Hellenic Development Investment Bank

What Hellenic Development Investment Bank does

Hellenic Development Investment Bank (HDBI/EATE, formerly TANEO) is Greece's state-owned Sovereign Fund of Funds, established under Article 28 of L. 2843/2000 and headquartered in Athens. Its core function is to develop and strengthen the Greek venture capital and private equity (VC/PE) ecosystem by acting as a fund-of-funds: channeling state and EU resources (notably the €500 million allocated under the Greece 2.0 National Recovery and Resilience Plan) into underlying VC and PE funds, alongside private and institutional co-investors. The institution owns and operates a portfolio of roughly a dozen investment programs — including InnovateNow, Q-Equity, Greek Green Funds, 4th Industrial Revolution, Made in Greece, Restructuring, AccelerateTT, 5G, IFI, and Scale-Up — each anchoring or co-investing in specialized funds targeting Greek innovative SMEs and startups across early-stage to growth-stage.

HDBI's 'platform' is governance and co-investment infrastructure rather than a software product. It identifies and selects fund managers through formal calls for expression of interest, deploys capital as anchor or co-investor, and monitors the ecosystem's economic impact through publications such as the annual 'Startups in Greece' report and a Deloitte-authored impact assessment (March 2025) showing a 6.65x leverage multiplier and €3.8 billion in ecosystem contribution for 2020-24. The organization is small (1-10 employees) and does not charge customers for its services; it is a catalytic, policy-driven vehicle rather than a commercial fund manager.

Internationally, HDBI has built a network of institutional partnerships that extend its reach well beyond Greece. It is a party to a five-bank European cooperation protocol with Bpifrance (France), KfW Capital (Germany), Tesi (Finland), and Vækstfonden (Denmark) to mobilize €3.3 billion for European tech companies, and has bilateral agreements with Abu Dhabi's ADQ (€4 billion partnership) and Mubadala (€400 million co-investment). Distribution of capital is indirect — through co-investment in third-party funds rather than direct investment in SMEs — and the GTM motion is enterprise procurement-style, with HDBI selecting fund managers via structured calls. Revenue figures are not publicly disclosed; financial returns accrue through fund distributions and co-investment exits rather than through customer fees.

Name

Hellenic Development Investment Bank

Legal name

Hellenic Development Bank of Investments S.A.

Website

https://hdbi.gr

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Short description

Hellenic Development Investment Bank (HDBI/EATE) is Greece's state-owned Sovereign Fund of Funds, channeling €500 million in EU and national public capital into Greek venture capital and private equity funds that finance innovative SMEs and startups, operating as a catalytic co-investor alongside private fund managers.

Ownership category

akta.pro rank

Product category

Sovereign Fund of Funds / Development Finance

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599), Other Financial Investment Activities (5239), Finance and Insurance (52)

SIC

State Commercial Banks (6022), International Affairs (9721)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industries

Policy Banks (Government-Directed Lending Banks) (FSABAKAM), Green/Climate Development Banks & Funds (FSABAKAH), SME/Industrial Development Banks (FSABAKAF)

Keywords

• Sovereign fund of funds
• Venture capital financing
• Private equity investment
• Development finance
• Innovation financing

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management and Co-investment Returns: HDBI operates as a fund-of-funds mechanism, investing state and EU resources alongside private investors in VC and PE funds. Returns accrue through fund distributions and co-investment exits, supporting the long-term socioeconomic development of Greece.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Hellenic Development Investment Bank (HDBI/EATE) is Greece's Sovereign Fund of Funds, a state-owned development bank that manages state and EU resources to co-invest alongside private investors in Venture Capital and Private Equity funds. The bank structures investment programs (InnovateNow, Q-Equity, Greek Green Funds, Scale-Up, etc.) and channels public capital into funds targeting Greek innovative SMEs and startups across multiple sectors and stages, from pre-seed deep tech to growth equity.

