Greece’s Marathon Venture Capital has announced the successful close of its third fund, Marathon Venture Capital Fund III, securing €75 million in an oversubscribed single closing. This new fund aims to extend the firm’s commitment to early-stage investments across Europe and beyond.
The latest fundraise is backed by a group of investors, including the European Investment Fund (EIF) and the Hellenic Development Bank of Investments (HDBI), demonstrating continued trust in Marathon’s approach.
€175 million total assets under management
Founded in 2017, Marathon Venture Capital launched its first fund to support a growing community of technology entrepreneurs. Over the years, the firm has helped nurture some of the first startups in its home ecosystem, raising early-stage venture funds, achieving successful exits. Marathon’s early investments have spanned sectors like AI-assisted scientific research, robotics, and defense.
In the beginning of 2022, Marathon Venture Capital announced the increase of their second fund to €70 million, from €40 million launched a year earlier.
The new fund brings the firm’s total assets under management to €175 million.
Notable portfolio companies include:
- Augmenta: a precision agriculture technology company acquired by CNH.
- Hack the Box: a cybersecurity upskilling and talent assessment platform, in which Marathon recently sold some of its shares to Carlyle in a secondary transaction.
- Causaly: an AI platform for biomedical research, accelerating scientific discovery.
Leadership expansion and founder focus
Alongside this milestone, Marathon VC has also announced the promotion of Alex Alexakis to Partner. Alex, a key voice in the community over the past five years, has been instrumental in helping founders refine their vision and navigate the challenges of building high-growth companies. His appointment underscores Marathon’s ongoing commitment to fostering the next generation of technology leaders.
“For a team that started out of an unlikely place, these achievements are no small feat,” the firm noted. “As technology adoption accelerates and the experience within our community grows, our ambition is only getting stronger – and we are just getting started,” Alexakis stated.
Founders interested in partnering with Marathon are encouraged to reach out.
