Venture capital firms are increasingly turning their attention to the laboratories and spin-offs of Aristotle University of Thessaloniki (AUTH) as investors seek early-stage, pre-seed opportunities in cutting-edge research.
According to Eri Toka, head of AUTH's Technology Transfer and Innovation Unit, there have been "continuous approaches from VCs looking for hidden… treasures in our laboratories". Speaking to Voria.gr, she notes that meetings with venture capital representatives are now frequent and that their interest is "significantly increased compared to the past". The focus spans artificial intelligence, biotechnology and green development, as well as deep tech fields such as industrial applications, defence and advanced materials.
This renewed attention comes amid striking national figures. A recent PitchBook report described Greece as Europe's fastest-growing venture capital market for 2025, estimating a 722.3% increase in deal value. The surge was driven in large part by a €300 million funding round for Spotawheel, part of a total €413 million recorded by the platform. While that single deal accounted for a substantial share of the annual inflow, Toka argues that the broader trend signals something more structural: "This constitutes proof of concept for our capital markets." Institutional investors, she says, increasingly view Greece as a safe and viable destination for large-scale capital. The so-called "Greece risk" of a decade ago has, in the eyes of VC analysts, largely receded.
Beyond headline deals, more than 90 Greek-founded start-ups raised funds from over 143 investors. Companies such as Numan and Natech are not only securing capital but also building R&D centres that rely on local talent. The appearance of names like Achira and Axelera AI in international reports, Toka adds, suggests that "Lab-to-Market is finally becoming financeable".
However, she cautions that long-term resilience will depend on shifting from marketplace-driven growth to genuine scientific innovation. "Yes, the super-scale has finally arrived in Greece. In consumer tech. But for this growth to become permanent, we must move from Marketplace Innovation… to Scientific Innovation, inventing things that did not previously exist." Sustainable progress, she argues, requires a steady pipeline of €5-20 million deep tech rounds emerging from universities and research centres. This, according to Toka, places universities at the heart of a new development model that seeks to anchor international capital in scientific discovery and transform laboratory breakthroughs into globally competitive ventures.
By Maria Mathiopoulou - adapted from Greek by Vassia Barba
