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Found.ation reports on the growth of Greece’s Startup ecosystem

Found.ation is a Greek innovation management consulting firm and business incubator. Together with EIT Digital, Found.ation released the 7th Startups in Greece report, supported by the Hellenic Development Investment Bank (HDIB), Egg (Enter Grow Go), Eurobank, Corallia, Roche and Seedblink.


The report reviews data on financing of Greek technology startups through venture capital, angel investors, mergers, and other ecosystem participants in  2023.


Some key features of the Found.ation’s 2003 Report include:


  • More than 70 Greek tech companies were funded in 2023 with more than € 485 million. Of these, 31% of the companies have been previously supported by EquiFund, and only 20% of all companies had female among the founders.


  • Funding levels in Greece showed a 24.5% decrease in the year 2023. This percentage changes to a 4.2% increase due to more intense activity in the Series A+ spectrum and the decrease of rounds that include debt funding.


  • A total of € 540 million were invested by 13 active Greek VC funds that focused mainly on startups. The active funds have invested in 62 startups accounting for approximately 85% of total deal value.


  • U.S. venture capital funds participating in acquisitions and investments of Greek Startups have reached 33% in deal value. The overall involvement of outside investors reached 78% of total investors. Angel Investors accounted for 42% of activity in investment rounds.


  • The total value of early-stage startup investments, encompassing Pre-Seed and Seed stages, has plummeted by 41.57%. However, notably, the value of deals within the Pre-Seed stage has surged, more than quadrupling.


  • RetailTech, AI and AgriTech focused startups have risen to the top 2 positions of the most funded companies in the year 2023.


  • U.S technology giants such as Hewlett Packard Enterprise, Cisco, Dell and Intel completed successful acquisitions in 2023, showing increasing interest in acquiring Greek startups.


  • Ten new exits were noted in 2023, some of them surpassing 100 million euros in deal value.


Please view the complete Found.ation Venture Financing Report on Startups in Greece here:


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