Investor Profile: Marathon Venture Capital — Thesis, Cheque Size & How to Apply

Marathon Venture Capital funding is the starting point for many of Greece's most ambitious technology companies. The Athens-based seed fund backs Greek and European founders building world-class technology businesses, and this profile explains how to get funding from Marathon Venture Capital, from its hard-problems thesis to its third fund and founder community.

Thesis and investment focus

Marathon Venture Capital describes itself as a seed-stage fund helping ambitious Greek and European founders build world-class technology companies. Its thesis centres on founders tackling difficult challenges in high-impact markets — areas requiring deep technical knowledge or overlooked sectors such as grid infrastructure and defence — rather than chasing trends.

Sectors, stages and cheque size

Marathon leads seed rounds in business-to-business technology, with its third fund supporting IT infrastructure, cybersecurity, artificial intelligence, agricultural technology, defence technology and deep tech. A precise standard cheque size is not publicly disclosed on the firm's site, so founders should discuss ticket size directly rather than rely on a published range. The firm's model emphasises leading early, taking meaningful positions and staying involved through later rounds.

Fund size and track record

Marathon's third fund, Marathon Venture Capital Mutual Fund III, reached its fundraising target of €75 million in a single, oversubscribed closing. The European Investment Fund committed €20 million and the Hellenic Development Bank of Investments also contributed €20 million, alongside corporate and private investors from around the world. Its previous two funds supported more than 20 companies and invested more than €50 million in early-stage technology startups. Founded in 2017 and based in Athens, the firm notes recognition as a top-10 fund in Europe in a 2025 industry annual report.

Notable portfolio

Marathon's portfolio includes cybersecurity upskilling platform Hack The Box, biopharma knowledge-discovery company Causaly, learning platform Learnworlds and agricultural technology company Augmenta, acquired by CNH Industrial. More recent names featured on the firm's site include Straion, which builds governance for AI-generated code, NOFire AI, an AI reliability platform for systems running AI-generated code, and Pallma AI, an AI-native security platform for autonomous agents. Earlier activity also includes robotics company Progressive Robotics and biopharma platform PolyModels Hub.

Partners and programmes

George Tziralis is a partner at Marathon Venture Capital who spoke for the firm on its third fund, and Alex Alexakis is a partner featured on the firm's site writing about its AI investments. Rather than a formal accelerator, Marathon runs a global founder community: its site notes events across 25 countries, including Open Coffee Athens and Greeks in Tech gatherings in San Francisco and London. It also publishes its term sheet, legal templates and reports for founders to download free — letting founders see its documents before they ever pitch.

How to apply for funding from Marathon Venture Capital

Founders should start on Marathon's website, where the firm says it leads seed rounds and rolls up its sleeves. A strong approach leads with the hard problem, the technical depth of the team, and evidence the product can serve global customers from the start. Attending community events such as Open Coffee Athens is a practical way to meet the team before a formal pitch, and reading its published term sheet and templates helps founders arrive prepared for the terms discussion. Founders should come with a clear view of the round, the milestone it funds, and the team that will deliver it.