Marathon Venture Capital in Athens, Greece has completed the first closing of its second fund, reaching the €40 million / $47 million mark. Backing the new fund is the European Investment Fund, HDBI, as well as corporates, family offices and HNWIs around the world (plus many Greek founders). It plans to invest in seed-stage startups from €1 million to 1.5 million initial tickets for 15-20% of equity.
Marathon's most prominent portfolio company is Netdata, which last year raised a $17 million Series A led by Bain Capital, and later raised another $14 million from Bessemer. On the success side, Uber's pending $1.4 billion+ acquisition of BMW/Daimler's mobility group was in part driven by a Greek startup, Taxibeat, which was earlier acquired by Daimler. Taxibeat was backed by an earlier fund previously created by George Tziralis.
Highlights of Fund I's investments include:
Netdata (leading infra monitoring OSS, backed by Bessemer & Bain)
Lenses (leader in DataOps, backed by 83North)
Hack The Box (cybersecurity adversarial training labs)
Learnworlds (business-in-a-box for course creators)
Causaly (cause-and-effect discovery in pharma)
Augmenta (autonomous precision agriculture)
Tziralis tells me the majority of its next 10 companies have already raised a Series A round.
Tziralis and Papadopoulos have been key players in the Greek startups scene, backing many of the first startups to emerge from the country over 13 years ago. And they were enthusiastic backers of our TechCrunch Athens meetup many years ago.
Three years ago, they launched Marathon Venture Capital to take their efforts to the next level. Fund I invested in 10 companies with the first fund, and most have raised a Series A. The portfolio as a whole has raised 4x their total invested amount and maintains an estimated total enterprise value of $350 million.
They’ve also been running the "Greeks in Tech” meetups all over the world -- Berlin to London to New York to San Francisco, and many more locations in between, connecting with Greek founders.