VentureFriends Company Profile

Background

Overview

VentureFriends is a venture capital firm founded in 2016 by serial entrepreneurs Apostolos Apostolakis and George Dimopoulos. Headquartered in Athens, Greece, with additional offices in London and Warsaw, the firm specializes in early-stage investments, focusing on scalable B2C and B2B startups across Europe, the Middle East, and Latin America. VentureFriends aims to support ambitious founders in building international market leaders, particularly in sectors such as FinTech, PropTech, Marketplaces, TravelTech, and SaaS.

Mission and Vision

VentureFriends is committed to identifying and nurturing high-potential startups, providing them with the necessary resources and expertise to scale globally. The firm's mission is to bridge the funding gap in early-stage investments, particularly in the regions it serves, by offering hands-on support and a founder-friendly approach.

Industry Significance

Since its inception, VentureFriends has played a pivotal role in the European venture capital landscape, particularly in Greece. The firm has been instrumental in supporting the growth of several successful startups, contributing to the development and internationalization of the regional startup ecosystem.

Key Strategic Focus

Core Objectives

VentureFriends focuses on investing in early-stage startups with the potential for significant growth and international expansion. The firm's strategic objectives include:

Identifying High-Potential Startups: Targeting innovative companies in sectors such as FinTech, PropTech, Marketplaces, TravelTech, and SaaS.

Providing Hands-On Support: Offering operational expertise and strategic guidance to portfolio companies.

Facilitating Global Expansion: Assisting startups in scaling their operations beyond their initial markets.

Areas of Specialization

VentureFriends specializes in the following areas:

FinTech: Investing in companies that are transforming financial services through technology.

PropTech: Supporting innovations in the real estate sector.

Marketplaces: Backing platforms that connect buyers and sellers in various industries.

TravelTech: Investing in technologies that enhance the travel experience.

SaaS: Supporting software-as-a-service solutions across different sectors.

Key Technologies Utilized

VentureFriends leverages its extensive network and industry expertise to identify and support startups utilizing cutting-edge technologies, including:

Artificial Intelligence (AI): Enhancing decision-making processes and operational efficiencies.

Blockchain: Ensuring transparency and security in transactions.

Cloud Computing: Facilitating scalable and flexible business operations.

Primary Markets Targeted

The firm's primary markets include:

Europe: Particularly Greece, the United Kingdom, and other EU countries.

Middle East: Including the United Arab Emirates.

Latin America: Notably Mexico.

Financials and Funding

Funding History

VentureFriends has successfully raised three funds to date:

VF1 (€20M): Launched in 2016, focusing on seed-stage investments in Greece.

VF2 (€50M): Launched in 2018, expanding the firm's reach to broader European markets.

VF3 (€100M): Launched in 2021, with a focus on Southern Europe, the Middle East, and Latin America.

Recent Funding Rounds

In December 2021, VentureFriends announced the first closing of its third fund at €90 million, aiming for a final target of €100 million. The fund received backing from family offices, high-net-worth individuals, founders, operators, the European Investment Fund, and the Hellenic Development Bank of Investments.

Notable Investors

The firm's investors include:

Family Offices and High-Net-Worth Individuals: Providing substantial capital and strategic guidance.

European Investment Fund (EIF): Supporting the firm's expansion and investment activities.

Hellenic Development Bank of Investments: Collaborating to foster innovation and economic growth in Greece.

Utilization of Capital

The capital raised is primarily utilized for:

Seed and Series A Investments: Funding early-stage startups with high growth potential.

Follow-On Investments: Providing additional funding to support portfolio companies' scaling efforts.

Operational Support: Enhancing the firm's capabilities to offer hands-on assistance to portfolio companies.

Pipeline Development

Key Pipeline Candidates

VentureFriends has a diverse portfolio, including:

Blueground: A proptech company offering high-quality mid-term accommodation for business executives and expats.

InstaShop: A grocery delivery marketplace in the Middle East, acquired by Delivery Hero in 2020.

Belvo: A fintech B2B company in Mexico, specializing in open banking solutions.

Plum: A fintech company in London, providing personal savings assistant solutions.

Factory14: A Spanish FBA roll-up company.

Huspy: A UAE-based proptech/fintech company.

Stages of Development

The portfolio companies are at various stages, including:

Seed Stage: Early development and market entry.

Series A: Growth and scaling phases.

Series B and Beyond: Expansion and market leadership pursuits.

Target Conditions

The firm targets startups addressing:

Consumer Needs: Innovative solutions for everyday problems.

Market Inefficiencies: Disrupting traditional industries with technology.

Global Scalability: Potential for international expansion and impact.

Anticipated Milestones

VentureFriends anticipates:

Successful Exits: Achieving profitable exits through acquisitions or IPOs.

Market Leadership: Portfolio companies becoming leaders in their respective sectors.

Geographical Expansion: Increasing presence in target markets, including Europe, the Middle East, and Latin America.

Technological Platform and Innovation

Proprietary Technologies

VentureFriends does not publicly disclose proprietary technologies.

Significant Scientific Methods

The firm employs:

Data-Driven Investment Strategies: Utilizing market analysis and performance metrics to inform investment decisions.

Operational Expertise: Providing strategic guidance based on industry best practices.

AI-Driven Capabilities

VentureFriends leverages AI and machine learning to:

Identify Investment Opportunities: Analyzing market trends and startup performance.

Optimize Portfolio Management: Enhancing decision-making processes for portfolio companies.

Leadership Team

Executive Profiles

Apostolos Apostolakis: Co-founder and Partner. A serial entrepreneur who co-founded e-shop.gr, e-food, and doctoranytime. Transitioned to angel investing and co-founded VentureFriends in 2016.

George Dimopoulos: Co-founder and Partner. An angel investor since 2011, focusing on FinTech and PropTech. Previously worked at Bank of America Merrill Lynch, involved in transactions totaling approximately €17 billion.

Key Contributions

Both founders have been instrumental in: