Marathon Venture Capital

Marathon Venture Capital is an Athens-based seed-stage venture capital firm founded in 2017, backing ambitious Greek and European founders building globally scalable technology companies. The firm closed its third fund, Marathon Mutual Fund III, at €75 million in a single oversubscribed closing in May 2025, with €20 million from the European Investment Fund (EIF) under InvestEU and €20 million from the Hellenic Development Bank of Investment (HDBI). Total AUM across three funds now stands at $180 million. The first two funds deployed over €50 million across more than 20 companies. Partner George Tziralis leads investment activity across B2B technology verticals including IT infrastructure, cybersecurity, AI, agritech, defense tech, and deep tech. Marathon leads rounds and has built a portfolio of approximately 24 companies. The firm was the first investor in four category-defining names: Causaly (AI-powered biomedical research), Hack The Box (cybersecurity training, with a secondary sale to Carlyle), LearnWorlds (e-learning platform), and Augmenta (precision agriculture — exited to CNH for $110 million). Other named portfolio companies include Delian Alliance Industries (defense), Ariadne (indoor analytics), Bota Systems (robotics), Velos Rotors (defense and drones), Cube RM, Netdata (IT monitoring, exited), Code BGP, Centaur Analytics (agritech IoT), and Pallma AI (the most recent investment, December 2025). Recent investments also include Boon and Mercury. Marathon's Athens base is a deliberate bet on the Greek technology ecosystem, which the firm has helped develop from an early stage. The fund's emphasis on European founders building globally competitive companies — particularly in defense tech, cybersecurity, and agricultural technology — reflects both the regional opportunity and the secular tailwinds behind these categories across European markets.