Greek VC Marathon Raises €75M for Seed-Stage Tech

Marathon Venture Partners Secures €75M for Greek Tech

Athens-based venture capital firm Marathon Venture Partners has closed its latest seed fund with €75 million in commitments. This brings the firm's total assets under management to €175 million, a significant milestone for the eight-year-old firm.

Success Fuels Growth in Greek Tech

This new fund reflects the growing success of the Greek tech ecosystem, including several notable exits by Marathon portfolio companies. One example is the $110 million acquisition of Augmenta, an agricultural technology company, by CNH Industrial. Marathon also participated in a secondary transaction for Hack the Box, a cybersecurity platform, with Carlyle.

Focus on Hard Problems and Global Markets

Marathon Venture Partners focuses on founders tackling challenging problems in significant markets. Partner Panos Papadopoulos emphasizes their investment strategy of supporting founders with unique expertise, such as PhD-level research or deep industry knowledge. He highlighted that Greek startups often leverage local talent to serve global markets from their inception.

Navigating the Current Investment Landscape

Despite the global slowdown in IPOs and longer holding periods, Marathon remains confident in its strategy. The firm's focus on early-stage investments, maintaining substantial equity positions, and smaller fund size allows for various return opportunities, including secondary sales and strategic acquisitions.

Opportunities in the Greek Ecosystem

While many European VCs are focused on deep tech and AI, Marathon takes a broader approach. They prioritize founders disrupting their respective sectors, regardless of specific technology. Papadopoulos believes that valuations for Greek startups are not necessarily discounted compared to other European hubs. Instead, Marathon focuses on non-consensus opportunities that other VCs might overlook.

Supporting Portfolio Companies

In the current challenging exit environment, Marathon advises its portfolio companies on various strategic alternatives, including secondary sales and acqui-hires. They prioritize ensuring companies are well-positioned for long-term success. While non-dilutive capital from EU funding mechanisms is welcomed, the firm encourages founders to prioritize market-driven activities.

The Future of Greek Tech

Marathon Venture Partners believes the future of the Greek tech scene is bright. While Greece's improved macroeconomic situation is positive, the firm's success is largely independent of local macro factors. The firm sees continued opportunity for growth, especially as some American VCs pull back from European investments.

This announcement comes ahead of TechCrunch's StrictlyVC event in Athens, where Papadopoulos and Greek Prime Minister Kyriakos Mitsotakis will discuss the burgeoning Greek tech scene. Learn more about the event here.

Learn more about Marathon Venture Partners here.