Marathon Venture Partners Raises 75 Million Euros to Boost Greek Tech Startups

Marathon Venture Partners, a venture capital firm based in Athens, has successfully closed its latest fund with €75 million in capital commitments. This milestone increases the firm’s total assets under management to €175 million, a significant achievement for an eight-year-old seed-stage investor in Greece. The fundraise reflects Marathon’s strong track record, including notable exits such as the $110 million sale of Augmenta to CNH and a secondary share sale of Hack the Box to Carlyle.

Marathon’s investment thesis centers on backing founders who tackle difficult problems in important markets. These challenges often require specialized knowledge, such as advanced scientific research or navigating regulated industries like power grid management. The firm emphasizes supporting founders with high agency and ambition, leveraging a growing community with deep expertise.

Contrary to common perceptions, Greek startups are not limited by their domestic market. Marathon’s portfolio companies predominantly serve global customers, including Fortune 500 companies, from day one. This global orientation, combined with a culture of capital efficiency and resilience, positions Greek startups well for sustainable growth despite a challenging global fundraising environment.

The firm’s approach to exits is pragmatic and flexible. Marathon maintains substantial equity stakes and keeps fund sizes manageable, enabling meaningful returns through secondary sales and strategic mergers and acquisitions well before IPOs. This cash-focused mindset contrasts with many investors who expect prolonged holding periods, underscoring Marathon’s disciplined capital management.

While many European venture capitalists emphasize deep tech and AI, Marathon’s focus is on transformative founders rather than specific sectors. The firm was an early investor in defense tech before geopolitical events heightened interest in the space, demonstrating its forward-looking investment strategy. Marathon seeks non-consensus opportunities that other VCs might overlook, moving quickly and decisively without overemphasizing valuation or geography.

The firm advises portfolio companies to focus on sustainable business models and remain open to strategic alternatives such as secondary sales or acqui-hires. Marathon supports founders’ long-term vision while recognizing that liquidity events can provide necessary runway and growth capital.

Marathon welcomes EU initiatives that provide non-dilutive capital but cautions founders against spending excessive time on non-market activities. The firm believes that adversity often fuels innovation, noting that Greece’s improving macroeconomic situation has not diminished the drive and creativity of its startup community.

With some American venture capitalists retreating from European investments, Marathon sees increased opportunities for local funds to lead and syndicate deals. The firm emphasizes self-reliance and alignment with founders for the long term, underscoring its commitment to nurturing Greece’s emerging tech ecosystem despite global market uncertainties.