Connecting, investing, and growing in the Greek ecosystem

The Greek startup scene is maturing rapidly, and one group is right at the center of it, connecting investors, founders, and ideas in a way that extends far beyond just writing checks. That’s a mission that Raphael Kontos, Managing Director at Theti Club - The Hellenic Tech Investor Club, and his colleagues are trying to accomplish.

Today, we are meeting with Raphael for a discussion about the evolution of the Greek ecosystem, the pros and cons of syndicates and SPVs, and why building a trusted network is more important than chasing every market opportunity. He also opened up about the realities of the secondary market, the cultural dynamics of Greece’s ecosystem, and why now is a once-in-a-generation opportunity for the Balkans to build not just great companies, but entire industries.

Who is Raphael and Theti? 

THETI isn’t your typical angel club. Alongside investments, it runs masterclasses, technology deep-dives, and networking events that bring together members from Greece and the diaspora. The focus is on early-stage tech companies, especially those led by Greek founders; however, the network is expanding to include promising startups from across Europe.

‍Raphael: “Our goal is to create an investment club where entities, individuals, and companies can invest and connect. 

‍In just two and a half years, the club has grown to over 140 members, mixing tech founders, traditional entrepreneurs, corporates, and VCs, united by the same mission - to revolutionize early-stage investments in Greece.

‍Raphael: “For the most part, we’re Greek-focused, meaning we invest mainly in companies that are either based in Greece, have Greek founders, or at least one main founder who is Greek. ‍However, because there’s a limit to the deal flow we can source solely from the Greek community, we’ve recently opened up to companies with no direct connection to Greece. Even so, about 10–20% of our deal flow still comes from outside, and our network remains primarily Greek.”

On the investment front, THETI has a clear thesis: technology-first, early-stage startups, particularly those in the MVP and early traction phases. With typical checks ranging between €100K and €400K (averaging about €250K), they focus on the pre-seed and seed stages. But where they really shine is in sourcing. Raphael shared that the best deals almost always come through personal connections and the THETI network. 

Flexibility in using syndicates and SPV solutions

When it comes to deal execution, THETI stays flexible. Some deals are done directly, while others go through syndicates or SPVs, depending on what works best for both the startup and the investors. Raphael pointed out that SPVs can bring value but also come with higher costs and limited investor control, something they’re mindful of. 

‍Raphael: “We started with syndicates, many of which are purely investment-focused, but we wanted to create something more holistic because we saw the market needed it. Most of our investors aren’t serial angels; they might invest in one or two deals per year. So, we include more opportunities for them to learn about technology through master forums and training.”

Raphael: "These [syndicate] structures can facilitate easier management of group investments, align terms, and streamline the process when dealing with startups that request a single line on their cap table. Still, there are challenges. In early-stage investing, where ticket sizes are often modest, keeping fees low is equally important. An SPV that costs €10K to set up simply doesn’t make sense for a deal where each investor contributes a small amount."

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‍Raphael:  "We’re exploring both direct investments and SPVs. SPVs have benefits, but also drawbacks like higher costs for investors and less direct control. That’s why THETI relies on online investment platforms for better pricing and a more user-friendly experience for everyone involved. The goal is to maintain transparency and efficiency, so investors know exactly what to expect. As THETI grows and handles more deals, managing multiple syndicates will become increasingly complex; however, for now, the club is focused on doing it smart, not fast."

The evolution of Greece’s startup ecosystem

Over the past few years, Greece’s startup ecosystem has grown steadily, supported by increased funding activity, the rise of local venture capital, and strong contributions from the Greek diaspora. 

‍Raphael: “I think we’re in a phase where things have accelerated very fast. If AI hadn’t emerged two to seven years ago, there might have been a big slowdown, but now we’re in an era where innovation is no longer confined to Silicon Valley; it’s happening everywhere at the same time."

Raphael: "Europe is highly decentralized, which is partly beneficial because each country is developing its ecosystem; however, we still need more connectivity to compete globally. ‍We’re living in exciting times: innovation is happening not only in Silicon Valley, but also in Greece, Romania, Bulgaria, for the first time in human history, serious innovation is spreading like a trend across the globe.”

Additionally, human capital is one of the key drivers of Greece’s startup growth, with more talent now seeking entrepreneurial opportunities rather than traditional jobs. Raphael also shares that entrepreneurs from more traditional sectors are becoming more open to innovation. He noted that some of the most insightful and savvy investors in the club come from these backgrounds, proving that experience and curiosity can often outperform hype. 

‍Raphael: “I’ve met many traditional entrepreneurs who are incredibly strong, smart, and would make ideal venture capitalists, much better than some in the tech world. ‍Traditional entrepreneurs want to be part of the tech community and learn from tech founders, while tech entrepreneurs benefit from the business acumen of those who’ve weathered crises.”

Still, the Greek ecosystem has some growing pains. According to Raphael, many local founders tend to prioritize raising money over building sustainable traction or strong product-market fit. This “fundraising-first” mindset is something THETI tries to shift by encouraging founders to focus more on growth and business fundamentals. The club also bridges a generational and professional gap, bringing together both tech-native entrepreneurs and more traditional business leaders who are eager to learn and adapt.

Raphael: “We need to make Europe work like the Nordics, whose ecosystem is highly effective. I believe strongly in the Balkan region. Greece has different characteristics from Romania, Bulgaria, and other countries under Soviet influence, but all of these countries have a wealth of technical talent capable of building great products.”

5 lessons for investors and angel networks

Based on Raphael's experience, there are a few practical takeaways that other angel clubs and early-stage investor groups should keep in mind. Raphael shared what’s worked and what to watch out for as you build a successful, engaged investing community.

• Reach critical mass early: Aim for at least 50–60 active members to ensure meaningful deal flow, engagement, and momentum.
• ‍Build a strong, trusted network: Your best deals will come from personal connections and referrals, not cold inbound pitches.
• ‍Define your niche: Don’t try to cover everything. Find your focus point and go deeper within that ecosystem.
• ‍Stay lean and investor-friendly: Keep SPV costs low, use efficient syndication tools when needed, and be transparent about fees and expectations from the start.
• ‍Communicate clearly and consistently: Managing investor expectations upfront avoids confusion later, especially when running syndicates or scaling operations.

Connect with Raphael

• Linkedin
• Theti Club - The Hellenic Tech Investor Club

Theti Club, Greece’s premier Tech Investors Club, is devoted to supporting high-tech startups. It brings together an exclusive community of accomplished individuals – including successful entrepreneurs, C-level executives, corporate investors, and family offices. Together, they provide new ventures with both capital and expertise.

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