EIF invests €20m in Marathon Venture Capital’s third fund to boost tech innovation in Greece, the Diaspora, and Europe

• The investment will support early-stage tech start-ups led by Greek entrepreneurs.
• The fund reached €75 million in an oversubscribed single closing and aims to back about 15 companies.
• EIF’s investment underlines its commitment to boosting innovation, competitiveness, and the development of the venture capital ecosystem in Greece and Europe.

Luxembourg/Athens: The European Investment Fund (EIF) has committed €20 million to Marathon Venture Capital Mutual Fund III, a new fund targeting early-stage technology companies founded by Greek entrepreneurs in Greece and across Europe.

The EIF’s participation contributed to the fund reaching its fundraising target of €75 million in a single, oversubscribed closing. The fund will support business-to-business (B2B) technology start-ups in sectors such as IT infrastructure, cybersecurity, artificial intelligence, agricultural technology, defence technology, and deep tech

“Supporting innovation and entrepreneurship across Europe is central to our mission," said EIF Chief Executive Marjut Falkstedt. "Through our renewed partnership with Marathon Venture Capital, we aim to foster Europe’s competitiveness by backing Greek tech entrepreneurs who are pushing the frontiers of innovation in critical sectors like AI, security, and deep technologies.”

The EIF’s investment in the initiative is backed by the Risk Capital Resources (RCR) mandate and EIF's own resources. It plays a catalytic role in attracting private capital into the Greek venture capital market, which remains underserved despite a growing entrepreneurial base. The investment also supports EU policy goa ls on innovation, competitiveness, and digital transformation, contributing to the wider objectives of the InvestEU programme.

“Innovation is the cornerstone of Europe’s future growth, and Greece is increasingly proving its potential to lead in technology-driven entrepreneurship. By supporting Marathon’s third fund, the EIB Group continues to strengthen Greece’s innovation ecosystem and empower a new generation of visionary founders. This investment reflects our firm commitment to making Europe more competitive, more digital, and more resilient through strategic support to its most promising talent,” said EIB Vice-President Yannis Tsakiris.

The Hellenic Development Bank of Investment (HDBI) is also participating in Marathon’s third fund with a contribution of €20 million, as well as several corporate and private investors from all over the world.

“The HDBI is participating in this new initiative from Marathon Venture Capital, continuing to support a team that views modern challenges as a mission and investors and entrepreneurs/founders as companions. This team, as it matured, has significantly contributed to the dynamic evolution of our country's innovation ecosystem, providing tangible economic and social results,” said HDBI Chief Executive Officer, Antigoni Lymperopoulou.

Marathon Venture Capital, a leading technology-focused investment firm in Greece, has established a strong track record of building successful technology companies that attract global investor interest. Previous funds supported by the EIF in 2017 and 2020 have led to notable successes, including Hack The Box, a leader in cybersecurity upskilling, Learnworlds, a prominent learning management platform, Causaly, a pioneer in biopharma knowledge discovery, and Augmenta, an agricultural technology company acquired by CNH Industrial. The previous two funds have supported more than 20 companies, investing over €50 million in early-stage technology start-ups.

George Tziralis, Partner at Marathon Venture Capital, commented: “European founders can go a long way – even when starting from unlikely places. Our own journey has been a humble testament to it, and we are grateful for EIF's support throughout it. Today, we are excited to renew our commitment to our extended startup community, and help our peers go further.”

The EIF’s continued support for Marathon Venture Capital follows earlier investments in the firm’s first and second funds. It reflects the EIF’s broader strategy of strengthening venture capital ecosystems in Europe’s emerging markets, improving access to finance for innovative small and medium-sized enterprises (SMEs), and fostering regional development.

Background information:

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. Since its first project in Norway, in 1974, the EIB Group has made available over €6 billion to support projects in the EFTA region, about €5 billion through the EIB and €1.1 billion through the EIF. On the whole, in Iceland alone the EIB Group has made available nearly €1.3 billion throughout the years between EIB and EIF financing.

Marathon Venture Capital is a seed-stage venture capital fund helping ambitious founders build world-class technology companies. With over €170 million in assets under management, Marathon has served as the first investor in startups such as Causaly, Hack The Box, Augmenta and Learnworlds. For more information, visit https://marathon.vc

Press contacts

EIB

Graham Wood, g.wood@ext.eib.org, Tel.: +306972122350

Website: www.eib.org/press – Press Office: +352 4379 21000 – press@eib.org 

Elizabeth Zitouniati, e.zitouniati@ext.eib.org, Τel: +306981786660

Marathon Venture Capital

Alex Alexakis, alex@marathon.vc, Tel: +306978616116