The domestic innovation ecosystem has raised investment funds over 200 million euros in the last five years, from venture capital VCs, which participate in Equifund, said the Association of Information Technology & Communications of Greece – SEPE. During the five years of the program, co-financed by the European Investment Fund (EIF) and the European Investment Bank, approximately 120 Greek start-ups have received funding through Equifund. The 120 startups employ about 3,500 employees, while during the five years six of them have implemented an equal number of successful exits. According to data presented by the EIF Project Manager, Mr. George Giakoumakis, at the Hellenic Innovation Forum, during the five years, Equifund mobilized additional investment funds, which participated in financing rounds of Greek startups, with the total amount reaching € 483 million
Equifund includes four venture capital funds, BigPi, Metavallon, Uni.fund and Velocity Partners, which operate in the so-called “innovation window”, financing with smaller amounts (approximately 50-500,000 euros) start-ups. Two funds, Marathon and Venture Friends, provide funding to Greek start-ups in an “initial stage”, strengthening startups that already have a commercial operation. In addition, three funds, Elikonos 2, EOS and Synergia, mainly finance start-ups that are in the development phase, with funds that can exceed € 5 million.
New investment funds
Equifund “expires” at the end of 2023 (in practical terms, this means that until then investments can be made in new companies) and already the VCs of the program are planning the next day. Already, the management teams that “run” Equifund funds, such as Uni.Fund, Marathon, Metavallon and Venture Friends, are setting up new investment schemes with the participation of the European Investment Fund (EIF) and private investors.
It is recalled that the initial funding of the investment platform EquiFund comes from the Operational Program Competitiveness Entrepreneurship (EPANEK) with € 200 million, € 60 million from the European Investment Fund (EIF) which is also the fund manager and € 40 million from the European Investment Bank – resources of the European Strategic Investment Fund (EFSA – Junker Plan). By leveraging additional funds from participating institutional and private investors, EquiFund has reached € 450 million in available resources.
The support of Greek startups is also aimed at the “Accelerate TT” program of the Hellenic Development Investment Bank (formerly TANEO), amounting to € 60 million, which will finance VCs, which will invest in startups with seed financing. In total, as recently announced by the Deputy Minister of Development and Investment, Mr. Giannis Tsakiris, funds amounting to € 100 million will be available in a short period of time through the Hellenic Development Investment Bank to finance business investments for investments related to start-ups.
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