connect with us
Greece's latest tourism industry news by Greek Travel Pages (gtp)

Greek Startups Gain Ground, Attract $6bn in a Decade

Photo source: Marathon VC

Over the last decade, Greek startup companies have raised 6 billion dollars, according to research carried out by Marathon Venture Capital on investments and acquisitions.

More specifically, 608 Greek startups raised a total of 6 billion dollars in 927 investment rounds by 790 investors between 2010 and 2020. 

In the same decade, there were 84 acquisitions and eight IPOs compared to 1 acquisition in 2010, 18 in 2019, and 14 in 2020.

Over the same period, acquisitions amounted to 7.8 billion dollars, while 2020 recorded a record-high per year at 2.59 billion dollars. 

In the last two years, acquisitions have also increased significantly for companies based in Greece recording in 2020 over 500 million dollars.

According to study findings, the volume of investments has tripled compared to the immediately preceding three years and has increased sevenfold compared to three years ago. In the past three years, over 900 million dollars have been invested in startups with significant operations in Greece.

The important thing, says Marathon Venture Capital, is that the positive cycle of the local startup scene confirms the growing interest by the investment community for the Greek startup industry. 

“The Greek startup industry is now stronger and more mature than ever before. Investment and acquisition amounts are at an all-time high. Top-tier venture capital funds are increasingly investing and big tech companies are repeatedly acquiring Greek startups,” said the report.

A closer look at the study reveals that more international investors are leading investments in Greek startups. Indicatively, over the period under review, foreign funds led in 561 rounds (61 percent of the total), with 257 Greek funds or 28 percent, and 106 “angel” investors or 11 percent. 

Data confirms the growth of the Greek startup market with the total amount of funding for Greek startups per year increasing 23 times from 51 million dollars in 2010 to over 1.1 billion dollars in 2020. 

In 2020, Greek startups received more funding than any other year, the report found.

Between 2010 and 2020, the total number of investments per year increased nine times, with 14 investments in 2010 reaching 124 in 2020, and a maximum 141 in 2016. 

At the same time, 501 out of 927 funding rounds (54 percent of the total) were invested in startups that maintain a physical presence and employ people in Greece.

Companies based in other countries raised 77 percent of total capital from 2010 to 2020.

Over the same period, 1.34 billion dollars went into startups based in Greece, reaching 386 million dollars annually in 2020, up 39 times compared to 2010.

Companies that have made Greek startup acquisitions include Samsung, Google, Microsoft, Facebook, Cloudflare, Amazon, IBM and Apple, among others.

Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece.
About the Author
This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner.

Add your comment

*