“AccelerateTT”: A new fund of funds from HDBI to finance innovative start-ups and technology transfer.

26 Mar 2021

The Hellenic Development Bank of Investments (HDBI, ex-TANEO), continues its investment efforts with targeted investment tools in strengthening the Greek innovative entrepreneurship and technology transfer ecosystem, in cooperation with the Ministry of Development and Investments.

HDBI, has always believed that innovative entrepreneurship and technology transfer from research centers to the market is a basic pillar of the Greek market development, and now this belief is backed up by the strong interest and placements of international investors in Greek start-ups.

Towards this direction, HDBI has established a new program, named “AccelerateTT”.

Through its fund-of-funds nature, this program aspires to cover the entire funding chain of Greek start-ups with extrovert characteristics and significant scalability prospects.

Total public funding through HDBI amounts to €60 mil., and through the establishment of Venture Capital Funds the final available amount will be leveraged by the participation of private investors.

Investments of the new funds will be directed towards seed capital and technology transfer, ultimately enabling and speeding-up the promotion and transfer of research to the market, while each investment will not exceeding €300.000 per start-up enterprise. As a result, prospective managers should, among others, have access to entities nurturing start-up innovators.

Total equity, leveraged and directed to start-ups, is expected to exceed €120mil.

The full text of the invitation, both in Greek and English, is posted on HDBI’s website www.hdbi.gr.

The Deputy Minister of Development and Investment, Mr. Yiannis Tsakiris stated:

“The “AccelerateTT” programme is another investment tool that will fill a significant void in the area of innovative start-up entrepreneurship and technology transfer. By investing in the share capital of these companies it aims at their rapid development and at the same time, at further strengthening this ecosystem. An equally important element of this program is the financing of technology transfer from research to the market, which will have a multiplying benefit for our country, economy and society. The Government and the Ministry of Economy and Development, with a well ordered program, supports the innovative start-up entrepreneurship and I am convinced that in the long term Greece will become a reference point in Europe  for innovation and technology.”

The President at HDBI, Dr. Haris Lambropoulos stated:

“Through the design and implementation of complementary financing tools, the State demonstrates in substance its strategic target for the continuous support and strengthening of the innovative start-up ecosystem and promotes the linking of the research outcome to the industry (market). Our goal is for this funding program to reach the maximum possible number of startups, covering the entire Greek territory, and thus rewarding those business ideas and groups, which either prosper or survive but surely excel amidst this unprecedented crisis.”