Unveiling Results: The Hellenic Impact Investment Network (HIIN) launches its first-ever impact report for Greece

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The Hellenic Impact Investing Network (HIIN) has published its first comprehensive report on the impact investment ecosystem in Greece, titled "The Hellenic Impact Report 2024." The report reveals that over €10 billion in impact investments have been mobilised across the country as of 2024.

Domestic direct, unlisted investments nearly doubled from €1 billion in 2022 to €1.8 billion in 2024, supplemented by EU and foreign capital. This growth marks a dynamic and expanding market with over 80 investors and 100 startups analysed.

Greek public institutions play a significant role in this growth. Kostis Tselenis, chairman of the board for HIIN, stated that institutions such as the Hellenic Development Bank, the Hellenic Development Bank of Investments, and the Growthfund are the backbone of impact investing in Greece.

Tselenis also mentioned that the HIIN is working on designing a dedicated legal and financial framework for impact investing, including a national impact law and a standardised reporting framework. The HIIN will provide training on how to use the reporting framework to start measuring outcomes for impact, starting with seven Greek impact fund managers.

The blue economy presents a significant impact potential for both the sustainability of oceans and coastal communities, as well as for economic gain. Sustainable aquaculture, offshore wind, regenerative tourism, green shipping, and sustainable food systems are beginning to attract investor attention in Greece.

Responsible consumption is the most common area of focus for Greece's impact start-ups, followed by sustainable cities, waste management, and green energy. Working capital, seed and venture-stage equity, and structured finance of more than €1m are identified as the most pressing capital needs in Greece.

The majority of impact investments into Greece come from public investment leveraging EU financing. Tselenis also noted that the leaders in impact are Greek public institutions that are leveraging EU funds such as those from the European Investment Bank (EIB) or the Recovery and Resilience Facility.

The majority of impact ventures in Greece are in the ideation, pre-seed, or seed stage. The majority of investment into impact start-ups is concentrated in the growth (39%) and seed (35%) stages.

Venture capital and private equity constitute the preferred financing instrument used by 64% of domestic investors. The social enterprise ecosystem in Greece is expanding quickly.

The improved economic environment, backed by prudent fiscal management and reforms, enhances the attractiveness of the Greek market overall—including impact investing. The government, led by Prime Minister Kyriakos Mitsotakis, has worked to shed the legacy of economic crises, positioning Greece as a stable and growing investment destination. This improved macroeconomic climate and continued policy stability aid both traditional and impact investors.

In conclusion, the current state of impact investing in Greece is growing robustly, with a dynamic and expanding market supported by Greek public institutions and a favourable economic climate. The HIIN's efforts in designing a dedicated legal and financial framework for impact investing, along with the government's commitment to maintaining a conducive environment for investment inflows, bode well for the future of impact investing in Greece.

[1] The Hellenic Impact Investing Network. (2024). The Hellenic Impact Report 2024. [2] European Commission. (2023). Greece: National Recovery and Resilience Plan. [4] European Investment Bank. (2023). Investing in Greece's Green and Digital Transition.

Venture capital and private equity, two popular financing instruments, are continually attracting more investors in the expanding social enterprise ecosystem in Greece, contributing significantly to the growth of affordable housing and other impact ventures.
The Hellenic Impact Investing Network (HIIN) is also working on designing a dedicated legal and financial framework for impact investing, including a national impact law and a standardized reporting framework, to further attract venture capital, private equity, and other forms of finance for businesses with a focus on creating a positive social impact.
As the Greek government continues to implement prudent fiscal management and reforms, creating a stable and growing investment destination, it is likely that the increasing interest from private equity, venture capital, and other financial institutions in impact investing will lead to increased investments in sectors such as sustainable energy, green shipping, and regenerative tourism, ultimately contributing to a more sustainable future for the region.

Unveiling Results: The Hellenic Impact Investment Network (HIIN) launches its first-ever impact report for Greece