EIT Digital together with Greek-based accelerator, Found.ation, is launching the 2017 Greek Startup Report today.
The report is a study of the state of Greek startups in relation to the country's financial situation, that lists the top 10 funded startups in Greece, as well as the top 10 in terms of successful exits. The report provides a valuable scope in the Greek startup ecosystem, highlighting potential opportunities for investment and growth.
A number of accelerators, incubation spaces and co-working spaces are also documented, as an important part of the Greek entrepreneurial ecosystem and its potential for future developments.
By identifying the most successful Greek startups, the report aims at drawing attention to the country's national entrepreneurship ecosystem and thus helping to develop the Greek economy through investment in innovation and communication between the respective players - entrepreneurs, academics, politicians and established firms.
Found.ation has been keeping record of the majority of Greek startups evolution, many of which have started their path on the company's co-working space or have been supported in a multitude of ways. To finalize the research, Found.ation analyzed over 300 transactions, from 2010 to September 2017; those have been tracked in their database or by other sources.
- Despite all the difficulties, the Greek startup scene is vibrant, and there are many successful examples of companies attracting equity funding or making successful exits. Persado and Taxibeat (Beat) are the most profound.
- Between 2013-2016 the European Investment Fund through the JEREMIE initiative allocated approximately €55M to four programmes. These funds managed €72M in total and invested in approximately 60 companies. Although the programme received some amount of criticism, it must be considered as successful, as it has helped boost the startup ecosystem and has attracted the interest of other venture capitalist entities.
- During that time, the Greek startup community witnessed the birth of 80+ funded technology companies, presenting a significant increase comparing to previous years.
- After 2013, many Greek startups entered a state of maturity that allowed them to make more successful investment and exit deals. Since 2014, startup exits have multiplied as well.
- New opportunities for the Greek companies come from the establishment of EquiFund, that will bring €260M into the Greek market. The new ‘Fund-of-Funds' programme, signed on December 22, 2016 and is managed by the European Investment Fund, aims to boost entrepreneurship and create a lasting impact on local businesses, by attracting private funding to all investment stages of the local equity market. It will be instrumental in unlocking the equity potential in the Greek market.
Dimitris G. Kalavros Gousiou, co-founder and partner of Found.ation, commented: "With more venture capital money than ever available in the market, the expectations are high. The Greek society expects this ecosystem to flourish, produce a measurable economic impact, create jobs and amplify a more positive narrative for Greece to the world."
The report can be downloaded from Found.ation's website: