Marathon Venture Capital is a seed-stage venture firm based in Athens, Greece, founded in 2017 with the mission of being “day one partners” to ambitious Greek tech founders building for global markets. The firm operates with a clear focus on early-stage startups tackling difficult, high-impact problems in overlooked or technically complex sectors. Marathon has been instrumental in catalyzing Greece’s emerging tech ecosystem and is known for moving with conviction, partnering with founders who exhibit high agency, domain depth, and global ambition. The firm’s name nods to both Greek heritage and long-term founder alignment.
Marathon invests in seed-stage startups founded in Greece or by Greek talent globally, with an emphasis on globally scalable companies. It does not anchor on specific verticals, but rather backs founders tackling hard problems in important markets - ranging from AI-powered research to defense, robotics, energy systems, and cybersecurity.
Its thesis centers on finding underdog entrepreneurs solving deep problems, whether through unique technical insight (e.g., research PhDs) or by navigating regulated, capital-intensive, or underinvested markets. Geography is not a limiting factor, but Greek talent is the common denominator.
In May 2025, Marathon Venture Capital closed its third fund with $84 million in capital commitments, bringing its total assets under management to $180 million. This is a major milestone for Greece’s tech ecosystem and a reflection of Marathon’s top-tier performance: its first fund ranks in the global top percentile for realized returns.
Fund III continues Marathon’s disciplined seed-stage strategy, aiming to back 20–25 companies, with the majority led by Greek founders serving global customers from day one.
The raise was driven by Marathon’s strong track record, including recent exits like Augmenta (acquired by CNH in a $110M deal) and a secondary sale of Hack the Box to Carlyle. Despite a global pullback in venture fundraising, Marathon successfully secured LP support by leaning on its focus on capital efficiency, substantial equity positions, and cash-first culture.
The fund size reflects the firm’s belief that success doesn’t require unicorn outcomes - disciplined early ownership, secondaries, and strategic M&A can drive strong returns well before an IPO.
Leadership
Marathon is led by Partner Panos Papadopoulos and a team known for bold, contrarian investing and tight founder relationships. The firm advises founders to pursue “default alive” business models while keeping all strategic paths open.
Marathon encourages long-term company building and actively supports secondary sales when they can extend a founder’s runway. The firm does not chase hype or consensus - its defense investments, for example, predated the Ukraine war. Rather than target specific sectors, Marathon backs people transforming them.
Its portfolio companies are often capital-efficient, highly technical, and revenue-generating from early stages.
Notable Investments
Marathon’s standout investments include Augmenta (precision agtech), Hack the Box (cybersecurity upskilling), and a portfolio of deep tech and applied AI startups spanning defense, energy, and industrial automation.
The fund backs companies serving Fortune 500 customers globally, despite often starting with teams based in Greece.
Notable Exits
Marathon has achieved multiple meaningful exits from its early funds, including the $110M acquisition of Augmenta by CNH and a secondary sale of Hack the Box to Carlyle. These exits, along with top-tier DPI benchmarks, demonstrate the fund’s ability to realize value well before public markets, often via strategic acquisitions or secondaries.
