Study assessing the economic and social impact of the Hellenic Development Bank of Investments ecosystem, for the period 2020-24, prepared by Deloitte
Athens, 10 March 2025 – The particularly important footprint of the Hellenic Development Bank of Investments (HDBI, ex TANEO) on the national economy and society during the period 2020 – 2024 was recorded by a study prepared by Deloitte Greece on behalf of HDBI.
The study was presented today at a special event at the Benaki Museum, with the participation of the Alternate Minister of National Economy and Finance Nikos Papathanasis. It aimed to quantitatively and qualitatively assess the equity investment ecosystem supported by HDBI, highlighting its contribution to achieving long-term national economic growth through strategically distributed investments in various sectors of the economy. The study captures the economic and social impact of the investments made through the portfolio of investment funds (Venture Capital – VC and Private Equity – PE), in which HDBI participates, and primary research was conducted.
Impact assessment results
At the end of 2024, HDBI’s funds under management amounted to €2.1 billion, distributed across 10 financing programs. HDBI’s “open calls” contributed to the creation of a dynamic investment ecosystem with its catalytic participation. Thus, HDBI’s fund portfolio numbered 30 VCs/PEs with over €1.7 billion in funds under management, which had made investments of over €360 million in more than 110 companies. It is also important that approximately 1/3 of the total funds refer to programs focused on the digital and green transition.
The significant impact of HDBI on the broader investment, economic and social ecosystem is evident through the multiplier effect of its contribution. Specifically:
• For every €1 initially invested in VC/PE funds by HDBI, an additional €1.23 has been mobilized from private or other institutional investors, while the portfolio companies in which the funds invest leverage a total of €6.65.
• In addition, every €1 initially invested by HDBI contributes to a total economic activity of €23.21.
• In absolute terms, it is recorded that, during the period 2020-2024, the HDBI ecosystem contributed to a total economic activity of €3.8 billion.
• In terms of employment, it was measured that in 2024 ~50,000 jobs (full-time equivalents) are directly and indirectly maintained in the ecosystem value chain.
Regarding the study, Mr. Kostis Hatzidakis, Minister of Economy and Finance, stated in his message: “The Hellenic Development Bank of Investments (HDBI, ex TANEO) plays a key role in financing innovation and entrepreneurship, actively contributing to the country’s long-term economic development. With more than 2 billion euros in available investment funds and strong international partnerships, HDBI is a powerful mechanism for leveraging capital to strengthen the competitiveness of the Greek economy. The results of the study conducted by Deloitte highlight the strategic importance of HDBI and venture capital. The government remains committed to creating a friendly investment environment, making the most of the potential of HDBI and the broader Venture Capital and Private Equity ecosystem, in order to achieve strong, resilient and sustainable economic growth. The successful course of HDBI reflects the dynamics and significant achievements of the Greek economy.”
In his speech, Mr. Nikos Papathanasis, Deputy Minister of Economy and Finance, said: “Supporting small and medium-sized enterprises is a priority of the government of Kyriakos Mitsotakis. Practical proof is the fact that all the funds of the NSRF 2021-2027, a large part of those secured through the Recovery & Resilience Fund, as well as resources from the Public Investment Development Program – amounting to 15.2 billion euros for 2025 alone – have as recipients SMEs throughout the country. This strategic choice is implemented through the financial and investment tools at our disposal, including those managed by the Hellenic Development Bank of Investments (HDBI). I would like to emphasize that the HDBI Venture Capital & Private Equity fund ecosystem does not simply provide investment funds, but creates opportunities for networking, strategic guidance and sharing of “know-how”, allowing small and medium-sized enterprises to compete internationally. The study analyzing the economic and social impact of this ecosystem documents the important role of HDBI in the investment ecosystem, as it ensures the optimal leverage of the capital invested with strong multipliers in key sectors, strengthening the transition towards a more innovative economy. With determination and efficiency, we accelerate the actions that create added value in entrepreneurship, strengthen the dynamics of sustainable development, create new and better-paid jobs for all of our fellow citizens.”
The President of HDBI Dr. Haris Lambropoulos and the Managing Director Mrs. Antigoni Lymperopoulou, stated from their side: “The Hellenic Development Bank of Investments (ex TANEO) celebrates this year 25 years of presence and strategic interventions in the Greek investment market. The data of the study document the result of the systematic work being done, as a result of which HDBI contributes decisively to the formation of a strong and extroverted ecosystem, supporting development and innovation, acting as the reliable institutional co-investor and catalyst that strengthens confidence and attracts international capital. We would like to express our warm thanks to all stakeholders of the ecosystem – investment funds (VC/PE), startups and SMEs, international, institutional and private investors – as well as to the Ministry of Economy and Finance for their lasting support. Their trust is the driving force behind the development of HDBI and its establishment as a key investment pillar of the Greek economy. The new generation of entrepreneurs is ready to innovate, Greek talent is recognized internationally, and the country is attracting investors who see the opportunities of the Greek market. HDBI, with new international partnerships, enlargement of its investment schemes and targeting high value-added sectors, will continue to further strengthen its footprint, investing in a sustainable future for the national economy and business development.”
Finally, on behalf of Deloitte, Mr. Sotiris Batzias, Partner, Strategy & Transactions, said: “We are particularly pleased to have collaborated with HDBI – such an important player in the Greek investment ecosystem – to prepare this impact study. The results highlight that the Hellenic Development Bank of Investments contributes decisively to the growth and resilience of the Greek economy through targeted investments in innovative and strategic sectors, as well as the continuous strengthening of the venture capital ecosystem (VC and PE). At the same time, it plays an active role in shaping a favorable investment environment and attracting foreign direct investment (FDI). As Deloitte, we are optimistic that Greece’s business ecosystem will continue to be strengthened with the contribution of HDBI, with an important role in the broader development and competitiveness of the Greek economy.”
Methodology and scope of study
The study is based on a thorough and internationally recognized methodology that includes the assessment of the direct, indirect and induced economic impacts arising as a result of successive “waves” of economic activity maintained throughout the HDBI ecosystem, i.e. the network of VC/PE, the portfolio companies (portfolio companies) – recipients of the investment funds, HDBI itself, as well as the associated value chains of the participants in the ecosystem but also of those employed.
It is important to emphasize that for the collection of the data concerning the economic activity of the VC/PE and the portfolio companies a primary survey was carried out.
It is noted that in recent years, alternative sources of financing such as venture funds, which with the support of HDBI have been activated in our country, have gained a prominent position, especially for start-ups and fast-growing companies, as they offer not only financial support, but also strategic guidance, know-how sharing and networking opportunities, making them attractive options for companies that wish to expand quickly and compete in highly competitive markets.
