How to Invest in a Greek Private Company

Our vehicle of choice for the investments Openfund leads is a relatively new company type under Greek law titled “Private Company” (“Ιδιωτική Κεφαλαιουχική Εταιρεία” in Greek). As our portfolio grows and a number of parties are coinvesting or following up in our companies along with Openfund, a number of questions regarding the company type and related processes arise.

To address such issues, we’ve created a document providing more details on the company structure, as well as the practical steps of executing an investment, after agreeing on a term sheet.

The guide may be useful to Greek or foreign entities willing to participate in such an investment. More importantly, it shall provide entrepreneurs with a more transparent view of the underlying process. In this regard, we are proceeding today to make this document publicly available.


Taxibeat Closes a New Funding Round of €0.5 Million

The Openfund is eager to announce a new funding round for Taxibeat. The round, in the form of a €0.5 million convertible note, is contributed by a syndicate of 7 both existing and new investors to the company.

15 months after the initial Openfund seed round and 8 months after the previous angel round of €0.25 million, the company now features a fleet of 1500 in Athens, Greece and a 20% monthly increase in rides, along with a fleet of 400 in Rio de Janeiro, Brazil one month after launch. September will find Taxibeat launching in Sao Paolo, Brazil, Paris, France, Oslo, Norway and Bucharest, Romania.

Together with investments in local subsidiaries, the company has now raised more than €1 million on its quest to redefine private transports. The new round will help the company extend its edge both in its world class technology and on the road to new geographies.

In contrast to the current economic context, the Openfund considers this round a further testament to the team’s capacity to execute, as well as to the growing maturity of the technology ecosystem in the region.

Taxibeat raises a new angel round

The Openfund is excited to announce a new funding round for Taxibeat. Seven months after the initial seed investment, the company has raised a syndicated funding round of €250.000, coming from 5 angel investors.

Being a prime example of innovation and development even under the current tough economic conditions, the company will now accelerate its international expansion and further fulfill its vision to redefine private transports.

Taxibeat joins the number of Openfund portfolio companies to have already raised an external round of funding. More updates to be announced soon.

The 5th call ends, all rounds in hindsight

To get this out of the way, we expect to deliver the first round of feedback to all applicants by Monday the 16th along with the first go no-go.

Following that, two weeks’ time will be given to the teams that don’t have a business plan to write one. As always, if you feel comfortable about your idea you may skip ahead and start doing that based on our guide.

We thank all the entrepreneurs that shared their ideas and aspirations with us and vouch to make the best we can out of them whether we end up working together or not. We pride in offering feedback to every founder, on both what we liked and what we didn’t like. Even if you don’t end up being selected you will know what (in our humble opinion) you should work on improving.

With the 5th call having just closed, we wanted to take a look backwards and look at what we have achieved in the Openfund.

The following graph shows the accumulation of applications over time. Even though we advise that you send these in early, similarly to every previous round, the founders took the maximum allowed time to refine their submission.


It also corroborates to the myth of Greeks doing things “last minute” — even though all countries seem to be trigger happy in the last two days.


Two also interesting stats is the percentage of foreign submissions. After these 5 rounds and accounting for regression it’s safe to say that 41% of applicants come from the rest of Europe and 8% from beyond. We’re flattered by that, especially given that we don’t actively promote outside Greece.

We’re also proud to have proven that we’re more than interested in investing in any country where a team of talented founders lives.


Another tidbit worth mentioning is the (lack of) evolution with respect to the skillset of the people that are interested in seed funding. The above bars reveal the self-evaluation of people with respect to certain skills.

Clearly this dispels the mythical geek in a garage startup. The teams that apply are mature, well rounded and become even more so over time.

Future updates regarding all those that participated in this round will arrive at their inboxes.