Country’s top 10 startups in value terms
The total value of Greek startups is estimated at 8 billion euros, which is the second highest amount in the region of Southeastern Europe after Romania.
The top role belongs to 10 startup companies – some of which are no longer startups, since they are at mature stages of development – with their total value approaching 5.8 billion euros on average, per the report “Startups in Greece 2022/2023,” compiled by the Found.ation team.
The report, drafted in collaboration with EIT Digital, has published for the first time the list of the 10 highest valued technology companies based on a range of estimates of their value.
In first place is Viva Wallet which – after many months of tough negotiations – a few days ago announced that American multinational JP Morgan had acquired a 48.5% in the company. The research places the value of the company at €1.7-2 billion, making it officially the first unicorn company (a technology company valued at more than €1 billion). The equally mature technology company Skroutz seems to be moving in the same context. Its value, according to the research, now exceeds €1 billion. Meanwhile, Persado follows with its value between €700 million and €1.2 billion.
Startups like real estate operator Blueground, whose value approaches €1 billion, are characterized as “soonicorns,” followed by Workable, with a valuation of €300-500 million.
It is noted that during Blueground’s last funding round of $180 million (of which $40 million is debt financing) announced in 2021, the company’s valuation exceeded €700 million. The ADQ state fund of Abu Dhabi also participated in this particular round, which is also the company’s last financing round (series C).
The flexible car leasing company FlexCar occupies sixth place with a capitalization close to €200-300 million, and Hellas Direct follows with a valuation in the range of €100-200 million. Finally, the last three positions of the top 10, with a valuation of €100-150 million, are occupied by Spotawheel, TileDB and financial service technology company (fintech) Plum.
Greek startup officials estimate that the local industry’s valuations are fairly reasonable, even though they faced difficulties in finding financing during the year, as well as challenges in terms of ensuring their sustainability.
