Greek-owned startups have experienced a remarkable surge in funding, raising more than $60 million in just one month. This brings the total amount of funding this year to over $214 million, according to data collected by Marathon Venture Capital.
The recent influx of funds has been driven by major investors such as Atomico, a renowned investment fund managing over $4 billion in assets. Additionally, NATO has also joined the ranks of investors by investing in a Greek startup through the NATO Innovation Fund.
This significant increase in funding comes after a period of economic uncertainties, including high inflation, rising borrowing costs, and geopolitical tensions. These factors had previously deterred investors and hindered the flow of capital into the startup market, causing many technology companies to face financial challenges and prioritize profitability.
However, one standout investment in the last month was the NATO Innovation Fund’s contribution to Evangelos Zympeloudis’ iCOMAT startup. iCOMAT specializes in the production of parts from composite materials, utilizing robotic machines to reduce the weight of these components. Notably, the 8VC investment fund, managing funds of over $6 billion, also played a crucial role in backing this investment.
With a total funding of $22.5 million, iCOMAT plans to allocate approximately $5 million towards completing its expansion plans. This injection of capital will undoubtedly enable Greek startups to further their growth and innovation, positioning them as key players in the global market.