In 2021, startups raised € 500 million in capital from Greek and foreign investors. This is almost three times more than last year (150 million euros) and ten times more than 4-5 years ago (50 million euros).
Although acquisitions of Greek startups declined slightly in 2021 compared to last year, the gradual development of the sector is quite tangible, especially in the last two years (2020-2021), as reported in the Startups in Greece 2021-2022 study conducted by Found .ation and EIT Digital supported by Hellenic Development Investment Bank.
The tech company Lenses.io (of the German company Celonis), which sold at a price said to be in the 70 million euro range, stood out in particular.
If you look at the ranking of the largest acquisitions of startups in recent years, you will notice that out of the top ten, six took place between 2020 and 2021.
First and foremost is InstaShop, a company that launched its services in the Middle East by developing an app for ordering products and items from various local stores recently launched in Greece. The company was founded by Greeks, has offices in Athens and Thessaloniki, and was acquired in August 2020 by the German Delivery Hero group for € 306 million ($ 356 million).
Second on Found.ation’s respective list is Softomotive, a company in the emerging robotics automation sector that was acquired by Microsoft in 2020 for € 125 million. It is followed by the Greek company Niometrics, a provider of analytical solutions for the telecommunications industry, which was acquired this year by the American company Mobileum.
This is followed by the acquisition of the software company Lenses.io, and the acquisition of the parent company Think Silicon from American Applied Materials rounds out the top five.
While acquisition costs have declined, this has not happened with funds raised by Greek startups this year, making 2021 a record year for investment.