Marathon Venture Partners, a risk firm in Athens that is proud to be “partners of the first day of Greek technological partners”, has just closed its most recent fund with € 75 million in capital commitments, according to partner Panos Panos.
The vehicle carries the total assets of the company under administration to € 175 million, a significant amount for an eight -year -old investor in Greece and also a reflection, or some considerable exits. Among them was the sale last year of the Marathon portfolio company, augment to CNH, an agricultural machinery manufacturer and construction equipment in an cash agreement that valued Augmenta at $ 110 million. Marathon also sold some of the actions in Hack The Box, a cybersecurity talent and acceleration evaluation platform, to the Carlyle investment firm in a secondary transaction.
We chat with Papadopoulos before a sitting in person with him as part of the first equal of Techcrunch Strictlyvc in Athens on Thursday, May 8, a night that will also include a deep immersion with Greakokos, Kériaakos. What we wanted to know, and what will be the central questions on Thursday night, is: Why Greece and why now?
Greece has historically seen less risk investments than other European countries. What, if something, has changed locally that allowed him to raise a fund of 75 million euros when the collection of global funds has become more challenging?
To begin with, Marathon I is a superior senior artist worldwide in [realized returns]; We built a portfolio that captured the current reaithgeist much earlier, for example, scientific research, robotics or defense assisted by AI-AI became the norm.
What is your company’s thesis and how does the thesis of this newer fund differ given the extended timeline we are seeing for the exits worldwide?
We are supporting the founders who do something hard in the importation of markets. It can be difficult because it requires unique knowledge, such as a doctorate in research or a high agency, which means understanding a regulated or passed industry as the management of the electricity grid. And we are going to duplicate continuous in our fast -growing community, which has experience and experience accumulated by bones, along with ambition.
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The new Greek companies have traditionally faced the challenges that are extended beyond the domestic market. How is the international growth potential of a company in this environment where the importance of capital efficiency rather than rapid expansion?
I beg to differ. The new Greek companies take advantage of local talent to serve the main global clients and markets from day one. In our portfolio there are no virtual income from the domestic market. But they are serving the best part of Fortune 500.
At the same time, capital efficiency and team sand are the second nature for our community.
We are seeing less opi worldwide and prolonged periods for companies supported by companies. How did this affect your conversations with your limited partners about the expected deadlines and returns?
We do not need decacorns so that our economy of funds work. We invest from the beginning, we maintain substantial capital positions and maintain the sizes of our small funds. These provide several opportunities for significant yields, including secondary and strategic mergers and acquisitions, long before an OPI. We did secondary in 2021 when most of the market promised infinite maintenance times. In our culture, the cash is the king. It seems that many others forgot it.
Many European VC emphasize deep technology and AI. Is the marathon adopting a similar approach, or does you see different specific opportunities for the Greek ecosystem?
If the course we are all, but the definition of deep technology stretches and means many different things for different people. We are not focusing on any specific sector per se, on the other hand, we are focusing on people who change their sectors. We were perhaps the first generalist VC to invest in defense before the Ukraine War.
Greek founders have received less historical funds than counterparts in Berlin, Paris or Stockholm. Are you seeing valuations for new Greek companies that reflect this discount, and this creates opportunities for better yields?
In our experience, it is not about geography or price. We are supporting the founders in opportunities without consensus that most VCs would ignore. We move quickly with conviction and do not ask who is investing. These may sound like table stakes; They are not yet.
Given the challenging global departure environment, how are you advising your portfolio companies about strategic alternatives such as secondary sales or acquisition threads?
We work with our portfolio companies towards predetermined value stages. From there, all options are on the table. We see the founders really because to administer their companies in the long term. We believe that a secondary sale can help that, and most of the time we support such scenarios.
The EU has emphasized the new support companies through several financing mechanisms. How important is the non -dilutive capital of thesis sources until its portfolio compared to five years ago?
We appreciate any initiative of this type. However, we recommend that our portfolio founders do not waste time in activities not related to the market.
How has the improved macroconic situation of Greece affected both its fundraising process and the quality of the new companies you are seeing?
It is always good when it is not reaching the headlines of the press, but what we do is less relevant to the local macro. When it comes to the front of talent, I would say that it is really based on naive empiricism that, if there is any correlation, is inverse. Adversity is the mother of any invention.
Many US VCs have retired from European investments. Has this created more opportunities for local funds such as Marathon, or have you made the syndicating offers more challenging?
It is definitely a different market, but also creates a greater opportunity for European investors. I do not believe that the avalanche of capital in 2021 has really changed the opportunity for European companies. We must always count on ourselves and be aligned with the long -term founders.
