Found.ation, in collaboration with EIT Digital (part of the European Institute of Innovation and Technology) has published an extensive report for the 3rd consecutive year in order to record funding opportunities and startups’ profiles in Greece. 2019 was a very interesting year, as it has almost been 2 years since the launch of EquiFund. For the first time, all the investments made under the financing program are recorded, and the companies’ profile that have been strengthened is analyzed.

Some of the report’s highlights:

  • 60 million euros have been invested in Greek startups so far through the EquiFund mechanism. The 74 companies that have been strengthened, have raised a total of 180m euros so far, with contributions from other investors.
  • For every €1 invested through EquiFund VCs, startups have received another €1 from other investors in following funding rounds. In total, for every €1 through EquiFund, startups have received an additional €2 from other investors.
  • EquiFund-enhanced startups are newer (<4 years) compared to startups that received funding in previous years (<8 years).
  • 8 out of the 10 startups that have received the biggest funding till now, have been funded through EquiFund as well. Specifically, 25% of all investment rounds involve the participation of an EquiFund VC. For companies that have received funding through EquiFund, program participation represents on average 33% of the total funding they have received.
  • The Greek startup ecosystem still prefers the B2B services. Life sciences, retail and e-commerce and agri-food sectors are emerging as the most popular startups in their early stages. Other sectors such as tourism and energy are also a trend.

You can download the report here.