The Rising Europe: The Emerging Ecosystems Who Are Leading the Transformation

From 1999 to 2019, €300M of public funds were invested in the equity market. In the last three years, HDBI has committed to invest more than €550M, says Antigoni Lymperopoulou, CEO of HDBI S.A.

Not only that, but in 2018 about a dozen funds were operating in Greece. Today, HDBI has invested in 22 new ones.

That says something, doesn't it?

The stars have aligned in the eyes of an investor and active participant in the tech ecosystem when you see that the country is following a regulatory framework, funds have capital, and you have the right people to manage money and strategy.

Amy Lewin, Editor at Sifted spoke at the Delphi Economic Forum with Antigoni Lymperopoulou, CEO of HDBI S.A., Rob Genieser, Managing Partner at ETF Partners, Monica Zara, Head of Conference from How to Web, Daniel Tomov, Partner Eleven Ventures, Panagiotis Karampinis, Managing Director at Endeavor Greece, and Jean Schmitt Managing Partner at Jolt Capital about the emerging ecosystem in Europe, and more specifically their insights and involvement in Greece’s accelerating tech ecosystem.

Investment trends and opportunities

People are coming back, and by doing so they have enriched our ecosystem and Greece is capitalizing on that. We've heard it time and time again - Silicon Valley isn’t the only tech ecosystem that investors and founders are looking into as now, there is talent all over the place ranging from Asia to Europe. Investors like Rob Genieser, Managing Partner at ETF Partners, believe that Greece and other countries in Eastern Europe can really be taken to the next level with the influx of capital and the talent flooding back. The fund puts its money where its mouth is, actually making two investments in Greece - more importantly, in founders who are creating fantastic and innovative businesses.

Antigoni explains how HDBI’s participation in European scale-up funds targeting Greece is beneficial to the local VC ecosystem. She elaborates on how HDBI’s ongoing extraversion, having its origins in being a founding member of the European Venture Fund Investor Network, has helped ascertain the advantage of exchanging ideas, best practices, and know-how amongst partners. This relationship will be replicated with the inclusion of those scale-up funds in the Greek ecosystem, opening up the deal-flow for Greek VC funds, expanding the manager’s network, bringing the local stakeholders into the spotlight of global participants, them being funds, companies or investors. 

The region is hungry for success, says Daniel Tomov, Partner Eleven Ventures. Because of the crisis, Greece specifically has grown resilient and has cultivated a special energy where people want to create and build the next best thing. Antigoni chimes in and adds that the big bet is not just to deliver, we want to continue growing rapidly for people to come back and desire to live and work in Greece. People are hopping on this bandwagon as they realize that they can not only grow their venture here, but their families.

Local Talent and the Skills Gap

Great people make great companies.

It’s no secret that Greece and Eastern Europe have an excellent pool of talent in software and engineering, being one of the largest. What’s missing is the business side because in order to have successful teams that build great products, there needs to be a mix of skills, observes Monica Zara, Head of Conference from How to Web. She emphasizes that it's crucial to cultivate a diverse network and foster collaboration among universities, industries, and startups. By bringing together a mix of young entrepreneurs and established companies, we can enable the exchange of knowledge and experiences. This involves organizing small meetings and gatherings to foster networking and learning opportunities, much like Endeavor Greece with their involvement in university-run events - introducing them to entrepreneurship all the way to their day job which is to connect founders with investors and talent globally.

Ultimately, nurturing this ecosystem will empower talent teams to tackle real-world problems with innovative solutions, leveraging a balanced mix of technical and business skills.

Panagiotis Karampinis, Managing Director at Endeavor Greece adds that we should not be looking only at the local talent, but tapping into the global talent. To do so, we need to create a brand as a country putting out the message in a strategic cohesive way through reports and campaigns that Greece is the place to be and work. Not to mention, now with the Greek Tech Visa being implemented, we can compete with countries like Spain and Portugal for talent.

Put your foot on the gas and go: La French Tech

Jean Schmitt Managing Partner at Jolt Capital brings to the table, La French Tech, as an example of how they were able to bring all the stakeholders from the ecosystem together. For what reason? To teach and show entrepreneurs that they can grow for real, in an ecosystem that will support them towards becoming a much bigger company. Their ambition is instilled into the entrepreneurs. 1. Your company can be worth a lot one day, so 2. Don’t sell too fast or give up too quickly, because 3. We believe that you are on the path to accomplishing something that will truly make a difference. He brings to light that the expectations in Greece are not at the standard that the tech is at. Founders are not turning their businesses into large companies because, at the end of the day, they don’t know any better.

Rob chimes in by highlighting that Greece has been through the ringer, and has come out on the winning side. It wouldn’t hurt if the country had a bit more belief on how far it can go.

Romania’s UiPath, founded in 2005 in Bucharest, serves as a great example of how when a success story goes global, it has crazy ripple effects. In the case of UiPath, Monica mentions that she saw at least 20 startups started by ex-UiPath employees. It builds confidence in the country and the founders to not only push boundaries but use success stories to their advantage, which will in turn benefit you, the economy, and your venture.

Greece’s UI Path is bubbling - and some companies have already started paving this path for their employees. Take the below companies;

• Softomotives acquisition by Microsoft has led to RPA development in Greece

• Accusonus’ acquisition by Meta has led to a development team setting up shop in the country, and staying

• Blueground is close to an IPO, a world-class category leader in the mid-term rental space

• Augmenta was acquired by CNH Industrial accelerating the farm tech industry, and creating ripple effects with VC growth and employee empowerment 

• Marine Traffic, the leader in real-time vessel tracking & data collection acquisition by Kpler shows that Greek technology leads globally  

Why invest in Greece?

Investing in Greece offers a compelling proposition rooted in robust scientific prowess and a vibrant entrepreneurial spirit. Here, the fusion of solid scientific foundations with determined business leaders cultivates an environment ripe for innovation and growth. With resilient founders and a diverse talent pool, Greece presents abundant opportunities for both professional advancement and personal fulfillment, standing as a beacon of promise in Europe. Within its local ecosystems, the multiplier effect is evident, driving exponential progress and lasting transformations. What sets Greece apart is its rare unity of purpose, where a shared commitment to long-term success propels individuals and enterprises forward with unwavering resolve. Fuelled by this collective drive and a steadfast determination to excel, Greece beckons as an investment destination, offering the potential to unleash significant impact and enduring prosperity.