The Elevate Greece is the official digital portal for start-ups - start-up businesses and aims to strengthen, develop and extrovert the Greek innovation ecosystem. It is aimed at accredited start-ups with innovative and scalable characteristics.

The development of the Elevate Greece platform will be funded with 3 million euros from the Recovery Fund. An additional amount of 500 million euros through the Hellenic Development Investment Bank will reach through funds to the companies of the domestic innovation ecosystem.

Recovery Fund - 60 million. euros for start-up businesses

The Recovery Fund will come to finance the development of Elevate Greece with the amount of €3 million. Its funding is part of the axis to promote research and innovation and has a reform character.

Elevate Greece and the benefits that the start-ups that will participate can have from it are also linked to the Fund-of- Funds created by the Hellenic Development Investment Bank (HDBI).

Recently, the Hellenic Development Investment Bank (HDBI), formerly the New Economy Development Fund (TANEO), recognizing the difficulties in starting a start-up business mainly related to initial financing and attracting investors, in cooperation with the Ministry of Development and Investments, proceeded to the creation of a new tool, the AccelerateTT.

Thus, it invests in the potential contribution of startups to the Greek economy and evaluates particularly positively the examples of past attempts, which either won upon their appearance imported investment funds or gained significant positions in the Greek market.

It is a fund-of-funds that aspires to cover the entire funding process of Greek innovative start-ups with extrovert characteristics and scalability prospects and to enhance technology transfer from research to the technology market (startups and technology transfer).

Total public funding through HDBI

Total public funding through HDBI amounts to 60 million euros, with the aim of establishing venture capital fund management schemes, with the participation of private investors.

The ultimate goal is – through leverage – to gather total equity of more than EUR 120 million; euros, which will be directed to start-ups.

The new EIF instrument is part of the Recovery Fund's loan component. It will also be a mechanism to leverage new capital from the market and investors. According to relevant information, an amount of around €500 million will be channelled, after evaluation procedures, to funds for equity or quasi-equity financing targeting the most dynamic and fast-growing businesses and sectors.