BACK

Top 10 Early Stage Venture Capital Firms in Greece: Boosting Startup Success in 2024

The Growth of Greece’s Startup Ecosystem

Greece's startup scene has been expanding, with an increasing number of innovative companies and investor interest emerging across sectors like RetailTech, AI, and AgriTech, reflecting global industry trend, Other areas attracting investor interest include: commercial real estate, semiconductors, healthTech, e-commerce, manufacturing, mobility, Greentech, Fintech, etc. Notably, the success of local startups like Blueground (real estate) and Viva Wallet (fintech) has spurred greater attention from international investors, further boosting the ecosystem's visibility.

The Role of Early Stage VCs in Greece’s Tech Startup Boom

Over the past six years, Greece's startup ecosystem has seen remarkable expansion, with venture capital investments rising sharply. Despite broader European trends, Greece’s VC landscape remains vibrant. From 2018 to 2023, venture capital investment in the country surged ninefold, signaling increased investor confidence. However, early-stage funding has experienced significant fluctuations. While funding peaked in 2021, it declined in 2023. Notably, pre-seed deal values grew by 97% in 2023, indicating a surge in new startups, whereas seed-stage funding dropped by 53%, suggesting a more cautious stance on follow-up investments, According to a report by Found.ation and EIT Digital.

The ongoing investment activity reflects continued faith in Greece's emerging tech sector, even as early-stage funding grows more competitive. Although later-stage funding has tapered off, it remains significant, underscoring the enduring potential for growth and expansion.

How Greece’s Government Is Supporting Early Stage Venture Capital

Government initiatives have played a pivotal role in driving this growth. A significant milestone came with the launch of EquiFund, a €260 million co-investment platform backed by the Greek government and the European Investment Fund (EIF). This initiative has been instrumental in fostering the creation of new venture capital firms.

In addition to EquiFund, tax incentives introduced in 2020 provided further motivation for investment. Angel investors can now deduct up to 50% of their investments in startups from their taxable income. Additionally, the introduction of a tech visa program has attracted international talent, enhancing the talent pool for both VCs and startups alike.

