Greek startups drew record investment in 2021 attracting more than half a billion euros in financing, setting the stage for a new wave of public offerings by Greece’s hi-tech entrepreneurs and further confirming the country’s role as a regional innovation hub.

According to a report by startup consultancy and innovation platform Found.ation, prepared in collaboration with EIT Digital, newly deployed capital this year almost tripled compared to the year before, while there was a record number of follow-on investments. In total, the top 10 Greek start-ups this year raised €397 million − more than three times the amount raised last year – while the number of startups funded this year totaled about 70, 30% more than last year.

Over the past decade, Greece has developed a vibrant startup ecosystem that has been drawing increased attention from major multinationals. At the same time, the country’s efforts to upgrade digital infrastructure and access – from e-government services to the roll out of a new 5G network – have helped establish Greece as a tech hub in Southeast Europe.

In 2017, Greece also launched the public-private Equifund initiative, which has been instrumental in helping finance promising Greek startups. Building on that initiative, the government has committed to providing at least €200 million in further funding to support the country’s startup ecosystem.

According to the report, most Greek startups − almost 70% − are focussed on B2B applications, primarily in the areas of life sciences, retail and agritech. However, there are a growing number of startups also focussing on maritime tech and deep tech, a trend that is expected to continue in 2022.