What the Hellenic International Business Angels Summit tells us about Greece’s Startup Ecosystem

Last week 60 business angels came from around the world to hear 20 of the most promising Greek start-ups pitch their ideas, with policy makers, corporate leaders and media representatives, all descending on Athens for a piece of the action.

The Hellenic International Business Angels Summit (HIBAS-202) was a hive of energy and ideas. There was such a sense of purpose and ambition, both on the stage and in the huddled conversations everywhere you looked.

Greek startups raised over half a billion euros in 2021, triple the previous year. And if what we saw at this year’s summit is anything to go by, the trend of rapid growth is going to continue.

The event, which we were proud to co-organize with the Hellenic Business Angels Network (HeBAN) and the European Business Angels Network (EBAN), really marks the maturing of our startup ecosystem which, those who have been watching, will know has been gestating in recent years.

Earlier in 2022 JP Morgan confirmed they would purchase a 49 percent stake in Viva Wallet, with reports indicating the US bank was willing to pay close to $1 billion, making it Greece’s first tech unicorn and, with recent valuations reported in the media, it is likely that more will follow soon.

The vibrancy of the ecosystem in Greece and the potential of the broader economy has also been noticed by big-tech and other corporations like Amazon, Cisco and Microsoft. In fact, Foreign Direct Investment into Greece soared in Q1 of 2022 by almost 214 percent compared to the same period in 2021, reaching more than €3 billion in value.

This all points to a startup ecosystem that is rapidly evolving and starting to make a significant contribution to our national economy, which is why at Enterprise Greece we are now beginning to focus on organizing the 2023 annual conference of the European Business Angels Network.

It was a privilege to facilitate so many connections and conversations this year, and I look forward to playing my part in unlocking even further exciting potential.