In a significant development for Greece’s burgeoning technology sector, Marathon Venture Capital, an Athens-based seed-stage investment firm, has successfully closed its latest fund, amassing €75 million in capital commitments. This achievement elevates the firm’s total assets under management to €175 million, underscoring the growing confidence in Greece’s startup ecosystem.
Marathon’s Strategic Vision
Founded eight years ago, Marathon Venture Capital has consistently positioned itself as a day one partner to Greek tech entrepreneurs. The firm’s investment philosophy centers on supporting founders who tackle complex challenges in significant markets. This approach has led to notable successes, including the sale of Augmenta, a company specializing in precision agriculture technology, to CNH Industrial in a cash deal valued at $110 million. Additionally, Marathon facilitated a secondary transaction involving Hack the Box, a cybersecurity upskilling and talent assessment platform, with the investment firm Carlyle.
Greece’s Evolving Tech Landscape
Historically, Greece has lagged behind other European nations in attracting venture capital. However, recent years have witnessed a transformative shift. In 2024, over €555 million was invested in more than 90 Greek startups, marking a 15% growth compared to the previous year. This surge is particularly noteworthy given the 5% decline observed in European markets during the same period. The most funded sectors include artificial intelligence, biotechnology, and health technologies, reflecting global innovation trends.
The Greek government’s proactive measures have played a pivotal role in this transformation. Initiatives such as ‘Elevate Greece’ have provided targeted support and international visibility to startups, fostering an innovation-friendly environment. Furthermore, the introduction of the Startup Visa under Law 5162/2024 offers residence permits to investors contributing a minimum of €250,000 to registered startups, thereby attracting foreign investment and talent.
Marathon’s Investment Thesis
Marathon’s investment strategy focuses on backing founders who address complex problems in significant markets. This includes ventures requiring unique knowledge, such as research-intensive projects, or those navigating regulated or overlooked industries like power grid management. The firm emphasizes capital efficiency and team resilience, qualities that are increasingly valued in the current global economic climate.
International Growth and Capital Efficiency
Greek startups have traditionally faced challenges in scaling beyond the domestic market. However, Marathon’s portfolio companies have demonstrated the ability to leverage local talent to serve leading global customers from inception. This global orientation, combined with inherent capital efficiency and team grit, positions these startups favorably in a competitive landscape.
Conclusion
Marathon Venture Capital’s successful fund closure is a testament to the dynamic growth and potential of Greece’s tech ecosystem. With strategic investments and a supportive governmental framework, Greece is poised to become a significant player in the global technology arena.
