Three startups that stood out in the first half of 2024

Greek startups recorded another strong six months as they were once again on the radar of global giants, investors and funds, which show confidence in the Greek startup ecosystem. Although 2024 as a whole is considered weaker in terms of startup funding compared to previous years, however, people in the industry say that Greek startups continue to evolve, offering new innovative technologies and products, both within and outside the borders.

The interest of foreign investors in the Greek ecosystem is reflected in the fact that since the beginning of the year to date, Greek startups, whether purely Greek or with Greek roots, have raised a total of $488 million in 46 funding rounds, involving 42 domestic and international investors.

At the same time, companies have emerged in the first half of the year that were well-known in the industry, but managed to move up a notch due to the funds they raised and significant business plans they put in place in this first half of the year.

Dialectica

One of these startups is Dialectica by Giorgos Tsarouchis and Frederick Corkett, which started about 9 years ago in a small apartment in the center of Athens and has now become one of the fastest growing companies in Europe and is about to... move to the Piraeus Tower.

In fact, within the next period it is going to expand with new offices in Thessaloniki. By strategically targeting important talent pools and distinguished academic institutions such as the Aristotle University of Thessaloniki and the University of Macedonia, Dialectica seeks to utilize the best human resources that Northern Greece has to offer, offering them opportunities for long-term professional development, but also the space to take their first professional steps.

At the same time, Mr. George Tsarouchas, CEO of Dialectica, in public and private discussions has not hidden his desire to take the company higher and higher, while he is even thinking of entering the Nasdaq.

HarborLab

Two months ago, it became known that Antonis Malaxianakis' Harbor Lab, which is leading the digitization of shipping, raised a new round of $16 million in funding, with Atomico - one of the largest European venture capital funds managing $4.5 billion in capital - as the lead backer.

The company operates in the ship tech sector and digitises, with the help of its software, the management of port charges and other costs, commonly known in the industry as 'port charges'. In fact, Harbor Lab's software aims to manage port costs more efficiently while identifying any glitches and bureaucratic costs that add to the cost of port calls.

Antonis Malaxianakis launched Harbor Lab in 2020. The idea came from a need he identified for a more dynamic entry of technology and software into shipping.

With a career at Thenamaris and Peter Pappas' Star Bulk, Mr. Malaxianakis had specialized in the industry however he wanted to start something of his own as he realized that a shipping company with a large fleet faced big problems when it lacked software.

The first funds were secured from angel investors, one of whom was Yannis Martinos, and in the first year he managed to have over 25 ships using the Harbor Lab platform.

Harbor Lab's platform offers an average ROI (Return on Investment) of 1 to 9 for commercial management and 1 to 16 for technical ship management. With the help of algorithms and technology, the platform automatically identifies potential discrepancies in expense charges at ports, thus achieving significant savings in both time and money.

Kinvent

In early 2024, Athanasios Kollias' Kinvent achieved one of the largest financing deals, raising €17 million in capital to further develop its business in Greece and Europe as well as in the United States of America.

The investment was led by private equity firm Eurazeo, an investment firm which has $34 billion in assets under management.

The fund acquired a minority stake in Kinvent through the financing, alongside existing minority shareholders Uni.Fund , Sofilaro, BADGE and existing minority shareholders Uni.Fund , while renowned Manchester United and France national team central defender Rafael Varan also invested in the company.

Kinvent is active in interconnected physiotherapy solutions and was founded by Mr. Kollias in 2017 and has already attracted more than 14,000 rehabilitation professionals in 68 countries. It operates in the UK and other countries. In addition, the company has already established itself in the UK, Spain, Belgium, Germany, Italy, Spain, Belgium, Germany, Italy, USA, Mexico, Uruguay, Turkey, China and India.

With business premises in Montpellier and production in Thessaloniki, the company designs, develops and manufactures a range of interconnected devices that measure strength, balance and range of motion through a unique application for the sports performance, rehabilitation and medical industries.