A tiny bit more VC money sloshing around Europe. This time itâs the turn of Greece-based VC fund VentureFriends, which is announcing the final closing of a â¬20 million fund to invest in Greek software and âhigh techâ startups at the seed stage. The two Partners of the fund are Apostolos Apostolakis and George Dimopoulos, with Stefanos Katsimpas also acting as a senior Associate.
Over half the money was raised last year and Iâm told VentureFriends has already done about 20 investments, but is keen to get the word out that Greek entrepreneurs have another investor to approach. Interestingly, unlike a lot of local European VCs, the firmâs 40 or so LPs are all private. In other words, if I understand correctly, there is no tax-payer money being gambled here.
Specifically, Apostolakis says the fund will be investing amounts between â¬250-500,000 and can follow on up to a total of 1 million. It is targeting startups with strong teams and generating a little revenue, with e-commerce/e-marketplaces, SaaS, AdTech, and on-demand services remaining a focus.
âWe want to see network effects or high technology,â he tells me. âWe look for innovating hustlers solving big and important need-to-solve problemsâ.
In case you arenât familiar with Apostolakisâ work, he previously co-founded e-shop.gr, the first e-tailer in Greece, and in 2011 he co-founded e-food, a food delivery marketplace acquired in 2015 by Delivery Hero, providing a major exit for the Greek startup ecosystem.
Heâs also an active angel investor, including recently investing in Doctoranytime, the doctor booking app launched in Belgium by ex-Take Eat Easy team members.
Notably, he and Dimopoulo were also among the first angel investors in Taxibeat, the taxi app that sold to Daimler in February.