Greece’s startup ecosystem sees renewed growth momentum

Greece’s startup ecosystem is seeing renewed growth momentum, underscoring how the country continues to develop as a center for innovation and technology.

The number of new businesses launched last year topped 65,000 – up 10.6% and the highest level in more than 10 years – while investment in Greek startups has jumped following a lull earlier this decade. In 2024, venture capital funding in Greece rose 32% on year to $400 million.

“As 2025 kicks off, it’s a moment to reflect on a year when investment activity regained its footing,” writes Alex Alexakis, Principal at Marathon Venture Capital. “Overall startup funding levels in 2024 edged higher than in 2023 for Greek-founded startups, surpassing $1.3 billion – a welcome sign of confidence returning to the market after two consecutive years of contraction, with top-tier investors leading rounds and supporting teams.”

Other noteworthy milestones included the acquisition of Greek tech company BETA CAE by U.S.-based Cadence for $1.2 billion, which marked one of Europe’s largest tech buyouts of 2024. While just recently, Greek-Dutch chipmaker Axelera Artificial Intelligence was identified as one of the Top 10 AI players in Europe garnering the attention of large foreign funds.

Over the last decade, Greece has emerged as a regional tech hub drawing major multinationals, who have invested in Greek businesses, infrastructure and R&D. The country is now home to 19 data centers – with more under construction – and boasts some 20 high-capacity, submarine cables linking it to the rest of the world, more than anywhere else in Southeast Europe. At the same time, Greece’s startup ecosystem has blossomed and grown to an estimated valuation of more than $8 billion.

The renewed interest in innovative Greek companies and increased financing come after a period of consolidation in global venture capital. Sharp increases in interest rates in 2021 and 2022 led to both a pullback in tech investment and a shakeout in the number of tech funds worldwide. But last year, investment in European startups – particularly in defense and related technologies – saw renewed interest, with financing directed at Greek companies outpacing the rest of Europe.