Marathon Venture Partners, a prominent Greek venture firm based in Athens, has recently secured €75 million for its latest fund, boosting its total assets under management to €175 million. Partner Panos Papadopoulos announced this achievement, highlighting the firm’s dedication to supporting Greek tech startups from the outset.
The venture firm has seen notable success with significant portfolio exits, such as the €110 million sale of Augmenta to CNH Industrial and partial share sales in cybersecurity platform Hack The Box to Carlyle. As Marathon prepares for an engagement at TechCrunch’s StrictlyVC event in Athens, Papadopoulos discussed the evolving landscape of venture capital in Greece, particularly in light of global market challenges.
Historically, Greece has received less venture investment compared to other European nations, prompting questions about the recent fundraising success. Papadopoulos credits the strong performance of their first fund and the firm’s knack for identifying emerging trends in sectors like AI and robotics for the positive shift.
Marathon’s investment approach focuses on empowering founders working in complex, vital markets—often requiring specialised knowledge or understanding of regulatory environments. The firm aims to deepen its ties within the fast-growing Greek tech community, which is gaining expertise and ambition.
While Greek startups have traditionally struggled to expand internationally, Papadopoulos asserts that many of their portfolio companies already serve significant global clients, with little revenue from the local market. He emphasises that these startups demonstrate capital efficiency and resilience, crucial for navigating today’s economic climate.
In light of fewer IPOs and longer holding periods for venture-backed firms, Marathon’s strategy remains intact. Papadopoulos explains the firm’s philosophy of investing early while retaining substantial equity positions. They have previously explored secondary sales as feasible avenues for returns without needing to rely solely on IPO success.
Regarding the broader European landscape, Marathon acknowledges the emphasis on deep tech and AI but maintains a generalist approach, prioritising innovative individuals rather than specific sectors. The firm sees potential in non-consensus opportunities that many investors overlook.
As for the current market conditions, Papadopoulos indicates that the turbulence has not resulted in reduced opportunities, but rather has intensified the focus on backing founders who display commitment to long-term growth. He and his team support diverse strategies, including secondary sales, to ensure their portfolio companies remain viable.
While the EU has increased support for startups through funding initiatives, Marathon advises its founders to concentrate primarily on market-oriented activities. Papadopoulos also notes that the improved macroeconomic indicators in Greece do not strictly correlate with the quality of startups emerging, with past difficulties proving to be a wellspring for innovation.
The evolving investment landscape, especially as American VCs pull back from European markets, has indeed provided local funds like Marathon with fresh opportunities. Papadopoulos concludes that their focus remains unwavering on building long-term relationships with founders, regardless of external market shifts.
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