“The Greek brand has never been stronger.” Panagiotis Karampinis, managing director of Endeavor Greece, does not hide his enthusiasm. “We have regained trust,” he says. “Anyone who wants to participate in the Greek digital ecosystem and invest in the Greek economy knows what they do will have results”
July-August 2022 Greek Business File, Issue No 138
Interview by Panagiotis Karampinis, managing director of Endeavor Greece
to Symela Touchtidou
We talked to Panagiotis Karampinis on the occasion of the release of the “2021 Greek-Tech Ecosystem Insights & 2022 Predictions” report by Endeavor Greece, in July 2022. The report is 100% run and validated by Greek entrepreneurs themselves. The goal is to generate an analysis that is entrepreneur-first, accurate and which encapsulates the size and accomplishments of the broader Greek Tech Ecosystem to highlight Greece’s proper place on the global map. This year, it brings good news. “Greece’s innovation sector is expanding rapidly at the same time that the country is rediscovering its leadership voice on major world issues, including equality, democracy and peace. Greece is stepping up and putting itself on the map,” the report notes.
The key findings are:
· 2021 was a record year for the Greek Tech scene. Fundraising hit a new full year record, exceeding $1 billion in equity and debt raised by Greek startups, which represents an approximately 110% jump compared with 2020.
· The number of FTE employees at Greek startups and scale-ups grew by 82%, reaching the all-time high record of 12,785 full-time employees globally, 66% of whom are based in Greece.
· 138 international companies in different stages, from startups to big-tech, have set up tech teams in Greece totalling 8,650 employees in tech positions.
· Greek startups are becoming key drivers of job creation as the total number of full-time jobs from startups in Greece (8,536) is on a par with the full time jobs created by the international tech companies that have a Greek presence (8,650).
· Greek diaspora startups raised a total of $6.8 billion in debt and equity in 2021, a number that is 6 times larger than the capital raised by Greece based ones ($1 billion).
· The research has identified 17 Greek founded startups at Unicorn status (valued at more than $1 billion), 10 of which reached Unicorn status in 2021.
· 2022 started strong for the Greek ecosystem – only in the first half, $331.2 million raised in debt and equity, and 11 mergers & acquisitions, so far.
· Viva made global headlines after a massive minority acquisition deal with JP Morgan valued the company at $2 billion.
· For 2022, Endeavor expects a 20-40% slow-down, compared to 2021 in capital raised by Greek startups in 2022, since during the first half of the year the invested amount has reached only 30% of the total amount invested in 2021.
The full article is published in the July-August 2022 Greek Business File, here.