Fewer funds available to startups

Fewer funds available to startups

Greek startups, including those based abroad and founded by Greek expats, have, so far this year, drawn $872 million from 83 investors. But the financial climate is more reserved than last year, and even more so than the almost free-for-all 2021.

Last year, Greek startups had been funded to the tune of $2.7 billion, including JP Morgan’s acquisition of a 48.5% stake in Viva Wallet. Funding was still lower than the $3.3 billion achieved in 2021. Estimates for this year average $1.67 billion, not bad considering that global funding, with the exception of artificial intelligence firms, has dropped 51% so far. The collapse of Silicon Valley Bank, to which some Greek startups were exposed, has concentrated minds. As an analyst said, serious innovation and development are a must. Simply accumulating debt is a guarantee of a short-lived company.


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