Greece has fallen out of the world’s top 50 startup ecosystems, dropping to 51st place in StartupBlink’s Global Startup Ecosystem Index 2026. The country also slipped in Europe, ranking 29th, down from 27th in 2025.

According to the report, this is Greece’s lowest global position since 2022. The decline came despite positive annual ecosystem growth of 4.8 percent. However, that rate was well below the global average, meaning Greece lost ground as other startup ecosystems expanded more rapidly.

StartupBlink’s 2026 index ranks 1,556 cities and 100 countries, using indicators linked to startup quantity, quality, and the wider business environment. For Greece, the findings show a mixed picture: the country has recognizable startup successes, a sizeable ecosystem value, and improving policy tools, but its global momentum has slowed.

Greece’s business conditions are stronger than its startup outcomes

One of the clearest findings is the gap between Greece’s business environment and its overall startup ranking. Greece ranks 33rd among 125 countries in the Innovators Business Environment Index, significantly higher than its 51st position in the main startup ecosystem ranking.

This suggests that Greece has relatively strong underlying conditions for innovators, but these conditions have not yet fully translated into stronger startup ecosystem performance. The report estimates Greece’s startup ecosystem value at $12.1 billion. The country has two unicorns and three cities in the global top 1,000 startup cities.

Athens remains Greece’s dominant startup hub but weighs on national performance

Athens continues to dominate Greece’s startup scene, but its weaker performance was a major reason behind the country’s fall in the global ranking. The Greek capital dropped 17 places to 134th globally, after recording negative growth of 4.8 percent. In the Balkans, Athens also fell one position to third overall.

Despite this decline, Athens remains one of the region’s most mature startup ecosystems. The city leads the Balkans in the Ecosystem Maturity functional category, reflecting its track record in producing startup outcomes. StartupBlink also describes Greece’s level of ecosystem centralization as healthy. Athens scores 7.4 times higher than Thessaloniki, a ratio that points to a strong national hub while still leaving room for secondary cities to grow.

Thessaloniki grows although Heraklion records Greece’s strongest growth

Thessaloniki posted strong annual growth of 29.1 percent but still fell four places to 443rd globally because other cities advanced faster.

Heraklion, however, delivered Greece’s strongest city-level result. The port city of Crete climbed 89 places to 771st worldwide, with annual growth of 64.5 percent. That was the highest growth rate among Greek startup cities in the 2026 index. Heraklion’s performance shows that startup activity outside Athens is becoming increasingly visible even though the capital remains the country’s main innovation center.

Greece’s startup ecosystem ranks fifth in Southern Europe

Greece ranks fifth overall in Southern Europe. It performs slightly better in the Ecosystem Value functional category, where it ranks fourth in the subregion. In the Balkans, Greece ranks third overall, one place lower than last year. However, it performs better in specific sectors, ranking second in the region for both Fintech and Social & Leisure.

These sectoral rankings highlight areas where Greece has a stronger regional position, especially in financial technology and consumer-facing digital services.

Viva Wallet and PeopleCert remain Greece’s startup champions

The report identifies Viva Wallet and PeopleCert as Greece’s main startup ecosystem champions. Both are based in Athens and are privately valued at over $1 billion. Viva Wallet has a StartupBlink score of 570, while PeopleCert has a score of 277.

Viva Wallet became one of Greece’s most important startup success stories after JPMorgan acquired a 48.5 percent stake in the fintech company in 2022 in a deal valued at $2 billion. The transaction confirmed Viva Wallet’s status as Greece’s second unicorn and was described in the report as the country’s largest-ever startup deal.

PeopleCert crossed the $1 billion valuation mark in 2021 after acquiring AXELOS for approximately $525 million.

EquiFund, Elevate Greece, and NBG Business Seeds helped shape ecosystem

StartupBlink also points to several initiatives that have shaped Greece’s startup ecosystem over the past decade and a half. The National Bank of Greece launched NBG Business Seeds in 2010, with the report describing it as the country’s longest-running startup innovation competition.

Six years later, Greece and the European Investment Fund signed EquiFund, a fund-of-funds of approximately $290 million designed to help establish the country’s first professional venture capital market. Another important step came in 2020, when the Greek government launched Elevate Greece, the official national startup registry.

The platform gives startups access to state benefits, investor visibility, angel investor tax incentives, and Golden Visa eligibility. The report also names the National Bank of Greece / NBG Business Seeds, Elevate Greece, and Enterprise Greece as notable startup ecosystem builders.

Enterprise Greece is described as the country’s official investment and trade promotion agency, actively promoting the Greek startup ecosystem to international investors and supporting foreign founders through licensing and strategic investment frameworks.

