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Greece’s Marathon Venture Capital completes first close for Fund II, reaching $47M – TechCrunch

Marathon team

Marathon Venture Capital in Athens, Greece has accomplished the primary closing of its second fund, reaching the €40m / $47M mark. Backing the brand new fund is the European Funding Fund, HDBI, in addition to corporates, household places of work and HNWIs around the globe (plus many Greek founders). It plans to spend money on Seed-stage startups from €1m to 1.5m preliminary tickets for 15-20% of fairness.

Crew adjustments embody Thaleia Misailidou being promoted to Principal, and Chris Gasteratos is promoted to Affiliate.

Marathon’s most distinguished portfolio firm is Netdata, which final yr raised a $17 million Collection A led by Bain Capital, and later raised one other $14m from Bessemer. On the success aspect, Uber’s pending $1.4B+ acquisition of BMW/Daimler’s mobility group was in part driven by a Marathon-backed startup, Taxibeat, which was earlier acquired by Daimler.

Companions George Tziralis and Panos Papadopoulos inform me the fund is targeted typically on enterprise/B2B, plus “Greek founders, wherever”.

Highlights of Fund One’s investments embody:

  • Netdata (main infra monitoring OSS, backed by Bessemer & Bain)
  • Lenses (chief in DataOps, backed by 83North)
  • Hack The Field (cybersecurity adversarial coaching labs)
  • Learnworlds (business-in-a-box for course creators)
  • Causaly (cause-and-effect discovery in pharma)
  • Augmenta (autonomous precision agriculture)

Tziralis tells me nearly all of its subsequent ten firms have already raised a Collection A spherical.

Tziralis and Papadopoulos have been key gamers within the Greek startups scene, backing most of the first startups to emerge from the nation over 13 years in the past. And so they have been enthusiastic backers of our PJDM Athens meetup a few years in the past.

Three years in the past, they launched Marathon Enterprise Capital to take their efforts to the following degree. Fund I invested in 10 firms with the primary fund, and most have raised a Collection A. The portfolio as a complete has raised 4x their whole invested quantity and maintains an estimated whole enterprise worth of $350 million.

They’ve additionally been operating the “Greeks in Tech” meetups all around the world – Berlin to London to New York to San Francisco, and lots of extra areas in between, connecting with Greek founders.

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Mike Butcher