Marathon Venture Capital, a business company in Athens who is proud to be “partner of the first day for Greek technological partners”, has just closed his last fund with 75 million euros in capital commitments, according to partner Panos Papadopoulos.
The vehicle brings the total activities of the company under managing for € 175 million-a significant amount for an eight-year-old seed seed investor in Greece and also a reflection of some considerable releases. Among these was the sale last year of the Marathon Augmento portfolio company in CNH, a manufacturer of agricultural machinery and construction equipment in a cash agreement that evaluated augmentation to $ 110 million. Marathon also sold some of his actions in Hack The Box, a Upskilling and talented evaluation platform, to the Carlyle investment company in a secondary transaction.
We chatted with Papadopoulos in view of a sit-down in person with him as part of the first rigorous evening of Techcrunch in Athens on Thursday 8 May, a night that will also include a profound immersion with the Prime Minister of Greece, Kyriakos Mitsotakis. What we wanted to know – and what will be the central questions on Thursday evening – is: why Greece and why now?
Greece has historically seen less risk investments than other European countries. What, if nothing else, has changed local level that allowed you to collect a fund of 75 million euros when the global fundraising has become more demanding?
To begin with, the marathon I is a higher Performer Performer globally in (yields made); We built a wallet that caught the current zeitgeist well before, for example, scientific research assisted by the AI, robotics or defense have become the norm.
What is the thesis of your company and how does this new basic thesis differ given the extended time sequence that we are witnessing for global outputs?
We are supporting the founders who do something hard in the important markets. It can be difficult because it requires unique knowledge, such as a doctorate of research or a high agency, which means understanding a regulated or neglected sector as the management of the electrical network. And we will continue to double our community rapidly growing, which has accumulated experience and competence, together with ambition.
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Greek startups have traditionally dealt with challenges that reduce themselves beyond the internal market. How are you evaluating the international growth potential of a company in this environment where capital efficiency counts more than rapid expansion?
Allow me to differ. Greek startups exploit local talents to serve the main customers and global markets from the first day. Throughout our wallet there have not practically revenue from the internal market. But they are serving the best part of Fortune 500.
At the same time, the efficiency of the capital and the grit of the team are a second nature for our community.
We are witnessing without global level and long periods of detention for companies supported by Venture Capital. How did this influence your conversations with your limited partners on timing and made expected?
We do not need tenants to make the economy of our fund work. We invest at the beginning, keep substantial share positions and keep small size of the funds. These offer various opportunities for significant returns, including secondary and mergers and strategic acquisitions, well before an ipo. We made secondary in 2021 when most of the market was promising infinite detention times. In our culture, money is king. It seems that many others have forgotten it.
Many European VCs are emphasizing Deep Tech and Ai. Does the marathon adopt a similar approach or do you see different specific opportunities for the Greek ecosystem?
Of course we are all, but the definition of deep technology is elongated and means many different things for different people. We are not focusing on any specific sector in themselves, however, we are focusing on people who change their sectors. We were perhaps the first generalist VC to invest in defense before the Ukrainian war.
Greek founders have historically received less funding than the counterparties in Berlin, Paris or Stockholm. Are you seeing assessments for Greek startups who reflect this discount and this creates opportunities for better returns?
In our experience, it is not about geography or price. We are supporting the founders in opportunities for non -consent that most of the VC would ignore. We move quickly with conviction and we do not ask who else by investing. These may seem like tables; I’m not yet.
Given the demanding global exit environment, how are you advising your portfolio companies on strategic alternatives such as secondary sales or acquisition rentals?
We work with our portfolio companies towards predefined live scenarios. Starting there, all the options are on the table. Let’s see that the founders really want to manage their long -term companies. We believe that a secondary sale can actually help this, and very often we are supporting these scenarios.
The EU stressed the support startups through various financing mechanisms. How important is the non -dilutive capital from these sources to your portfolio companies compared to five years ago?
We welcome such an initiative. We recommend, however, to our founders of the portfolio not to waste time in activities not related to the market.
How did the improved macroeconomic situation of Greece influence both your fundraising process and the quality of the startups you are seeing?
It is always good when the press titles are not done, but what we do is less relevant for the local macro. When it comes to the front of talents, I would say truly based on empiricism which, if there is any correlation, is inverse. Adversity are the mother of every invention.
Many American VCs have retired from European investments. Has this created more opportunities for local funds such as the marathon or did you make the most demanding union agreements?
It is certainly a different market, but it also creates more opportunities for European investors. I don’t think the flood of capital in 2021 really changed the opportunity for European companies. We must always count on ourselves and be aligned with long -term founders.
