As Greece continues its journey to establish itself as a European innovation hub, the 2024-2025 report by Found.ation offers a comprehensive analysis of the country’s startup ecosystem. Highlighting funding trends, sectoral growth, and existing challenges, the report positions Greece as a rising player in Europe’s tech landscape.
Key Highlights from the Report
- A Growing Ecosystem with Increasing Value
Greece’s startup ecosystem is valued at $4.2 billion, with Athens ranked among the top 100 emerging startup ecosystems worldwide. Over 700 startups are currently active, spanning industries such as maritime tech, fintech, AI, and life sciences. - Funding Activity and VC Support
Despite a global slowdown in venture capital, Greece witnessed stable investment activity in 2024. The Hellenic Development Bank of Investments (HDBI) played a pivotal role, managing €2.1 billion across various funds and co-investing in priority sectors such as green technology and digital transformation.- 30+ active VC funds are now present in the market, supporting startups at different stages of growth.
- Greece has seen notable success stories, including Viva Wallet, which was acquired by J.P. Morgan, highlighting the exit potential of local startups.
- Emerging Sectors
- Maritime technology remains a cornerstone of Greece’s ecosystem, leveraging the country’s longstanding shipping heritage.
- Artificial intelligence (AI) and health tech are emerging as key areas of innovation, attracting international attention.
- Greece is aligning with EU trends by fostering startups in green energy and sustainability, critical areas for the global market.
- Government Initiatives and Policies
- Programs like Elevate Greece have provided substantial support to startups by offering financial assistance, tax incentives, and access to international networks.
- Tax reforms aimed at angel investors and startups are incentivizing innovation, while public-private partnerships are creating synergies between academia and industry.
- Gender Diversity and Youth Innovation
- The report emphasizes the persistent gender gap in entrepreneurship, with women remaining underrepresented among startup founders. Initiatives such as Elevate Greece and targeted VC programs are working to bridge this gap.
- Gen Z entrepreneurs are reshaping the ecosystem with innovative solutions in areas such as digital transformation and sustainability, reflecting their priorities for a more inclusive and future-forward economy.
- Challenges and Barriers to Scaling
- Fragmented regulations within Europe and a lack of early-stage funding continue to pose challenges for Greek startups seeking to scale internationally.
- The limited availability of experienced talent, particularly in technical roles, has emerged as another key barrier.
Opportunities on the Horizon
Looking ahead to 2025, Greece’s startup ecosystem has a promising trajectory:
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- Increased collaboration between government, industry, and academia is expected to bolster innovation.
- Investments in emerging sectors such as AI, green tech, and maritime technology are set to drive economic growth.
- New VC funds like Corallia Ventures are poised to inject capital into the ecosystem, further encouraging entrepreneurship.
Greece’s Startup Ecosystem in 2024
According to the Global Startup Ecosystem Index 2024 by StartupBlink, Greece’s startup ecosystem has experienced a slight setback, dropping three spots to 49th place globally. Within Western Europe, Greece now ranks 19th, with notable growth in the number of cities included in the global ranking. For the first time, Heraklion has joined Athens and Thessaloniki in the top 1000, marking an important step for the country’s startup landscape.
Athens, in particular, remains the dominant startup hub in Greece, hosting 196 startups, which make up approximately 76% of the nation’s total startup count. This positions the Greek capital 26th in Western Europe and 120th globally, making it the highest-ranked startup ecosystem in the country.
While the overall ranking shows a slight decline, the expansion of cities participating in the global startup scene reflects growing entrepreneurial activity across Greece. Athens continues to lead the way, with increasing opportunities for startups in various sectors.
Conclusion
The Greek startup ecosystem has demonstrated resilience and adaptability amid global uncertainties. With a growing focus on collaboration, sustainability, and inclusivity, Greece is positioned to become a major hub for innovation in Southern Europe. While challenges remain, the strides made in 2024 lay a solid foundation for long-term growth and success.