Exploring the Top 10 Early Stage Venture Capital Firms in Greece

1. 1. VentureFriends - Strengthening Europe’s scalable B2B, B2C ventures
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2016
  - Founders/Partners - Apostolos Apostolakis, George Dimopoulos
  - Investment Stage - Pre-seed, Seed
  - Sector Focus - Agnostic
  - No of Investments - 54
2. Venture Friends is an investment firm specializing in early-stage funding, with initial investments ranging from €500K to €2.5M and a follow-on ratio of 1:2. They focus on scalable B2C and B2B businesses in Europe and MENA, particularly in FinTech and PropTech sectors, with an emphasis on developing strong market moats. Known for their hands-on approach, they partner closely with founders through both successes and challenges, providing crucial support in navigating startup growth.
1. 2. Metavallon VC - Powering cutting-edge tech innovation with strategic foresight.
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2018
  - Founders/Partners - George Karantonis, Myrto Papathanou, Yorgos Mousmoulas
  - Investment Stage - Seed, Seed+
  - Sector Focus - Agnostic
  - No of Investments - 33
2. Metavallon VC is a venture capital fund specializing in technology startups connected to Greece, investing between €500K and €1.5M per company. With over €50M in assets under management, Metavallon VC provides comprehensive support through next round fundraising, business development, pilot alliances, and talent management.The fund drives innovation by partnering with ambitious entrepreneurs to foster impactful growth.
1. 3. Genesis Ventures - Accelerating Greece’s tech ecosystem.
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2021
  - Founders/Partners - Stergios Anastasiadis
  - Investment Stage - Concept, Pre-seed, Seed
  - Sector Focus - All Enterprise SaaS, Fintech, Healthcare, E-commerce, Deep- tech, Edu-tech, Prop-tech, Web3 and others.
  - No of Investments - 32
2. Genesis Ventures is an angel co-investment fund deploying tickets of €100,000 to €400,000, aiming to invest in 70+ startups over the next 4 years. Backed by the European Investment Fund, they offer hands-on support, venture acceleration, and global connections, with 60+ years of experience. Focused on trust, ownership, leadership, and impact, they are driving Greece's growth as a regional tech hub.
1. 4. Big Pi Ventures - Solving global challenges through bold tech ventures.
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2017
  - Founders/Partners - Alex Eleftheriadis, Marco Veremis, Alex Eleftheriadis
  - Investment Stage - Pre-seed or seed
  - Sector Focus - Computer Science, AI, Health & life sciences, and Climate technology
  - No of Investments - 23
2. Big Pi is an early-stage investment fund specializing in technology-driven ventures. With an initial investment of €0.5 to €3 million, the firm targets innovative teams developing transformative technologies or business models that address significant global challenges. From product design and market entry to scaling and global expansion, their hands-on involvement includes mentoring, building sales operations, and ensuring alignment with their strategic goals, with a focus on ventures that have substantial operations in Greece.
1. 5. Uni.Fund - Elevating academic innovations into thriving businesses.
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2017
  - Founders/Partners - Konstantinos Lafkas, Katerina Pramatari, Panos Lioulias, Sotiris Papantonopoulos, Stelios Eliakis
  - Investment Stage - Pre-seed, seed
  - Sector Focus - Tech, ICT, e-business
  - No of Investments - 23
2. Uni.Fund accelerates growth in Greek universities and tech sectors with up to €500K in funding, focusing on team development and market strategies. It drives impact by supporting ventures that address emerging needs and enhancing SME access to finance. The platform, backed by the EU and private investors, strengthens Greece’s VC/PE ecosystem.
1. 6. Velocity Partners - Fueling cross-continental growth for tech disruptors.
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2018
  - Founders/Partners - Eric Thanopoulos Parks, Achilleas Petropoulos, Dimitris Kalavros-Gousiou, Konstantinos Mavros
  - Investment Stage - Pre-seed, seed
  - Sector Focus - Agnostics
  - No of Investments - 22
2. Velocity.Partners is a venture capital fund providing up to EUR 500K to tech companies with global ambitions. The fund accelerates growth and market traction by leveraging a network of experts, investors, and clients.With a proven track record of 3 successful exits and over 2,500 deals reviewed, Velocity.Partners excels in nurturing Greek entrepreneurs and expanding their presence across Europe, North America, and APAC.
1. 7. PJ Tech Catalyst - Propelling ICT startups to significant market growth.
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2012
  - Founders/Partners - Nik Antoniou
  - Investment Stage - Seed
  - Sector Focus - Information and Communication Technology (ICT)
  - No of Investments - 21
2. PJ Tech Catalyst Fund is a venture capital firm with €15M under management, providing capital of up to €750K to support early-stage technology startups. With 21 investments and 40 follow-on financings, the fund leverages its extensive network and expertise to help entrepreneurs scale their businesses and drive significant growth.
1. 8. Marathon Venture Capital - Shaping scalable startups into market leaders.
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2017
  - Founders/Partners - George Tziralis, Panos Papadopoulos, Alex Alexakis
  - Investment Stage - Pre-seed or seed
  - Sector Focus - Tech
  - No of Investments - 19
2. Marathon Venture Capital invests €1m - €1.5m for 15-20% equity, providing founders with industry-standard terms, strategic support, and access to an extensive network. Their focus is on elevating startups to Series A and B rounds, fostering transparency, and building long-term relationships to drive both operational excellence and impactful growth.
1. 9. TECS Capital - Revolutionizing industries through deep tech innovation.
  - Headquarters - Thessaloníki, Thessaloniki, Greece
  - Founding Year - 2020
  - Founders/Partners - Sotiris Siagas, Antonis Ilias, Theofilos Mylonas
  - Investment Stage - Pre-seed or seed
  - Sector Focus - AI, Big Data, IOT
  - No of Investments - 7
2. TECS Capital is an Alternative Investment Fund that supports science and technology startups by scaling innovative ideas. Focused on Industry 4.0, it invests in Transformative Tech verticals and seeks novel business models, addressing Process Optimization, Process Flow and Quality, and New Business Models. Backed by the Hellenic Development Bank for Investments (HDBI), TECS Capital leverages a diverse management team to drive impactful, data-driven growth.
1. 10. L-Stone Capital - Fueling next-gen disruptors for global scale
  - Headquarters - Athens, Attiki, Greece
  - Founding Year - 2021
  - Founders/Partners - Jason Manolopoulos, Michalis Stangos, Thomas Athanasiou
  - Investment Stage - Seed & Seed +
  - Sector Focus - Agnostic
  - No of Investments - 4
2. L-Stone Capital provides early-stage financing and operational support to ambitious startups based in or operating in Greece, helping them scale into international businesses. With a ticket size starting at €500k, they focus on capturing key megatrends and offer global scaling, team development, and marketing exposure. Their value extends from investment to exit, leveraging a global network to drive impactful growth.

What’s Next for Early Stage Venture Capital in Greece in 2024?

While the Greek startup ecosystem is growing rapidly, challenges such as bureaucratic inefficiencies and a lack of female representation in entrepreneurship persist. These challenges, if addressed, could further boost the country’s potential as a regional tech hub.

Investors are increasingly focusing on growth-stage companies, with an emphasis on scalability and international expansion. The combination of government backing, investor confidence, and the return of skilled diaspora talent positions Greece to emerge as a formidable player in the Southeast European tech ecosystem in 2024 and beyond.

Explore More About DACH’s Thriving Startup Ecosystem

Top 10 Early Stage AI Startups of Greece

To explore further insights into such trends and emerging startups, visit Zefyron

◾About Zefyron - Zefyron offers a comprehensive database with 2M startups and 350K investors, facilitating easy connections and networking. Our platform streamlines fundraising and investor scouting with tools like pitch decks and valuations. Users can efficiently manage portfolios, gain insights, host events, and track industry trends for informed decisions and meaningful collaborations.