“Stagnation” is the term used by several representatives of investment funds in Greece to describe the trajectory of the Greek startup ecosystem at the end of the first quarter of this year compared to the corresponding period last year.
“Although investment funds have been created with resources from the Hellenic Development Bank of Investments, the investment activity is not particularly intense. Maybe because some of them were recently introduced. However, the truth is that most inventive ideas are found abroad and not in Greece. That’s why when we set up our fund, I will start making trips to hubs where there is a Greek element,” said an investor who is expected to launch his own fund for investments in startups within the year.
However, over the past year, inflation, rising borrowing costs and geopolitical turmoil have adversely affected the technology industry, with investment globally set to decline by 40% in 2023.
Greek startups have not been unscathed by the upheaval in the investment climate. market, as funding for new ideas fell by roughly the same percentage, following the general trend observed worldwide.
Standout investments so far, according to Marathon Venture Capital data, besides Hellas Direct, are Greek startup Kinvent, which raised $17.3 million from French investment fund Eurazeo, and Greek investors Brite Solar etc.
Source: Ekathemerini
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