BUSINESS

Local startups attracting investments

DESPINA KONTI

TAGS: Economy, Technology

The Greek startup ecosystem has been showing signs of maturity in recent years, as a number of investors have chosen to contribute funds toward the realization of Greeks’ innovative ideas.

According to a survey conducted by Marathon Venture Capital, one of the funds belonging to the EquiFund investment platform, from 2010 to 2018 a total of 301 Greek startups received funding of $2.4 billion euros in 500 rounds of investment from 268 venture capital funds.

The amount invested may seem relatively high, but 73 percent of all funding went to startups funded by Greeks but not based in Greece. Even so, investment in companies that have at least some of their staff based in Greece grew from $10 million in 2010 to $155 million last year.

Of the 301 tech firms created by Greeks and funded between 2010 and 2018, 134 have no staff based in Greece, although a high number of them would be interested in investigating the possibility of relocating at least part of their activity in this country, the survey has shown.

Out of the 268 venture capital funds that have invested in Greek startups, only 12 were Greek, while the rest hailed from the US, the UK, other eurozone states and Israel.

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