Marathon business capitalA business business business in Athens boasting of the “day one partners to Greek tech partners”, just closed its newest fund with 75m euros in capital commitments, according to Panos Papadopoulos partner.
The vehicle brings the company’s total assets management of 175 million euros-a significant amount for an eight-year investor, a stadium of seeds in Greece and a reflection also of some large expenses. Among them was the sale of Marathon Augmenta’s portfolio last year to CNH, manufacturer of agricultural machinery and manufacturing equipment in a cash agreement This valued Augmenta at $ 110 million. The Marathon also sold some of his shares at Hack The Box, a Cybersecurity Evaluation Platform and the Talent Evaluation Platform at Carlyle Investment Company in a secondary transaction.
We talked to Papadopoulos in front of a personal seat with him as part of TechCrunch’s first strict night in Athens on Thursday, May 8, one night that will also include a deep dive with the Greek Prime Minister, Kyriakos Mitotas. What we wanted to know – and what are the central questions on Thursday night – is: why Greece and why now?
Greece has historically observed less business risk investments than other European countries. What, if anything, has changed at the local level that has allowed you to increase a € 75m fund when the global concentration of capital has become more difficult?
For beginners, Marathon I is a top extruding outburst worldwide [realized returns]; We built a portfolio that occupied today’s Zeitgeist long before, for example, scientific research, robotics or defense assisted by AI became the rule.
What is the dissertation of your business and how does the dissertation of this newer fund differ, given the extensive timetable we see for worldwide exits?
We support the founders who do something harsh in important markets. It can be difficult because it requires unique knowledge, such as a research doctoral or high agency, which means understanding of an adjustable or overlooked industry such as network management. And we will continue to double the rapidly growing community, which has accumulated experience and expertise, along with ambition.
TechCrunch event
Berkeley, ca
|
June 5
Book now
Greek newly established businesses have faced traditional challenges that are scaled beyond the domestic market. How do you evaluate the international development potential of a company in this environment, where capital performance is more important than rapid expansion?
Please differ. Greek newly established businesses are utilizing local talent to serve top world -class customers and markets from day one. Throughout our portfolio there is no substantial revenue from the domestic market. But serve the best part of Fortune 500.
At the same time, capital performance and team trigg is second nature in our community.
We see fewer public records worldwide and extensive retention periods for companies supported by businesses. How did this affect your conversations with your limited partners about the expected timetables and returns?
We do not need decacorns for the economy of our funds to work. We invest early, maintain significant share capital positions and maintain our small capital sizes. These provide various opportunities for significant yields, including secondary and strategic mergers and acquisitions, before an iPo. We made secondary by 2021 when most of the market was very promising infinite time. In our culture, cash is king. It seems that many others have forgotten it.
Many European VCs emphasize Deep Tech and AI. Is the Marathon to adopt a similar approach or do you see different opportunities specifically for the Greek ecosystem?
Of course we are all, but the definition of deep technology is stretched and means many different things to different people. We do not focus on any specific per se – instead, we focus on the people who change their areas. We were probably the first general VC to invest in defense before the Ukraine war.
The Greek founders received historically less funding than his counterparts in Berlin, Paris or Stockholm. Do you see estimates of Greek newly established businesses that reflect this discount and this creates opportunities for better returns?
From our experience, this is not about geography or price. We support the founders on opportunities that could not ignore most VCs. We move quickly with conviction and do not ask who else invests. These may sound like table bets. It’s not yet.
Given the provocative worldwide exit environment, how do you consult your portfolio companies on strategic alternatives such as secondary sales or Acqui-Hires?
We work with our portfolio companies in the scenarios that are alive. Starting from there, all options are on the table. We see that the founders really want to run their companies for the long run. We believe that a secondary sale can really help with it, and more often we support such scenarios.
The EU has underlined support businesses through various funding mechanisms. How important is the non -disturbed capital from these sources in your portfolio companies compared to five years ago?
We welcome any such initiative. We advise, however, the founders of our portfolio not to waste time in market -related activities.
How did Greece’s improved macroeconomic situation affect both the process of raising capital and the quality of the newly formed businesses you see?
It’s always good when you don’t do the titles of the press, but what we do is less relevant to the local macro. When it comes to the talent front, I would say really based on the naive empiricism that, if there is any correlation, is the other way around. The adversity is the mother of all invention.
Many American VCs have pulled behind European investment. Has it created more opportunities for local funds such as Marathon, or has made trade unions more challenging?
It is definitely a different market, but it also creates an increased opportunity for European investors. I don’t think the flood of capital in 2021 really changed the opportunity for European companies. We must always count on ourselves and align with the founders for the long run.