New tax incentives and startup Golden Visa aim to attract capital

Recent policy developments also form part of the broader picture. In 2025, Greece introduced new tax incentives for angel investors, expanding the deduction cap to approximately $980 million, and launched a startup Golden Visa program. These measures are intended to attract startup investment and entrepreneurial talent.

In 2024, Greece, in partnership with the European Investment Fund, launched the EquiFund II equity mandate, with a focus on life sciences, health, and sustainability. Together, these initiatives indicate that Greece continues to strengthen the financial and policy framework supporting startups, even as its global ranking has declined.

Greece’s main challenge is faster startup ecosystem growth

The StartupBlink 2026 ranking does not depict Greece as a weak startup ecosystem. The country has two major startups valued above $1 billion, a total ecosystem value of $12.1 billion, strong business environment conditions, and clear institutional support.

The core issue is pace. Greece has grown but not quickly enough compared with global competitors. The contraction in Athens had a direct impact on the national ranking, while Thessaloniki and Heraklion demonstrate that regional ecosystems are still in a phase of development.

 

Ancient Athens’ oldest coins, minted in the period of the Athenian tyranny in the lead up to democracy in the 6th century BC, were created from ores such as silver originating around the world, a recent study suggests, revealing a previously unknown ancient global trade.

The study, published in the journal Archaeological and Anthropological Sciences, sheds light on how exiled Peisistratus, who ruled ancient Athens as a tyrant three times, managed to set up silver mining operations in spite of the fact that hostile local tribes controlled the regions and its mines. It has long been argued that Peisistratus sourced the silver from the districts of Mount Pangaion and the Strymon river in northern Greece, followed by the exploitation of mines in Lavrion, near Athens.

Athenian coinage was instigated by Peisitratus, who ruled Athens from 546 to 510 BC. This first series of coins in ancient Athens is known as Wappenmunzen, referring to an array of silver and electrum coins, of which the most important were the ‘horse,’ the ‘gorgon,’ and the ‘wheel,’ each of which had their own variations. They were later replaced by the long-lasting and emblematic design for which Athens’s coinage became best known—the owl of Athena.

Researchers studied 22 ancient coins from Peisistratus’ time, 16 from the Numismatic Museum in Athens and six from the British Museum in London. Apart from silver, the coins contain a mixture of other elements, including copper, zinc, gold and lead. They rubbed these pieces on paper strips to obtain a small quantity of the metals, then used a chemical analysis technique known as gas chromatography (a separation technique using gas flow through a glass or metal column that separates compounds). Lead mined from around the world has different isotopic signatures, reflecting those locations. Therefore the researchers were able to match the coins’ signatures to those held on a lead isotope database, allowing them to pinpoint where the material came from.

The analysis of the data researchers collected shows that the Athenians used a wide and unexpected variety of ore sources for the minting of their first series of coins, ranging from Spain in the west to the south of France, through to Turkey in the east and the Rhodope mountains and Romania in the north—the key finding of the study. Lavrion ores, according to the findings of the researchers, were not found in the 22 sampled Wappenmunzen. 

The authors suggest that Peisistratus must have tapped international connections to mint coins under his rule, while the overall analysis points to undocumented trading relationships and a much more interconnected ancient world.

Athens under Peisistratus, minter of Athens’ first coins

Peisistratus was an ancient Greek statesman who ruled Athens three times as a tyrant. His reforms laid the foundations for the city’s later supremacy in Greece.

Born around 600 BC, he first came to power with a coup in 561 BC and ruled Athens as a tyrant two more times, from 559 to 556 BC and again in 546 until his death in 528 BC. He was very popular with Athenians.

His defense of the lower class of Athens is an early example of populism. While in power, he confronted the aristocracy and significantly reduced their privileges, confiscating their estates and giving them to the poor.

He also funded many religious and artistic programs in order to improve the economy and distribute wealth more equally among Athenians.

Peisistratus’ legacy includes the unification of Attica, the organization of the Panathenaic Games and the first attempt to produce a definitive edition of Homer’s epics (until then hand-written copies were available only to the rich).

The Athenian ruler promoted the cults of Athena and Dionysus and began the construction of the temple to Athena on the Acropolis. He also promoted a number of other public works, including the Lyceum, temples to Apollo and Zeus, and the Fountain of the Nine Springs.

Furthermore, he supported literature and the arts, and the city’s Dionysia festival flourished during his time. The Athenian coinage had been introduced by about 550 BC and may reflect a policy of his, though there is no clear reference of this in contemporary documents.