June 14, 2024 5 min read
Startups in Greece 2022/23: Exhibition by Found.ation and EIT Digital


The Found.ation , in collaboration with EIT Digital (part of the European Institute of Innovation and Technology), has published for for the sixth consecutive year an extensive report, in order to record the investment opportunities and the profile of Startups in Greece 2022/23. 2022 was a year that put a brake on the explosive growth of the ecosystem observed last year, given the international context. However, this was to be expected and does not overshadow the upward trend of start-up entrepreneurship in Greece, leaving much hope for the future.

This year's edition is supported by Hellenic Development Investment Bank - EATE (HDBI), and is sponsored by Pfizer, Dialectica, Eurobank | egg - enter grow go | Corallia and SeedBlink.

Yannis Tsakiris, State Secretary for Development and Investment for the Startups in Greece 2022/23

"Greece has succeeded in climbing to the top position worldwide in terms of improving the business environment, climbing a total of 16 places in the global ranking. At the same time, the OECD (Organisation for Economic Co-operation and Development) announced figures for the year 2021: in the foreign direct investment index, Greece achieved an all-time record. This year, our country attracted the most investment (over €6.3 billion) since the OECD started including Greece in the index."

Antigoni Lyberopoulou, Managing Director of the Hellenic Development Bank of Investments

"It is particularly important to note that Greece has secured more than 80 billion. of European funds over the next 5-7 years. The successful exploitation of these resources is both a great challenge and a historic opportunity, as it is of paramount importance for scaling up and guaranteeing the resilience and sustainability of the Greek economy and society."

In the report on the Startups in Greece 2022/23, all the investments that have been made under the EquiFund funding programme are recorded. investments from both Greek and foreign investment schemes. While at the same time an analysis of the profile of the companies that have been strengthened. Also renewed and presented the lists of the most successful Greek startups. Both those who have received the more funding in 2022 and overall. As well as those who have achieved the best buyout deals (exits). The 10 companies with the highest valuation are also listed. Some of them are at or approaching the unicorn stage.

Found.ation has partnered with Dialectica and SeedBlink. The aim is to analyze and highlight the characteristics of startuppers, but also forces in the startup community that are not easily visible, such as angel investors and those who choose to invest through crowdfunding platforms.

Some of the highlights of the report

  • As the EquiFund investment period came to an end, the report shows that more than 138 companies were supported through the programme, attracting more than 1.13 billion. euros in total funding (with the participation of third party investors). It is estimated that the companies supported through the programme employ more than 6,000 people in Greece.
  • More than 50 companies were funded in 2022, attracting more than 310 million euros (not including borrowing amounts). This amount is reduced compared to the 2021 figure of EUR 540 million. euros. More than 90 investors showed interest in Greek startups. While the participation rate in funding rounds from investors outside Greece reached 73%.
  • Increased activity in 2022 from angel investors. Overall, it reached 10% of total investments in 2022, almost double the 2021 figure. The average investor contributes with funds worth around 100,000 euros per year, showing a preference for Greek companies. The criterion he takes most into account is the composition of the group where he will invest. At the same time, the unfavourable global economic conditions did not stop its investment activity.
  • Within the wider Southeast European ecosystem, Greece is leading the way in terms of the amount of total capital raised in 2022, with around 40% of all venture funding in the region.
  • In 2022, a record number of exits were recorded, as 19 Greek startups were acquired. The most prominent of these are Accusonus (from Meta) and Pollfish (from Prodege).
  • Among the 10 Greek startups with the highest valuation are companies such as Blueground and Flexcar, which are considered "soonicorns". It is estimated that the aggregate valuation of these 10 companies is approximately 5.5 billion. euros, while the Greek ecosystem as a whole exceeds the 8 billion euro.

Dimitris Kalavros-Gousiou, co-founder of Found.ation and partner at Velocity.Partners

"Although the market expects new capital in early 2023, the new financing reality in Greece will bring a rather different future situation compared to the EquiFund period (2018-2021). The regional funds are starting to spend more time in the country. A very useful development, as we must finally broaden the overall footprint of our ecosystems. Venture capital in startups is gaining interest from family offices and corporate investors, who traditionally have not been exposed to the alternative investment space so early on. On the contrary, angel activity is still low in the country."

The full report is available at: https://thefoundation.gr/innovation-platform/research-publications/startups-in-greece/ .

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