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Tsakiris: A record year for the Greek startup scene in 2021 – More than €200 million in capital will be provided.

2021 was a record-breaking year for the ever-growing Greek startup scene and it seems that a new wave of startups is being created that will stand out and make their mark in 2022.

This emerged from what the speakers said at yesterday’s event for the presentation of the “Startups in Greece 2021-2022” report, by Found.ation and EIT Digital, in collaboration with Velocity.Partners, with the support of the Hellenic Development Bankof Greece.

As stated in today’s announcement, the report presents detailed data on the Greek ecosystem, the achievements of startups in the country and funding opportunities.

According to the data presented, 2021 is a particularly interesting year, during which we have had new records for the ever-growing Greek startup scene. Overall, the new capital used in 2021 tripled compared to the previous year, while there was also record follow-on investment.

The report records all investments made both under the EquiFund funding programme and by Greek and international investment vehicles.

At the same time, the profile of the companies that have been backed is analysed, while the lists of the most successful Greek startups are updated and presented, both those that have received the most funding and those that have achieved the best acquisition deals.

In his introductory speech, the Deputy Minister of Development and Investment, Yannis Tsakiris, announced new investment opportunities, stressing that “the Ministry of Development and Investment intends to channel an initial capital of over €200 million from public funds to start-up entrepreneurship, without excluding further increase, thanks to funds coming from the National Fund for Recovery and Resilience. The total amount available from the state to venture capital managers at this moment is €1.26 billion.”

Addressing the event from the podium, the President of EATE, Professor Harris Lambropoulos, stated, inter alia, “if we take into account all the types of financial instruments and resources available that can be used, in addition to equity investments at the level of the investing companies, the EATE funds under management can lead to the leveraging of total investments in the real economy of more than €7-10 billion and contribute significantly to the overall development effort”.

Dimitris Kalavros-Gousiou, co-founder of Found.ation, co-founder and partner of Velocity.Partners, presenting the report, said that 2021 was a year of new records for the ever-growing Greek startup scene in terms of venture capital funding, exits and unicorns. He also pointed out that the amount of top ten companies in fundraising is estimated at over 400 million euros, for this year.

Katerina Pramatari, professor at the Athens University of Economics and Business and partner of Uni.Fund, stressed that both in Greece and at European level, the area around universities and research is the next to be exploited. “I believe that we have a bright decade ahead of us in this sector,” she said.

TECS Capital fund partner Antonis Elias, in his presentation, noted a collective growth of the strartups business sector, which is represented diagrammatically, with an upward curve that is still at an early stage, giving significant investment opportunities for the coming years.

Apostolos Apostolakis, founder of Venture Friends, said that people in the startup ecosystem are experiencing strong growth and expressed confidence that we will soon have startup listings on the stock exchange, which will contribute to the further development of this sector.

The discussion was moderated by COO & Head of Strategy of the strategic communication company Socialdoo Panagiotis Kakolyris, who said that the political environment and the economic – technological situation have created a significant window of opportunity for Greek startups.

Elements of the report

Here are some of the data presented in the report:

* The total number of startups funded this year is more than 70, 30% more than last year, while the total investments secured by them exceed 500 million euros.

* The top 10 Greek start-ups this year raised a total of €397 million, more than double the amount raised last year.

* 2021 also saw some exits, three of which made it directly into the top 10 all-time list in terms of value. It is also the year that we are able to name the first companies to reach the “unicorns” stage in the Greek territory (PeopleCert, Blueground and Viva Wallet).

* Looking at the amounts that companies are requesting from funds, there is a notable increase in the range of 100,000 to 200,000 euros , as well as 400,000 to 500,000 euros. This signals the creation of a new wave of start-ups that will stand out and make their mark in 2022. In terms of their market focus, almost 70% of them focus on B2B.

* The top three sectors in which startups operate remain Life Sciences, Retail and AgriTech, with Maritime Tech and Deep Tech startups continuing to be on an upward trajectory, which they are expected to maintain in 2022.

* Participation of non-Greek investors in investment rounds of Greek companies rises to an impressive 84.9%, validating the growth of the local ecosystem and setting the stage for more extroversion.

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