Marathon Venture Capital, a prominent seed-stage investor based in Athens, has closed its third fund with €75 million in capital commitments.
This brings its total assets under management to €175 million, solidifying its role as a key player in Greece’s evolving tech landscape. The firm’s latest vehicle comes on the heels of notable portfolio exits, including Augmenta’s $110 million acquisition by CNH and a secondary stake sale in Hack the Box to Carlyle.
Betting early on hard problems
Marathon’s investment thesis remains focused on backing founders tackling difficult challenges in high-impact markets. These include domains requiring deep technical knowledge or navigating overlooked sectors like grid infrastructure and defense. The firm continues to avoid chasing trends, instead doubling down on its local founder community and leveraging a strong track record in areas like robotics, AI, and cybersecurity.
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From Greece to the globe
Despite common assumptions, Marathon Venture Capital reports that most of its startups generate little to no revenue from the domestic market. Instead, they serve global customers—including Fortune 500 companies—from day one, leveraging local technical talent while maintaining capital efficiency and grit.
Long-term alignment and exit strategy
Marathon isn’t banking on unicorns or IPOs. Instead, the firm prioritizes early investments, large equity positions, and smaller fund sizes, which enable meaningful returns through secondary sales and M&A. The firm notes that its disciplined approach—prioritizing cash returns over hype—has resonated with LPs in today’s uncertain exit climate.
Embracing deep tech without buzzword traps
While many VCs trumpet their commitment to deep tech and AI, Marathon Venture Capital emphasizes a founder-first approach—backing individuals changing their industries rather than clustering around hot sectors. The firm was one of the earliest to back defense startups, even before geopolitical events like the Ukraine war brought the sector into mainstream focus.
Local resilience, global relevance
Marathon’s partners argue that Greece’s macroeconomic rebound isn’t the driving force behind its success. Instead, adversity has cultivated entrepreneurial resilience. With many U.S. VCs scaling back European activity, Marathon sees growing opportunities to lead and syndicate local deals with conviction.
As it deploys the new fund, Marathon Venture Capital is doubling down on a proven model: early conviction, local roots, global scale.
