From the early stages of its design, the purpose of the EquiFund initiative was to facilitate access to venture capital financing for Greek companies or companies with a strong Greek footprint. Today, EquiFund is presented at pan-European events as an example of best practice.

Invested capital of the EquiFund

The results are extremely encouraging: based on the latest anecdotal data up to and including Q1 2022, it appears that 129 companies have been supported by the initiative and have received sowing, start-up or growing funds corresponding to their capital needs depending on the stage reached by each enterprise. It is estimated that these companies employ more than 4,000 people in Greece. The total amount allocated to these enterprises has reached 248 million Euro (EPANEK contribution: €113.6 million). At the end of 2020, the capital invested amounted to 170 million Euro (EPANEK participation: 79.6 million) in 115 enterprises. At the end of 2019, the capital invested amounted to 96 million Euro (EPANEK participation: 45.2 million) in 89 enterprises.

In the funds invested by the Funds of the EquiFund already exists private participation. To be precise each euro invested from public resources of the ESI Funds (European Structural and Investment Funds) through the initiative It essentially corresponds to 2.7 euros of total investment. These investments in turn, when made, typically attract other private investments. So the final investment for each euro ends up corresponding to about 7.1 euros of final investment to the companies that are made. Horizontally in EPANEK the corresponding leverages are 1 to 2.2 and 1 to 5.7 respectively.

In addition to this leverage, there are already examples of companies that after the support of EquiFund succeeded in raising additional funds at a later stage.This was done with the participation of significant foreign investors while increasing their valuation.

The total multiplier benefit, therefore, for the domestic ecosystem and the Greek economy is greater than the immediate measurable results.

Academic and research institutions

It is extremely important that the investment portfolio of the initiative has included in its ranks business ventures of scientists from a variety of Greek academic and research institutions, such as:

• the Technological Park of Patras
• the University of Thessaly
• the University of Ioannina
• the Aristotle University of Thessaloniki
• the Foundation for Research and Technology - Hellas (FORTH)
• the TEI of Crete
• the TEI of Athens
• the Athens University of Economics and Business
• the Demokritos Research Center and its business park, Lefkippos

Disinvestment

In 2020, the first three disinvestments of EquiFund companies were announced, among them the largest acquisition that had taken place so far in a Greek startup. In 2021, three more disinvestments were announced while the seventh came in the first months of 2022. The companies supported and developed by EquiFund attracted the investment interest of companies that are globally renowned in their field. Importantly, even after the divestment, these companies continue part of their activities in Greece, retaining their staff in Athens, Thessaloniki, Patras and Crete. As a result, the amount made available to the Greek state for further investments it is estimated at EUR 20 million. euro.

The ecosystem, therefore, expands and matures. And the European Investment Fund is constantly in contact with the market and its services Ministry of Development and Investments, of General Secretariat for Research and Technology and Managing Authority of the Competitiveness, Entrepreneurship and Innovation Operational Programme (EIF ERANEK) for the development of additional financial instruments. A recent example is the financing of a co-investment fund with business angels. This scheme is funded by funds returned from the JEREMIE initiative, demonstrating the importance of the repayable nature of financial instruments to create a continuous cycle of financing and support for SMEs .

The Venture Capital Fund - EquiFund is an investment initiative of the Greek State and the European Investment Fund It is funded by resources of the European Union – European Regional Development Fund through the EPANEK program, the European Investment Fund and private investors. Its aim is to facilitate access to finance for mainly small and medium-sized enterprises through the development of the Venture Capital / Private Equity market in Greece. The financing is carried out in collaboration with specialized Financial Intermediaries.