Special distinction for Attica Ventures as it wins the ACCI 2011 Increased Employment Award
28 November 2011
Attica Ventures, a member of the Attica Bank Group, was awarded by the Athens Chamber of Commerce and Industry (ACCI) for the increase in employment resulting from its investments, making it the first venture capital fund management firm to have received this important distinction. This award clearly shows the value and importance of venture capital fund management firms and the contribution they can make to economic development and to the trickle down of wealth to numerous players in the production process and, by extension, society as a whole, particularly in these critical times for Greece.
Attica Ventures’ aim is to bolster the entrepreneurial spirit by investing in innovative Greek small- to medium-sized enterprises (SMEs) that are in the development phase. Thanks to the capital injection from Attica Ventures, 12 Greek SMEs have been able to make major investments worth a total of more than € 150 million and have achieved significant rates of growth. This has resulted in the creation of more than 800 direct new jobs and tens of indirect jobs among suppliers and companies that contributed to implementing their business plans, while also channelling significant levels of liquidity into the market. These companies have won a wide range of business awards and four of them are listed on the Athens Exchange Alternative Market (Foodlink, mastihashop, Performance Technologies, Doppler).
Attica Ventures’ CEO, Mr. Giannis Papadopoulos, stated the following:
“In addition to reflecting well on our investors (Attica Bank and the TANEO Fund), whose contribution was and remains particularly important, this major award also reflects well on the 12 Greek SMEs we invested in, and in particular the people comprising them, the businessmen and executives who have -despite these difficult times- implemented and who continue to implement important business plans. For us, the entrepreneurial spirit was and is at the forefront. By channelling funds to businesses, much sought after growth can be achieved, employment can rise again, revenues for social security funds and the state can grow, the profits of participants can increase and, by extension, wealth can be generated for employees and shareholders alike. That is the major economic and social added-value that Attica Ventures generates”.
About Attica Ventures
Attica Ventures S.A. was founded in September 2003 by Attica Bank and executives from the market headed by the company’s CEO, Mr. Giannis Papadopoulos, and its business is venture capital fund management. Attica Bank was the first bank to participate in a venture capital fund and establish a specialised subsidiary to manage such a fund.
Since March 2004 Attica Ventures has been managing the Zaitech Fund, a venture capital fund of € 40 million invested in by Attica Bank and TANEO, and since October 2010 the company has also been managing the Zaitech Fund II, whose initial capital was € 25 million, invested in by Attica Bank and private institutional investors.
To date Attica Ventures has invested more than € 35 million via share capital increases in 12 Greek SMEs and has become a main shareholder in those companies, which assisted by those funds have made major investments worth a total of more than € 150 million. These businesses operate in diverse sectors of the economy such as energy and renewable energy sources, foodstuffs, beverages, real estate, health, logistics, telecoms, IT and industrial innovation.
FROM THE ATTICA VENTURES PRESS OFFICE