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Greek Startups Attract Global Investment, Show Continued Growth In 2024

In 2024, Greek-founded startups continued to experience impressive growth, with total funding surpassing $1.3 billion globally, marking an increase of $200 million from 2023. Despite a global liquidity slowdown, this upward trend signals renewed investor confidence after two years of contraction. The sector’s significant achievement includes the acquisition of the Greek technology company BETA CAE by Cadence for $1.2 billion, one of Europe’s largest tech M&A transactions of the year.

Global Funding And Investment Trends

The global funding for Greek startups has been on a steady rise, with 2024’s $1.3 billion exceeding previous years’ totals, such as $962 million in 2019 and $1.2 billion in 2020. Marathon Venture Capital highlighted that major global investors continue to back Greek startups, with Sequoia investing in Reflection AI, Andreessen Horowitz in Kaedim and Pantheon AI, and Alibaba in Connectly, among others. This suggests that despite global market challenges, confidence in the Greek startup ecosystem remains strong.

Funding rounds are relatively stable, with an average of 150 rounds per year. However, the trend of larger funding rounds is evident, as seen in the increase in average seed round size from $1.8 million in 2019 to $3.5 million in 2024, narrowing the gap between Greek and US startup funding rounds.

Notably, growth-stage rounds have seen a rise, with 24 growth rounds in 2024 compared to just 14 in 2019. However, Series A rounds have seen a decline, a reflection of the global trend of reduced early-stage financing following the boom years of 2021 and 2022.

Acquisitions And Exits

Twelve Greek-founded startups were acquired in 2024, including BETA CAE, InAccel by Intel, and Multi by OpenAI. This is a slight dip from the 16 acquisitions in 2023, following the global slowdown in tech mergers and acquisitions. Additionally, exit announcements from startups operating in Greece decreased significantly, with just 3 exits compared to 11 in 2023. However, the BETA CAE deal marked the largest-ever acquisition of a Greek tech company, underscoring the sector’s continued maturation.

Greek Startups On The Rise

Venture capital funding for startups operating in Greece saw a notable 32% increase in 2024, reaching $400 million. A significant portion of this funding—about a third—was directed to AI companies, highlighting AI as a top sector for investment. Other key sectors included healthcare, fintech, and climate technology.

While the number of funding rounds in Greece remained stable at around 60, startups based in Greece tend to secure smaller funding rounds compared to those operating abroad. Startups in tech hubs like London and New York raised larger seed and growth rounds due to higher personnel costs, with average amounts of $5.1 million and $53.3 million, respectively, compared to $2.1 million and $27.8 million for startups in Greece.

The gap in funding size and the fewer exit announcements suggest that startups operating abroad are further along in their development compared to those still active in Greece. Nevertheless, the success of acquisitions like BETA CAE indicates a promising future for Greek startups both locally and globally.

In conclusion, the continued growth and international interest in Greek startups reflect a maturing ecosystem, with over $1 billion in new capital raised annually and a growing number of exits. Ten years ago, this level of success seemed unimaginable, but the sector is now firmly on the global map.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.

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