Greek Tech Boom: Seed-Stage Firm Secures €75M Funding
▼ Summary
– Marathon Venture Capital closed a new €75 million fund, bringing its total assets under management to €175 million, reflecting successful exits like Augmenta’s $110 million sale.
– The firm focuses on backing founders tackling hard problems in important markets, leveraging unique expertise or high agency in overlooked industries.
– Greek startups in Marathon’s portfolio primarily serve global markets from day one, with minimal domestic revenue, emphasizing capital efficiency and grit.
– Marathon prioritizes early-stage investments and flexible exit strategies like secondaries and M&A, avoiding reliance on IPOs for returns.
– The firm invests in non-consensus opportunities often ignored by other VCs, focusing on sector-changing founders rather than specific industries like deep tech.
Athens-based Marathon Venture Capital has successfully raised €75 million for its newest fund, bringing its total assets under management to €175 million. This milestone marks a significant achievement for Greece’s growing tech ecosystem, particularly for a seed-stage investor operating in a market historically underserved by venture capital. The firm’s recent successes, including the $110 million exit of portfolio company Augmenta to CNH and a secondary sale of shares in cybersecurity platform Hack the Box, demonstrate its ability to identify and nurture high-potential startups.
Marathon’s strategy centers on backing founders tackling complex challenges in critical industries, whether through deep technical expertise or niche market insights. Their approach prioritizes capital efficiency and long-term resilience over rapid scaling—a philosophy that resonates in today’s tighter funding environment. Unlike many VCs chasing the latest trends, Marathon has consistently invested ahead of the curve, including early bets on defense tech before it gained mainstream attention.
Greek startups, often underestimated, are proving their ability to compete globally from day one. Marathon’s portfolio companies generate virtually no revenue domestically, instead serving Fortune 500 clients worldwide. This global mindset, combined with the frugality ingrained in Greece’s entrepreneurial culture, positions these startups for sustainable growth despite macroeconomic headwinds.
With fewer IPOs and extended holding periods reshaping venture capital, Marathon’s focus on early-stage investments and flexible exit strategies—such as secondary sales and strategic acquisitions—provides a pragmatic path to returns. The firm’s limited partners appear aligned with this vision, recognizing that outsized outcomes don’t require unicorn valuations.
While European VCs increasingly emphasize deep tech and AI, Marathon remains sector-agnostic, betting instead on visionary founders reshaping their industries. The firm’s willingness to back non-consensus opportunities—often overlooked by larger funds—creates a unique advantage in Greece’s emerging tech landscape.
As global investors retreat, Marathon sees increased opportunities for local funds to lead rounds and build stronger syndicates. The firm’s hands-on approach, combined with its emphasis on founder alignment, reinforces its role as a key player in Greece’s tech ascent. Adversity, as Marathon’s partners note, has long been a catalyst for innovation—and Greece’s startups are no exception.
(Source: TechCrunch)
