Last month saw a surge in funding rounds within Greece’s startup ecosystem, with Greek-based and Greek-founded multiple companies raising significant amounts of capital to fuel their growth and expansion plans.
With deals across verticals such as ML, AI, energy, mobility and more, the funding rounds represent a strong vote of confidence in the country’s ability to build and scale successful businesses. In this article, The Recursive takes a look at the most prominent deals that happened during the past month in Greece.
Latest deal: $25M
What they do: Founded by entrepreneurs Helen Kontozoupoulos and Philip Poulidis, ODAIA’s AI-driven customer data platform MAPTUAL empowers life science brands to get therapeutics, drugs, and vaccines to the markets more efficiently.
The Canada-based company’s Series B round $25M was led by Threshold Ventures and co-led by Monograph Capital, Wittington Ventures also joined, with participation from existing investors such as Flint Capital, BDC Capital’s Women in Technology Venture Fund, StandUp Ventures and Graphite Ventures.
Latest deal: $20M
What they do: Founded by Constantinos Calios, foodtech startup KoRo solution aims to create a transparent supply chain by sourcing ingredients directly from the producers, implementing efficient logistic processes and selecting simple designed bulk packaging solutions.
The company raised €20M in a Series B extension round with new investors SevenVentures, Associated British Foods, and the Haub Legacy Ventures and saw continued support from existing shareholders HV Capital, Five Seasons Ventures and Partech. The fresh funds will be used to further develop its market presence in the DACH region.
Name: Caristo Diagnostics
Latest deal: $16.3M
What they do: Greek-founded Caristo Diagnostics (with entrepreneur Charalambos Antoniades among its founders) is an AI-assisted diagnostics and risk prediction tool, designed to support the diagnosis of coronary artery disease and offer an improved prediction of disease risk.
The company raised $16.3m in a Series A financing round led by Oxford Science Enterprises, and participating investors such as Oxford Investment Consultants, BGF, Oxford University and Longwall Venture Partners. Caristo Diagnostics plan to use its latest funding to advance its CaRi-Heart technology for cardiac disease detection into standards of cardiac care in major global markets.
Latest deal: €5M
What they do: YourHero is a Greek startup that is active in the Home Services industry, aiming to disrupt the way customers transact with home services and to allow professionals to grow their business.
The Greek startup closed a €5M investment round at the beginning of the month, which it plans to use for expanding on new markets, product development, as well as launch its B2B segment.
Name: Perceptual Robotics
Latest deal: £2.7M
What they do: Perceptual Robotics uses drones, ML and AI for autonomous in-depth turbine inspections four times faster than traditional solutions.
Their solution is called Dhalion and it collects high-quality data, while quickly analyzing it with AI data processing. Dhalion also increases safety during inspections, as well as increasing cost-effectiveness and dramatically reducing turbine downtime for wind farm operators.
The latest funding round was led by OnePlanetCapital and L-Stone Capital, with existing investors such as Brookstreet, Deeptech Labs, TSP Ventures and Metavallon VC joining the round.
Name: Velos Rotors
Latest deal: $2M
What they do: Velos Rotors makes UAV (unmanned aerial vehicles) that have a twin-engine design and reduce noise and vibration, and substantially enhance overall efficiency and performance. Velo Rotors’ team of experienced entrepreneurs Tasso Argyros and Michael Seal, together with seasoned electrical engineer Aris Kolokythas, now looks to grow the organization.
The Greek-founded company’s latest seed round $2M is backed by Marathon VC, and will be used to further develop its drone tech and scale up its manufacturing capacity.
Latest deal: $1.4M
What they do: SMPnet is a Greek company that offers an integrated solution that allows for adaptive optimization and real-time control of energy assets, effectively unlocking true real-time operation of power grids. Their solution increases security and cost-effectiveness of supply but also enables grid operators and utilities to optimize network usage, paving the way for a more sustainable future.
The latest seed round was led by Marathon VC, along with angel investors and industry insiders.
Latest deal: Undisclosed
What they do: Greek car-sharing startup secured an undisclosed round of funding, backed by investors such as HEBAN, LBAN and Anthology Ventures.
The company’s car-sharing service allows users to access vehicles on demand in Athens through the use of its app, which can find available vehicles near them and use them.