report (in English) by clicking the link.