A special edition guide inspired by the Greece 2021 milestone. In celebration of 200 years of Greek independence, we welcome you to explore historical references showing how ancient Greece sowed the seeds of today’s Greek tech boom.
Greek Tech Arriving O N
T H E
G L O B A L
3RD ANNUAL GREEK TECH GUIDE SPECIAL GREEK ROOTS EDITION
BY THE PORT GLOBAL IN PROUD PARTNERSHIP WITH
A R E N A
GREEK TECH ARRIVING BY THE PORT GLOBAL The startups featured in this guide have been selected on the premises of their being founded in Greece or by founders of Greek descent. Selected startups are also stage-agnostic, in an effort to paint a holistic picture of the diversity and maturity. Notably, many of the rising stars and unicorns featured were founded in the heart of or directly following Greece’s Financial & Humanitarian Crisis (2008-2018), a testament to the country’s ability to not only recover, but come back stronger than ever. The information in this guide is derived from publicly available sources and on-the-ground research from consulting work of The Port Global in Greece. Top sources include press releases, Crunchbase, Elevate Greece, and Found.ation’s Digital and Startup Reports. If you believe any information should be updated, please direct inquiries to info@theportglobal.com. The Port Global New York, NY Athens, Greece São Paulo, Brazil www.theportglobal.com info@theportglobal.com
CONTENTS INTRODUCTION Perspectives from Our Partners
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Greek Tech Arriving
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Evolution of the Ecosystem
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A Note from Drake G. Behrakis
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Greek Startup Maps
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INDUSTRIES AI & Deep Tech
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E-Commerce & Delivery
15
Education
19
Energy & Smart Cities
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Finance
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Food & Agriculture
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Health & Wellness
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Info, Comms & Services
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Shipping & Maritime
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Travel & Tourism
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CLOSING & APPENDIX
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EVOLUTION OF THE GREEK TECH ECOSYSTEM
2021 wraps record-breaking year for Greek startups: six exits, €500MM+ in funding, 40+ follow-on investments, first two unicorn valuations, historical Series C round (€154MM)
Global pandemic impels Greece to increase innovation, with specialized crisis adaptability and recovery strategies Greece introduces new Digital Nomad Visa, attracting digital migrants with residency and a 50% tax cut
EU-backed Equifund launches and creates six new VC funds with €300MM+ of investment for startups. Results include a direct boost to innovation (with 100+ startups receiving €210MM+ in funding, attracting €500MM more in external funding, and employing 3,700+ employees in the first three years alone) and an indirect boost to additional local and foreign investment.
2017
2018
Daimler buys Taxibeat for US$43MM, one of Greece’s first major startup exits to date following 2015 acquisition of e-FOOD by Delivery Hero
New administration boosts entrepreneurship with businessfriendly, startup-focused efforts: Reduced bureaucracy; lower taxes on businesses, employment, stock options; increased foreign investment and exports
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One ‘Soonicorn’ in pipeline, more startups projected to pass €500MM valuation in 2022
Greek tourism rebounds with 8.6MM+ visitors and €6.6BN+ revenue, up 135% from 2020 New unique financing tool for Greek incubators
2020
2021
New ministry reforms incentivize Global 500 companies to begin significantly investing in Greece
Unemployment rate down to 16.9%, the lowest jobless rate since 2011
Greek Government launches first national database of Greek startups, Elevate Greece, to monitor and support entrepreneurship Global tech giants Microsoft, Tesla, and Pfizer invest and open offices in Greece
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Economic activity projected to accelerate to 5.3%, with strong possibility for faster recovery than anticipated
2022
Greece scores 99% on 5G readiness indicator, with development of high-capacity networks
Marked increase in early stage (pre-seed and seed) investments
Greece is ranked top-educated country across all OECD, with highest enrollment rate in bachelor programs and 4th highest enrollment rate in tertiary education
Greece rises 3 places in Global Competitiveness Ranking, highest ranked for “Starting a business”
Consumer confidence hits 19-year high
2019
EU Commission names Athens European Capital of Innovation 2018, with €1MM prize
International Technology and Innovation Parks implemented in Athens and Thessaloniki
3x more capital deployed in 2021 than year prior; for every € invested by a Greek VC, 2.5 more comes from foreign investors
Microsoft forms strategic partnership with Marathon VC to support Greek startups Greece gains ground as investment option, with €72BN+ recovery funds to be deployed
150MM digital transactions registered in first half of 2022, up 17,000x from 3 years prior More Greek angels and successful exited founders invest back into the ecosystem
Unemployment rate projected to continue declining, to 15.0% and 14.5% in 2022 and 2023, respectively
New funding available: €20MM from Business Angels Co-Investment Fund; €93MM from Phaistos for 5G-related tech; €100MM from HDBI for Series A financing, plus €60MM for tech transfer funds; €400MM public funds for renewable energy sources; €20MM for sustainability and social impact investments
New location-agnostic climate drives Greek Leading Greek VCs Marathon VC and VCs and startups to scout talent both VentureFriends close next funds, locally and from the global diaspora €40MM and €112MM respectively GREEK TECH ARRIVING BY THE PORT GLOBAL | 4
A NOTE FROM DRAKE G. BEHRAKIS
‘‘
In a relatively short period of time, Greece’s innovative spirit has developed a robust ecosystem that is impacting the global marketplace. Sustainability will be a challenge but the ever growing pipeline will ensure success into the next decade.
Drake G. Behrakis, Co-Founder of 2TmX Advisors, Philanthropist & Supporter of Greek Ventures
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Startups building with a focus on sustainability can be found with a star throughout the guide.
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GREEK STARTUP MAP 2022 INFO, COMMS & SERVICES
Greece-founded and Greek-led startups abroad. And the resources enabling innovation and startup growth in Greece. FOOD & AGRICULTURE
EDUCATION
ENERGY & SMART CITIES
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SHIPPING & MARITIME
VC FUNDS
TRAVEL & TOURISM HEALTH & WELLNESS
COWORKING SPACES
FINANCE
INCUBATORS & ACCELERATORS
E-COMMERCE & DELIVERY PROPERTY & REAL ESTATE
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HUMAN RESOURCES
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Please direct all inquiries regarding or additions to info@theportglobal.com. GREEK TECHedits ARRIVING BY THE PORT GLOBAL | 6
KVA
GREEK STARTUP MAP 2022
SKG
From the Cradle of Western Civilization
to the Crossroads of Innovation IOA LRA VOL PVK REMOTE GPA ATH
ATH SMI SMI
NIC LCA CHQ HER ◯ 7◯| ◯ THE PORT GLOBAL, 2022 BY THE PORT GLOBAL GREEK TECH ARRIVING
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AI & DEEP TECH
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E-COMMERCE & DELIVERY
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EDUCATION
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ENERGY & SMART CITIES
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FINANCE
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FOOD & AGRICULTURE
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HEALTH & WELLNESS
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INFO , COMMS & SERVICES
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SHIPPING & MARITIME
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TRAVEL & TOURISM
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