ATHENS – After being hindered for years by a clientelist system rewarding political allies but holding down entrepreneurs, Greek startup companies are starting to blossom, bringing in $1 billion in investments in 2021.

Deputy Development & Investment Minister Yiannis Tsakiris told the state-run Athens-Macedonia News Agency (AMNA) that, “Greek startups stand out for their high innovation and human potential levels”.

He said that sources of funding came from the Hellenic Development Bank of Investments (EATE) and the Q-Equity program, which allocates nearly 400 million euros ($403.42 million) through the Recovery Fund to new funds in private equity/venture capital companies that will invest in Greek innovative enterprises.

Despite the effect and aftermath of Russia’s invasion of Ukraine, he said startups in the country and across the European Union aren’t being affected significantly and that there were 21 companies with a worth of more than $1 billion starting in the second quarter of 2022, among a total of 187 new ventures.