What is the profile of Greek angel investors?

Angel investors play an essential role in the early development phase of startups, providing the necessary capital, know-how, and many opportunities for networking. These are private investors, who participate in the equity composition of startup companies with their own funds and often develop a personal relationship with them, in the role of a valuable advisor.

However, how strong is their presence in our country? Data on the activity of angel investors in Greece show that it reached, in 2022, 10% of total investments, almost twice as much as in the previous year. However, this rate is still significantly lower compared to what is happening in international markets, which makes it imperative for our ecosystem to have a mechanism to measure the footprint and impact of their presence. The data comes from the study Startups in Greece 2022/2023 Report by Found.ation and EIT Digital based on research by Dialectica. It is the first time that an attempt has been made to capture the profile of Greek investment angels and their activity (as it is a small and inaccessible demographic group), which will provide useful conclusions for the future.

Age, experience and source of wealth of Greek investment angels

According to data collected from survey respondents, 74% of angel investors are in the 25-44 age group, with the majority of them being more specifically in the 35-44 age group. The rest are from 45 years and above, showing that the Greek angel investor has experience and is established in his field, which provides value to start-ups. In addition, a very large percentage (83%) of them identify themselves as men, highlighting, once again, the necessity of greater inclusion of women in the local innovation ecosystem.

Regarding their main source of wealth, most respondents answered that it comes from their salary, personal income and dividends from activities in Greece. 40% of angel investors also noted that their main source of wealth comes from activities in other countries as well as Greece.

Regarding how many investments they have made, 43% have invested in a total of 2-5, 22% have invested in 6-10 startups in total, while the rest in more than 10 companies. A quarter of respondents said they have invested in funds other than startups, another 25% have invested only in startups, and the rest have invested in startups currently but are willing to invest in funds in the future. Of these investments, in fact, 60% have been made in the last two years. As for the industries that have received the majority of investments, they are FinTech and EdTech, followed by Retail/eCommerce and Agro/Food.

Much more useful information about Greek angel investors, as well as the comprehensive research that fully outlines their profile, can be found in the Startups in Greece report published by Found.ation in collaboration with EIT Digital. This is a publication published for the 6th consecutive year, with the aim of recording investment opportunities and the profile of startups in Greece. This year’s report is supported by the Hellenic Development Investment Bank – EATE (HDBI), and is sponsored by Pfizer, Dialectica, Eurobank | egg – enter grow go | Corallia and SeedBlink.

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