The startup ecosystem in Greece is expanding, despite current challenges such as securing early-stage funding and achieving gender diversity. Greek startups attracted over €555 million in investments across more than 90 companies – a 15% growth compared to the previous year.
These insights are presented by Found.ation, in collaboration with EIT Digital, and with the support of HDBI, for the eighth consecutive year. The current detailed analysis seeks to provide an in-depth understanding of funding opportunities and the startup ecosystem in Greece.
“With a larger financial base, strategic partnerships, and funds focused on sustainable growth, Greece’s VC/PE landscape now has the resources to help companies scale from promising ventures into established players. This progress positions Greece as one of the most promising hubs for innovation and entrepreneurship in the region”, note Prof. Haris Lambropoulos, President, HDBI S.A. and Antigoni Lymperopoulou, Chief Executive Officer, HDBI S.A.
Greek ecosystem highlights
The report shows that investments in Greek startups have been steadily increasing over the past few years, with 2024 standing out with total investments of more than €555 million. This figure is a notable jump from €485 million in 2023, highlighting a resilient ecosystem in Greece that is diversifying across various sectors.
“Greek startups have been particularly active in areas like digital health, fintech agritech, robotics, and maritime technology. However, like many emerging European ecosystems, Greece’s startups face several challenges, especially when it comes to early stage funding and regulatory barriers,” shared Federico Menna, CEO EIT Digital.
Milestones to note:
- BETA CAE Systems acquisition for $1.24 billion marked Greece’s largest tech company exit. Only one more exit was recorded this year.
- Viva Wallet retains its unicorn status, while Blueground is closing in.
- This year’s top-valued companies are estimated to have a total value of €4.9 – €6.5 billion, accounting for almost 60% of the whole ecosystem’s valuation.
Venture capital landscape
The research showcases that Greece and Europe share similar trends on later-stage funding, pointing to a maturing environment where companies are better positioned to secure substantial rounds as they scale.
“Supporting startups through different phases of development spanning from seed to growth, creates resilience and potential. Despite several successes at later stages, the funnel still seems narrow. Early stages need a further boost,” remarks Filippos Zakopoulos, Managing Partner, Found.ation.
The HDBI now supports 30 funds, with more expected to join by year’s end. There are 16 VC funds actively targeting startups, while the participation of angel investors and family offices in funding rounds continues to grow.
Foreign funds continue to invest in Greek startups. In 2024, more than 156 unique investors participated in funding rounds, while 36% of those originate in the U.S.
Economic performance and future outlook
Greece’s economy showed a slower but still solid performance during the previous period. Specifically, the Gross Domestic Product (GDP) grew by 2% in 2023, down from the 5.6% growth in 2022.
The government expects the economy to expand by 2.9% in 2024, with forecasts predicting a slight increase to 2.3% GDP growth for 2025. This trend is supported by exports, investments, and private consumption, indicating that the digital economy could be a significant contributor to this growth.
The report also features lists of the top 10 best-funded Greek startups for 2024, the top 10 companies with the best exit deals, and the top 10 companies with the highest valuation. Download it here.