Product overview

Hellenic Development Bank of Investments (HDBI/EATE) is Greece's Sovereign Fund of Funds, operating as a state-owned investment bank that manages EU and national funds to co-invest alongside private investors in Venture Capital and Private Equity funds. The company operates as a platform with multiple investment programs including Debt Funds, Made in Greece, Restructuring, 4th Industrial Revolution, Greek Green Funds, IFI (International Financial Institutions), Scale-Up, AccelerateTT, 5G, InnovateNow, and Q-equity. Each program contains a portfolio of underlying funds investing in specific sectors and stages—from pre-seed deep tech to late-stage growth equity—covering areas such as AI, biotech, green energy, food & beverage, healthcare, ICT, and industrial technologies. HDBI also publishes research on the Greek startup ecosystem including the annual 'Startups in Greece' report and an Impact Assessment Study conducted by Deloitte. The institution does not offer a public API, does not employ AI/ML capabilities in its operations, and its core offering is the structured fund-of-funds investment platform serving the Greek innovation and SME financing ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• InnovateNow Fund-of-funds program aiming at the establishment of investment schemes covering the financing chain of Greek start-ups with extroverted characteristics. Total public funding channeled through HDBI amounts to €100 million.
• Q-Equity Equity investment program under the National Recovery and Resilience Plan 'Greece 2.0', part of the Equity Platform. €400 million in public funding under the Recovery and Resilience Facility.
• Debt Funds Funds investing via quasi-equity instruments targeting SMEs in growth, expansion, or mature stages.
• Made in Greece Funds empowering local Greek talent to reach global markets through investment in Greek SMEs and startups.
• Restructuring Funds investing in SMEs which are in need of restructuring or reorganization.
• 4th Industrial Revolution Venture Capital Funds investing in transformative innovation in Fourth Industrial Revolution technologies including AI, IoT, robotics, and biotechnology.
• Greek Green Funds Funds investing in green energy and technologies, supporting sustainable development and ESG objectives.
• IFI (International Financial Institutions) Co-investments under MoU signed between HDBI and International Institutional Investors including Mubadala and ADQ.
• Scale-Up European NPI Cooperation for supporting growth stage EU Companies, part of the pan-European cooperation protocol mobilizing €3.3 billion.
• AccelerateTT Funds rendering research into companies with marketable products, bridging academic research and commercial application.
• 5G Funds investing in 5G Technologies and telecommunications infrastructure in Greece.

Quantifiable outcome

• Leverage multiplier of 6.65x on HDBI ecosystem investments
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• BpifrancecoreStrategic or Co-development Partner · 4 April 2022French development bank co-organizing the Growing Together initiative. Signed MoU with HDBI to accelerate growth of investment fund managers for equity financing of Greek companies. Part of European cooperation protocol mobilizing €3.3 billion for European tech companies.
• Sowalfin (Belgium)minorStrategic or Co-development Partner · 4 April 2022Belgian development finance institution. Signed MoU with Hellenic Development Bank to enhance growth opportunities and strengthen funding arrangements for SMEs.
• Banco Portugues de Formento (Portugal)minorStrategic or Co-development Partner · 4 April 2022Portuguese development bank. Signed MoU with Hellenic Development Bank to attract equity investments and foster extroversion and competitiveness of Greek entrepreneurship.
• Hellenic Development Bank (HDB)coreStrategic or Co-development Partner · 4 April 2022Parent development institution (100% state-owned). HDB and HDBI co-organized Growing Together event and collaborate on InnoAgora platform within EuroQuity-Bpifrance network.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• British Business Bank: UK's state-owned development bank operating VC/PE fund-of-funds programmes (e.g., Enterprise Capital Funds, BBB Growth Capital). Comparable mandate and structure to HDBI as a sovereign DFI catalysing private capital into UK SMEs, though with broader market scale.
• ICO (Instituto de Crédito Oficial): Spain's state-owned financial institution providing funding lines and VC/PE catalyzation through vehicles similar to HDBI. Comparable mandate structure as a sovereign DFI channeling public and EU capital into Spanish SME financing.
• CDP Equity: Italian state holding company's equity arm managing sovereign strategic investments in Italian enterprises. Comparable to HDBI as a state-backed equity catalyser with similar mandate to support national innovation and SME ecosystems.
• European Investment Fund (EIF): EU-level fund-of-funds and co-investor with HDBI in vehicles like Uni.Fund II. Comparable as a pan-European DFI providing VC/PE fund-of-funds capital and guarantees, but operating supranationally rather than nationally.

Direct peers

• Tesi (Finnish state investment company): Finnish state-owned investment company and fellow signatory of the 2022 European cooperation protocol. Comparable to HDBI as a national development investor operating fund-of-funds and direct VC/PE activities for ecosystem catalyzation.
• KfW Capital: German national development bank's venture capital arm, also a signatory to the 2022 €3.3bn European cooperation protocol with HDBI. Directly comparable as a state-backed fund-of-funds channelling public capital into German and European VC funds targeting growth-stage tech.
• Sowalfin: Belgian development finance institution that signed an MoU with HDBI in 2022 to enhance SME funding. Directly comparable as a regional DFI working with HDBI under bilateral cooperation frameworks.
• Vækstfonden (Danish Growth Fund): Denmark's national growth fund and fellow signatory of the 2022 €3.3bn European protocol with HDBI. Comparable as a state-owned DFI providing VC/PE capital to SMEs and startups with a fund-of-funds structure.
• Bpifrance: France's national development bank and fund-of-funds, co-organiser of HDBI's Growing Together initiative. Bpifrance is the most directly comparable peer: sovereign state-backed DFI operating a fund-of-funds VC/PE platform with international cooperation agreements and a similar catalytic mandate toward innovative SMEs.
• Banco Português de Fomento: Portuguese development bank that signed an MoU with HDBI in 2022 to attract equity investments to Greek/Portuguese SMEs. Comparable as a Southern European DFI peer operating under similar EU Recovery & Resilience Plan frameworks.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/hdbi.gr
• LinkedInlinkedin.com/company/hellenic-development-bank-of-investments
• Xx.com/hdbi_gr

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Hellenic Development Investment Bank