Greece a lag­gard in ven­ture cap­i­tal funds too

Kathimerini English - - Focus - VANGELIS MANDRAVELIS

Greece has a very poor record as far as the amounts in­vested in star­tups by ven­ture cap­i­tal funds are con­cerned: Since 2013, no more than 220 mil­lion eu­ros has been in­vested in lo­cal star­tups, plac­ing Greece in 23rd place among 34 Euro­pean coun­tries, ac­cord­ing to Atomico’s an­nual re­port pre­sented this week, ti­tled “The State of Europe Tech 2018.”

Bri­tain is top of the ta­ble, hav­ing at­tracted a to­tal of 23 bil­lion eu­ros in the last five years. Ger­many is a dis­tant sec­ond with 12 bil­lion and France is third with 10 bil­lion. Greece ranks just be­low Cyprus, which is 22nd with 244 mil­lion, and above Malta, which is 24th with 144 mil­lion eu­ros.

The Atomico study found that from 2013 to Septem­ber 2018, 138 startup fund­ing agree­ments were reached in Greece. Last year saw rel­a­tively few fund­ing deals (just 16) but ac­counted for a five-year high of over 127 mil­lion eu­ros, drive higher by the sales of lo­cal star­tups in­clud­ing Beat, In­noet­ics and Quiz­dom, among oth­ers.

Atomico data show Greece is a long way from be­ing seen as a startup devel­op­ment hub, and Athens is the only re­gion of the coun­try cited as a hub for star­tups. In the pe­riod from 2013 to 2018, the Greek cap­i­tal was home to just 37 en­ter­prises that had re­ceived at least one round of fund­ing from ven­ture cap­i­tal funds, rank­ing 35th among 55 Euro­pean cities.

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