According to a recent report on Greece’s startup ecosystem by management consultants Found.ation, venture capital and venture debt have continued to grow in the country, although its angel scene remains low-key.
Oddly enough, 2020 was a banner year, with the sale of InstaShop to Delivery Hero valuing the company at $360 million, making it the largest exit for a Greek-founded startup with operations in Greece.
The pandemic has meant Greek investors and startups realize that if they can work from anywhere and hire from anywhere, then Greece is not such a bad place to be. And the Greek VC market benefits as the diaspora returns from the mega cities of the West. The nation’s startup ecosystem is also attracting more outside investors, who see low capital costs, an educated workforce and the move to remote working/hiring.
Bessemer Venture Partners, Insight Venture Partners and FJ labs are all backing Greek startups,