Newsletter May,2023,05

MAY

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Greece’s fast growing startup scene draws growing investor interest

Greece’s fast growing startup scene continues to make its mark in the world’s tech industry with a record number of exits last year and new rounds of financing.


And in a further sign of Greece’s growing presence in the sector, the northern Greek city of Thessaloniki this month welcomed the annual congress of the European Business Angels Network − Europe’s leading angel investors meeting. The congress was co-sponsored by Enterprise Greece.

This follows a banner year: in 2022, 19 Greek start-ups were acquired by international investors. And in the last two years, Greece’s tech scene has seen some landmark deals, including the investment of U.S. banking giant JP Morgan in Viva Wallet – the country’s first unicorn; California-based Prodege acquiring Pollfish; and Meta’s buyout of Accusonus.

Also in 2022, Greece’s prototype venture financing program EquiFund, co-funded by the European Union and national funds, supported more than 138 companies and attracted over €1.13 billion in total financing. It is estimated that the Greek ecosystem as a whole now has a valuation of over €8 billion.

Looking ahead, 2023 is off to a strong start. To date, Greek-founded startups have already raised almost $300 million from 43 venture capital funds over 26 financing rounds. In addition, two acquisitions have also taken place.