This Year, Startups Have Already Raised $45 Million
Some foreign investors believe that the worst is now behind startups and that 2024 will be a year of stability as opposed to 2023, which saw dwindling investment and widespread layoffs by digital businesses.
The sector has been negatively impacted by inflation, growing borrowing prices, and geopolitical unrest; worldwide investment was down 40% in the previous year. The volatility in the investment market did not spare Greek entrepreneurs; in fact, funding for new ideas plummeted by about the same percentage.
Thus, the beginning of 2024 has shown promise for Greek entrepreneurs, as they have already raised about $45 million in 14 investment rounds from 13 foreign investors in just the first five weeks of operation.
According to data from the Greek investment fund Marathon Venture Capital, of the $45 million, $17 million went to businesses that were already at mature growth stages, and the remaining amount was awarded to startups who were either in the “seed” stage of development or had made significant advancements in their operations.
The majority of the cash, or $34 million, goes to Greek-based businesses like Brite Solar, which raised 8.6 million euros in a Series A funding round from investors and Greece’s New Energy Partners. The company is working to produce nanomaterials that can be used to manufacture transparent solar collectors for agricultural applications, thereby achieving carbon neutrality.
Another well-known investment made in the first part of 2024 was in Kinvent, a firm that creates technological solutions for physiotherapy. Investors in Kinvent contend that the business has revolutionized the industry. The French fund Eurazeo contributed €16 million to the company’s fundraising round. Existing investors, such as the Greek investment fund Uni.fund, also took a minority position in the venture.
Athanasios Kollias, a former athlete, launched the business in 2017. Its main office is in Montpellier, and it has a production facility in Thessaloniki. With applications for sports performance, rehabilitation, and the medical field, it is creating a network of interconnected devices that monitor the strength, balance, and range of motion of athletes.