Significant growth in Attica Ventures' listed investments
5 November 2013
Published financial results show significant growth and improvement in all indexes of the companies listed on the Alternative Market, in which Zaitech Fund (venture capital fund) has invested funds amounting to over 6 million Euros. Zaitech Fund is managed by Attica Ventures and its investors include Attica Bank and TANEO (New Economy Development Fund).
The companies in question are Mediterra S.A., Doppler S.A., Foodlink S.A. and Performance Technologies S.A., and with the support of Attica Ventures capital they have implemented investments of over 20 million Euros and have managed to get listed on the Athens Exchange Alternative Market.
The results of the first half of 2013 show a noticeable improvement in the economic performance of the 4 companies, the strengthening of their outward-looking approach and effectiveness, and a series of important moves towards growth through new collaborations, the improvement of performance indices, acquisitions and exports.
In particular, in the first half of 2013 all four companies increased their turnover up to 25% and improved performance indicators, as well as EBITDA and net profits. All four companies have significantly increased – and also restructured – the portfolios of their customers; they have rationalised their operating expenses, expanded their presence abroad and added new innovative products and services, while also significantly developing their corporate structure and operation on all levels. It seems that this tendency is setting in, since the numbers of these companies are continuing to grow at a similar pace to this day.
On the occasion of these positive developments, Attica Ventures CEO Giannis Papadopoulos has stated: “In a highly adverse business and economic environment, the economic performance of our venture capital funds proves that the Greek economy has the potential to rise above the economic crisis if it is backed by healthy entrepreneurship, talent, persistence and innovative views. The managements of the companies we have invested in constantly prove that this economic crisis does not only pose a risk, but also a unique opportunity to adopt a new and successful business culture. In this framework, we believe that it is important to acknowledge the significant contribution of the Venture Capital companies, which have in many ways supported and continue to support the endeavours of new Greek entrepreneurs in their efforts to forge new paths in entrepreneurship and the Greek economy”.
Attica Ventures was established in 2003 by Attica Bank (the first Greek bank to create a venture capital fund management company). Since 2004 it has been managing funds amounting to €65 million, and its investors include Attica Bank, TANEO and private investors. It has already injected funds of over €35 million into the economy by participating in the implementation of investment plans amounting to over €150 million in total.
It is currently considered one of the most successful venture capital management companies in Greece, having implemented 12 investments in Greek SMEs and having contributed to their development and to the creation of more than 800 new jobs.
In October 2011 the company received the Employment Growth Award from the Athens Chamber of Commerce and Industry.
For further information, please contact Ms Maria Antoniou, Account Manager, STRATCOM, tel. 219 9991887, firstname.lastname@example.org
FROM THE ATTICA VENTURES PRESS OFFICE