April 2018 was a major milestone in the investment management industry in Greece with the launch of the Equifund (Fund of Funds). On the day, the European Investment Fund (EIF) officially presented the nine (9) investment funds selected: BigPi, Metavallon VC, Uni.fund, Velocity Partners, Marathon VC, Venture Friends II, Ellikonos 2 Sicar, EOS Capital, and Synergia Hellenic Fund.
The nine Funds focus on three different stages of a technology startup life-cycle and the relevant investment windows with relevant ticket sizes.
And what has happened since last April?
Based on the publicly available information some Funds have been busier than others in the number of investment deals closed. Public information is available for only five out of the nine (Metavallon VC, Uni.fund, Velocity Partners, Marathon VC, Venture Friends II) with an aggregate number of publicly disclosed 28 investments (5.6 deals on average per Fund) of a total disclosed deal value of 13.7M€ (490K€ on average per investment). However ticket sizes of three deals have not been non- disclosed yet, so the actual number may be a little higher.
The 13.7M€ figure is only ~ 8.6% of the total amount under management of these five funds (~160M€), which is a relative small percentage. So in the race to build a quality investment portfolio some funds are on track (Marathon VC ~ 19% committed) and some are lagging at the moment.
Since the Growth stage funds and BigPi have not announced any investments yet, one can easily say that the Equifund is off to a slow start, since its official unveiling in April 2018. However that is not the case since in order to have a 5.6 deal average that means that on average every one of the six Funds has reviewed ~200 investment proposal submissions, in the last 9 months. And that is a lot of work. Having said that, though there is still a lot of work cut out for the Partners of these Funds, in building their desired investment portfolio.
The Equifund, is the biggest in size investment size effort until today to boost innovation and technology entrepreneurship in Greece, with 200M€ coming from the Hellenic Republic, through the National Strategic Reference Framework (NSRF/ ESPA) and 60M€ coming from the EIF, while private investors, are aiming to add another ~ 140M€. And we are looking forward to seeing its impact, in the technology sector in Greece.
Want to learn more on how-to-do, drop us an email and we will be happy to share our knowledge and insights with you!
Christos Lytras – Managing Partner