Marathon Venture Capital

What Marathon Venture Capital does

Marathon Venture Capital is an Athens-based seed-stage venture capital firm founded in 2017 that invests in early-stage technology companies founded by Greek entrepreneurs globally. The firm manages three successive funds — Fund I, Fund II (upsized to €70M in February 2022), and Fund III (€75M closed in May 2025) — with Fund II backed by InnovFin Equity and EU Horizon 2020 / EFSI instruments. Marathon leads seed rounds and selectively participates in follow-on rounds, holding positions in roughly 20+ named portfolio companies spanning cybersecurity (Hack The Box), biomedical AI (Causaly), agtech (Augmenta), edtech (LearnWorlds), commercial real estate analytics (Ariadne Maps), biopharma process development (PolyModels Hub), defense technology (Delian Alliance Industries), AI infrastructure (Straion), AI security (Pallma AI), and robotics (Progressive Robotics). Notable outcomes include Augmenta's $110M acquisition by CNH Industrial, InAccel's acquisition by Intel, and Hack The Box's $55M Series B led by Carlyle — collectively returning Fund I to LPs more than once.

The firm earns revenue through traditional VC economics: management fees on committed capital (typically ~2% annually) plus carried interest on profitable exits, while building long-term LP and founder relationships. Marathon has expanded its surface beyond capital deployment into ecosystem infrastructure, publishing the annual Greek Tech Compensation Report and an interactive Greek Startups Funding Rounds & Exits Dashboard, maintaining a library of Greek-law legal templates adapted from NVCA standards, and running recurring community programs including Open Coffee Athens and the Greeks In Tech event series across 11 countries.

The investment team comprises three named partners — George Tziralis (co-founder, ecosystem-builder since 2007), Panos Papadopoulos (co-founder, ex-BugSense/Splunk), and Alex Alexakis (elevated to Partner at Fund III launch) — plus Director of Talent Sanne Goslinga. Distribution and deal sourcing rely on community engagement, content marketing, proprietary data products, and a dense Greek-founder network rather than outbound sales, with AI-themed deals (Straion, Pallma AI, NoFire AI) and defense tech (Delian Alliance Industries) representing a clear thematic deepening in 2025–2026.

Name

Marathon Venture Capital

Legal name

Marathon Venture Capital AEDAKES

Website

https://marathon.vc

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Marathon Venture Capital is an Athens-based, seed-stage venture capital firm founded in 2017 that leads investments in Greek-founded technology companies, managing three funds totaling over €145M and producing exits including Augmenta and Hack The Box.

Ownership category

akta.pro rank

Product category

Seed-stage Venture Capital

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

akta.pro secondary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Seed-stage venture capital
• Early-stage tech investing
• Venture capital funds
• Startup seed funding
• Tech startup investment

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management fees and carried interest: Marathon VC generates returns through traditional VC economics - charging management fees on deployed capital and taking carried interest (typically 20%) on profits from successful exits of portfolio companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Marathon Venture Capital is a seed-stage venture capital firm that invests in and supports early-stage technology founders, primarily of Greek origin. It manages multiple dedicated funds (Fund I, Fund II at €70M, and Fund III at €75M) and combines capital deployment with operational support, a comprehensive Greek-law legal documentation package, and ecosystem resources such as compensation research and a Greek-startup funding dashboard.

Product overview

Marathon Venture Capital is an Athens-based early-stage technology investor managing multiple venture capital funds (Fund I, Fund II, Fund III at €75 million). The firm offers investment services to technology founders and provides a suite of founder resources including legal document templates (Greek-compliant term sheets, subscription agreements, employment agreements) and industry research publications (Greek Tech Compensation Report, Greek Startups Funding Dashboard). The core offering consists of fund management for seed-stage investments and ecosystem resources to support Greek startup growth.

Differentiator

Problem solved

Functional benefit

Products and services

• Marathon Venture Capital Fund III Marathon's third seed-stage venture capital fund of €75 million that invests in early-stage technology companies founded by Greek or Greek-diaspora founders. It is offered to portfolio founders as an investment vehicle with full operational support and ecosystem resources.
• Greek Tech Compensation Report Annual survey-based research publication that provides compensation and equity benchmarking data for technology roles in Greek startups. It is published on the Marathon website and used by founders, HR leaders, and investors to benchmark pay and equity in the Greek tech ecosystem.
• Greek Startups Funding Rounds & Exits Dashboard Interactive public dashboard that tracks funding rounds and acquisitions of Greek-founded startups in near real time, providing aggregated views of total funding amounts, funding per stage, and year-to-date figures. It is intended for founders, operators, and investors tracking the Greek startup ecosystem.
• Founder Resources: Greek Seed Legal Package (Term Sheets, Subscription Agreement, Articles of Association, Employment and Executive Agreements) Open legal toolkit published by Marathon for Greek founders, covering term sheets (US and GR versions), subscription agreements, articles of association, employment agreements, and executive agreements adapted from NVCA standards to Greek company law. Designed to lower the legal cost and friction of running a seed round for first-time founders.

Quantifiable outcome

• Augmenta acquired for $110 million by CNH Industrial - full Marathon Fund I returned to investors.
• +2 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Speedinvest: Vienna-based early-stage European VC with deep-tech and sector-focused funds. Compares as a broader European seed-stage peer operating in adjacent markets including Greek and Southeast European deals.
• Earlybird Venture Capital: Berlin-based European venture capital firm investing across early and growth stages with sector specialization. Comparable as a larger European seed/early-stage peer with similar portfolio construction philosophy.
• Index Ventures: Global venture capital firm with strong European presence that has co-invested in Marathon portfolio companies (Causaly). Comparable as a follow-on investor partner and broader incumbent in the European tech ecosystem.
• Balderton Capital: London-based early-stage European VC focused on technology startups. Comparable as a pan-European seed/Series A investor with similar founder-support value proposition.
• Atomico: London-based European venture capital firm founded by Skype's Niklas Zennström. Comparable as a broader European VC with founder community focus and seed-to-growth stage activity.
• LocalGlobe: London-based seed-stage VC investing in technology founders globally. Comparable as a similarly-sized European seed specialist with strong founder community focus and standardized founder resources.

Direct peers

• Notion Capital: London-based early-stage VC focused on B2B SaaS and enterprise tech founders. Comparable as a similar-sized European seed-stage firm investing in ambitious technical founders.
• Openfund: Greek venture capital firm investing in early-stage technology startups. Directly competes with Marathon for Greek founder deal flow and ecosystem brand position.
• Uni.Fund: Athens-based seed-stage VC investing in Greek technology startups. Most direct head-to-head peer for early-stage Greek tech deals.
• Metavallon: Greek venture capital firm focused on early-stage deep-tech and science-based startups. Direct peer competing for Greek deep-tech founders in similar verticals.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/marathon_vc
• Facebookfacebook.com/marathonvc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments40 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marathon Venture Capital