Greek investors committed $70m to Endeavor Catalyst’s new investment fund, one of the standout developments in Endeavor Greece’s October review. Other highlights of the month included Arena raising $200m, valuing the company at $3.1bn, and Resolve AI, co-founded by Spyros Xanthos, topping Harmonic’s rankings.
The activities covered also included meetings with major Greek companies, initiatives focused on artificial intelligence and culture, and business networking events in Athens and abroad.
Endeavor Catalyst raises more than $320m
On the fundraising front, a standout development was the closing of Endeavor Catalyst Fund V, which closed in October with more than $320m, exceeding its initial target of $300m.
Greek investors contributed $70m, accounting for more than 20% of the total capital.
Endeavor Catalyst, the co-investment fund of the international organisation Endeavor, backs business founders in markets that continue to attract limited interest from large international venture capital funds.
These markets include Greece. Since 2012, Catalyst has invested a total of $25m in 15 companies with founders of Greek descent.
Arena and Resolve AI: Developments in artificial intelligence
In artificial intelligence, Endeavor highlighted Arena’s $200m Series B funding round, which valued the company at $3.1bn. Endeavor Catalyst also participated in the round.
Meanwhile, Spyros Xanthos’s co-founded company, Resolve AI, topped Harmonic’s Hot 25 list for the third consecutive quarter. According to Endeavor, it is the first company to achieve this in the history of the rankings.
Mr Xanthos made a three-day visit to Athens, meeting investors, business founders and representatives of major Greek companies.
The visit began with a dinner for Endeavor Catalyst investors and business founders, featuring a discussion moderated by Pete Benedetto, Catalyst’s head for Europe, the Middle East and Africa.
Mr Xanthos delivered the keynote address at a meeting of European Lotteries executives on the changes artificial intelligence is expected to bring to businesses. He argued that AI would transform every company, not just those developing the technology.
The visit concluded with meetings with major Greek companies and a dinner with members of Endeavor’s network.
Artificial intelligence and culture in New York
The review also covered an event co-hosted by Endeavor Greece and Columbia University in New York as part of the World Leaders Forum, focusing on the relationship between artificial intelligence and culture.
The event was opened by Endeavor president Constanza Sbokou Konstantakopoulou, while CNN journalist Fareed Zakaria moderated a discussion between Prime Minister Kyriakos Mitsotakis and World Bank president Ajay Banga on artificial intelligence and human development.
The keynote address was delivered by UNESCO director-general Khaled El-Enany, while Lydia Chilton of Columbia University moderated a discussion between Runway co-founder and co-chief executive Anastasis Germanidis and Oscar-winning filmmaker Jennifer Lee, the former chief creative officer of Walt Disney Animation.
The discussion focused on the relationship between technology and artistic creation, drawing on the different perspectives of a technologist and a filmmaker.
Samantha Cristoforetti in Athens and Europe’s space sector
On 15 October, Endeavor Greece hosted an event in its private Signals meeting series at the Eugenides Foundation in Athens, with Samantha Cristoforetti, the first European woman to command the International Space Station, as its guest.
In a discussion with Alexis Papachelas, Executive Editor of Kathimerini, Ms Cristoforetti spoke about the importance of space as a strategic pillar of European sovereignty and praised a new generation of European founders with ambitions to drive systemic change.
The event was attended by business founders, investors and government representatives, including Digital Governance Minister Dimitris Papastergiou.
The event was held with the support of Endeavor board member Dimitris Papalexopoulos, and opened by Dr Adrianos Golemis, a project astronaut with the European Space Agency (ESA).
Dr Golemis said European space missions generate a return of 3.8 times the investment.
Business links with Romania and a presence in Paris
October’s activities also included a visit to Athens by 16 founders from 15 Romanian companies, as part of the Beyond Borders programme run by Endeavor Romania.
The programme, developed in partnership with Banca Transilvania and Romanian Business Leaders, focuses on helping companies gain access to new markets.
During the visit, Alexis Pantazis and Emilios Markou shared their experience of building an insurance technology company in Greece, Romania and Cyprus.
EY Greece hosted a discussion at Endeavor’s offices on the requirements for entering the Greek market, while Ergon Foods welcomed the Romanian delegation to Ergon House.
Fourlis Group chairman Vasilis Fourlis spoke about the group’s experience expanding into Romania and Bulgaria, as well as the issues founders should consider before entering new markets.
The review also included Endeavor Greece’s presence at the international food exhibition SIAL in Paris. During a four-day visit, meetings were held with Greek founders at the exhibition venue, alongside visits to Station F and ShakeUp Factory, which Endeavor describes as Europe’s largest agrifood business accelerator.