Genesis Ventures: The first Greek Business Angel fund

By Newsroom On Dec 21, 2021

business hand pushing venture capital button on a touch screen interface

Early-stage startups all over Greece will be able to contact the Genesis Ventures Fund for funding along with other private investors – Business Angels with the main goal of the fund being to help the most innovative to expand, take advantage of new opportunities and create jobs in Greece.

The Genesis Ventures Fund will invest together with private investors amounts of 100,000 – 300,000 euros in innovative Startups and it is the first VC to use unallocated JEREMIE money. Specifically, the EIF participates with 20 million euros in the new fund and is expected to secure another 20 million over the next five years by private investors.

The Genesis Ventures Fund and “sector agnostic” however due to the experience of the managers will emphasize in areas such as: Enterprise software, E-commerce, Consumer-tech, Deep-tech, Energy among others.

The fund’s managers are Dimitris Maroulis with 15+ years of experience in VCs and consulting and Stergios Anastasiades with 30+ years of experience in Software development and a senior executive in six Startups and eight Angel investments (six in Greece).

“This signature begins a new era in the financing of SMEs in Greece. Having the first business angel co-financing mechanism we can be sure that we are completing the last piece of the puzzle of equity financing in the Greek Startup ecosystem.I would like to thank the European Investment Fund (EIF) and the services of the Ministry for this joint successful initiative. The new EIF support for Genesis Ventures will unlock both the financing of high-impact equity capital and the specialized guidance of business angels for the future success of Greek technology.”, stated Ioannis Tsakiris, Deputy Minister of Development and Investments.

“Greece is home to impressive technological Startups with huge potential. The European Investment Fund is pleased to work with Genesis Ventures to enhance equity investments and guide Business Angels for technological and innovative businesses throughout Greece. Being able to support future generations of Startups and technology companies using national budgetary resources (in particular through capital redistributions from the JEREMIE programme) demonstrates the succession of targeted funding from the past.”, said Alain Godard, Managing Director of the European Investment Fund.

“We are pleased to receive NBG funding and we look forward to creating strong returns for our investors, while helping Greece to become a technological hub for the wider region. During the last months of operation we have come across amazing entrepreneurs who are in great need of both capital and guidance, as well as successful professionals who are looking for alternative ways to invest their money and are excited by the startup world.”, commented Stergios Anastasiades, General Partner of Genesis Ventures.

“We have invested in nearly 100 early-stage technology startups in North America and Asia in the past.Now, we are very excited to return and introduce our experience and know-how to the technological ecosystem of Greece. We are also excited to see and support many other Greek diaspora entrepreneurs who share our values and establish a branch in Greece. Over the next 5 years we will support more than 60 tech Startups that can become the new unicorns.”, noted Dimitrios Maroulis, General Partner of Genesis Ventures.