Greece’s startups saw a robust 15 percent growth in 2024, compared to the previous year, according to the annual report of a Greek innovation management consulting firm.
Found.ation has released its eight, consecutive annual “Startups in Greece” report in collaboration with EIT Digital, which reveals that over 555 million euros ($570 million) was invested in more than 90 Greek startups in 2024. This signifies a 15 percent increase compared to 2023, in stark contrast with European markets, which saw a five percent decline.
Aligning with global innovation trends, the most funded sectors in 2024 include artificial intelligence, biotechnology and health technologies.
Foreign funds continued to invest heavily in Greek startups in 2024, with 156 international investors participating in the 2024 funding rounds. Of those, 36 percent are based in the United States.
In terms of high-value startups, Viva Wallet retained its unicorn status (unicorn companies reach a valuation of $1 billion without being listed on the stock market), while the top funded companies are valued between 4.9 and 6.5 billion euros ($5 to $6.68 billion), representing nearly 60 percent of the ecosystem’s total value.
Despite the growth of Greek startups, challenges remain
Federico Menna, CEO of EIT Digital said that “Greek startups have been particularly active in areas like digital health, fintech agritech, robotics and maritime technology. However, like many European ecosystems, Greece’s startups face several challenges, especially when it comes to early stage funding and regulatory barriers.”
According to the report, another challenge is female representation, with female founders accounting for only 24 percent of Greek startups.
Filippos Zakopoulos, Managing Partner at Found.ation, echoes the challenges facing Greek startups, despite their growth. “Early stages need a further boost. Inclucivity and diversity are fundamental. Creating supportive structures for diverse entrepreneurs, particularly female founders, can unlock significant potential.”
Greece’s startup ecosystem bounces back after previous slowdown
Greece’s startup ecosystem growth was foreseen in another report by Found.ation and EIT Digital earlier in 2024.
After a few, slow years, experts saw the Greek startup ecosystem reaching a value of up to $8.2 billion, and evolving into a leader in venture funding in Southeastern Europe. In 2023, some 70 startups received a total of 485 million euros ($498 million).
Dimitris Kalavros- Gousiou, co-founder of Found.ation, had said that while 2023 was pretty slow, “this quietude should not be mistaken for stagnation. Rather, it’s the precursor to a significant shift we anticipate in 2024 as these funds begin actively deploying capital in the market.”
With Greece becoming more startup-friendly, the improved global confidence in the Greek economy and fresh funding options, as expected, further nurtured the Greek ecosystem’s growth.
“This progress positions Greece as one of the most promising hubs for innovation and entrepreneurship in the region,” noted Dr. Haris Lambropoulos, Chairman of the Hellenic Development Bank of Investments (HDBI) in the latest 2024 “Startups in Greece” report.
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