With its first fund, Marathon invested in ten Greek startups, with exceptional results so far. These companies are building perhaps the best software products in their field worldwide, have dozens of Fortune 500 companies as their clients, and attract funds from top international investors, from Israel to Silicon Valley.
Within two years after its initial investment in each company on average, most Marathon companies have already completed their next seed round, raising funds four times Marathon’s total investment. It is estimated that Marathon portfolio companies’ market capitalization today exceeds €300 million, an amount which is expected to increase significantly in the years to come.
At the same time, the Greek startup industry has been growing rapidly on all fronts. Total investments in the wider market have now reached €1 billion per year, significant acquisitions are taking place at an increasing frequency, and tens of thousands of Greeks daily accumulate practical experience, fuelling the growth cycle.
Today, Marathon Venture Capital announces the launch of Marathon Fund II. An initial amount of €40 million in fresh capital is going to be made available to ambitious Greek founders of world-class tech startups starting immediately.
Marathon Fund II participants include institutional investors such as EIF (European Investment Fund) and HDBI (Hellenic Development Bank of Investment, ex TANEO), as well as an ever-growing number of corporate and private investors from all over the world. Special mention should be made to the participation of more and more successful founders as investors, who complete the cycle of the ecosystem.
Marathon’s investment strategy remains the same. The fund will be leading seed rounds, investing standard amounts of €1-1.5 million for a 15-20% equity in each company, under transparent terms. Marathon will also be investing significant amounts in the future rounds, maintaining its equity in the company.
Marathon aspires to be a founder’s trusted partner, not just a shareholder. From recruiting talent to product and sales development, to finding investors and partners, Marathon’s investment also involves providing extensive support in everything that has to do with setting up a fast-growing tech company.
Marathon targets founders with a well-working software product and initial customers. More information is available on the web page marathon.vc
Announcing the new fund, Marathon partner Georgios Tziralis stated: “From 2007 to this day, we have been on a mission. We started by creating startups ourselves, as well as the startup community, the first funds, and the first successful exits. Today, the startup community has grown, matured, and gained confidence. At the same time, our mission remains the same – to help Greek founders create world-class technology companies.”
Marathon partner Panos Papadopoulos added: “We launched Marathon Venture Capital three years ago, and the results have exceeded all our expectations. We are excited about our companies’ achievements, and proud to be working with each founder individually. For us, the Greek founders are more than just partners. If you are changing the way a major problem of the humankind is solved by using state-of-the-art technology, we want to talk to you.”
The CEO of the European Investment Fund (EIF), Alain Godard, commented: “Despite the current difficult fund-raising environment due to the COVID-19 crisis, we are happy to see that the first closing for the second fund of Marathon VC was completed successfully. This confirms the positive impact of European Investment Fund (EIF) recent initiatives towards the further development of the role of venture capital (VC) in Greece, especially through the support provided by EquiFund to the first Marathon fund. This milestone confirms the existence of an active, quality deep tech market in Greece and its great prospects for the coming years. Through our cooperation with Marathon, we look forward to the utilization of venture capitals for the further development of this potential in Greece in the near future.”
The President of the Hellenic Development Bank of Investments, (HDBI, ex TANEO) Haris Lambropoulos, stated: “The country needs investments now more than ever. Reliable, viable, innovative investments. The Hellenic Development Bank of Investments (HDBI), ex TANEO, is the body that, with its experience and know-how in supporting investments, can deliver the desirable result. And it already has. HDBI’s participation in “Marathon Fund II”, inaugurates the cooperation with the successful team of Marathon Venture Capital, co-investing alongside EIF and other private and institutional investors. Yet another move that proves that we implement our planning immediately and effectively, supporting the innovative Greek start-ups with “smart” financial tools aiming at extroversion and international recognition. And there are more to come.”
Ioannis Tsakiris, Deputy Minister of Development and Investment, added: “For the Greek Government, especially for the Prime Minister, it is of paramount importance to support and enhance innovative business enterprises with smart and flexible financial tools. Today, we are proud to be backing the Marathon venture capital fund through the Hellenic Development Bank of Investments equity program, and I am sure that the vast experience of its team will deliver very good results, both in terms of surplus value as well as in added value for the Greek society, as it has proved in the past “.
About Marathon Venture Capital
Marathon Venture Capital (https://marathon.vc supports ambitious founders in creating world-class technology companies. Its investments include Netdata, Hack The Box, Lenses, Causaly and Learnworlds, and its partners have been founders or initial investors in companies such as Bugsense, Taxibeat and Workable. Marathon Venture Capital manages assets totalling €70 million.
About the European Investment Fund
The European Investment Fund (EIF) is part of the European Investment Bank Group, with the central mission to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them to access finance. EIF designs and develops venture capital and growth funds, guarantees and microfinance instruments which specifically target this section of the market. In this role, EIF fosters EU’s objectives in supporting innovation, research and development, entrepreneurship, growth and employment.
About the Hellenic Development Bank of Investments SA (Ex TANEO)
The Hellenic Development Investment Bank SA (HDBI, ex TANEO) was established by the Greek State under the article 28 of L. 2843/2000. It is governed by the provisions of same law, as amended and currently in force, as well as by the provisions of L. 4608/19. The purpose of the company is to participate in capital companies and venture capital schemes specifically set up for this purpose and governed by the legislation of a member state of the European Union. Also, to manage companies and funds intended for participation in capital companies and venture capital of the article 7 of L. 2992/2002 (Government Gazette 54 / A), venture capital funds of the article 5 of L.2367 / 1995 (Government Gazette 261 / Α) and in corresponding venture capital schemes that will be governed by foreign laws and will invest in Greece or abroad, to establish and manage investment schemes and provide advice for their management.
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