Breaking news

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.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

Uri Levine Course

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter