Athens-based Big Pi Ventures has just closed €130 million in the first round of its new growth fund. This fresh capital tackles a well-known challenge: Greece produces promising startups but lacks enough growth-stage funding, often pushing companies to seek investment abroad to scale.
Founded in 2018 by entrepreneurs Marco Veremis, Alex Eleftheriadis, and Aristos Doxiadis, Big Pi draws on deep experience from scaling startups and building Greece’s venture capital landscape. Veremis grew Upstream to €230 million in revenues before it was acquired and co-founded AI marketing company Persado. Eleftheriadis co-founded the videoconferencing firm Vidyo and serves as an Associate Professor at Columbia University. Doxiadis, honoured with a lifetime achievement award in 2023 for his role in developing Greece’s VC ecosystem, helped pioneer private equity and venture capital in the country.
Their shared vision is ambitious: they want Greece to be more than a starting point for companies. The fund backs founders with close ties to Greece, whether they’re based locally or part of the global Greek diaspora of over five million.
Big Pi follows a “tech-first” investment approach, focusing on startups with strong intellectual property in AI, biotech, blockchain, and deep tech. Beyond capital, the firm actively supports portfolio companies and leverages its international network to boost growth. A key requirement is that companies maintain substantial operations within Greece.
The track record speaks for itself. Its first €48 million fund made 23 investments and secured notable exits, including Accusonus, which Meta acquired. The new €70 million growth fund has already invested in companies like Astrato Analytics, Corsmed, and Acumino.
The timing couldn’t be better. Greek startups raised $1.3 billion worldwide in 2024, with diaspora companies contributing an estimated $5.7 billion in value. Government programs like “Brain Gain,” which offers 50% tax cuts for seven years, have encouraged hundreds of thousands of Greeks who left during the financial crisis to return home.
Looking ahead, Big Pi’s growth fund positions the firm to scale Greece’s top tech companies and solidify the country’s presence on the global innovation map. Partner Guy Krief, who co-founded Persado (now generating $100 million in annual recurring revenue), emphasises the focus on companies where “technology and intellectual property are core to the value proposition.”
Beyond money, the fund wants to create space for Greece’s best talent to stay home, build the economy, and compete globally.
