Our 2020 in review
Following an eventful — to say the least — 2020, we are happy to share with you some of our and our portfolio companies’ highlights of the year. We remain optimistic about what the future holds, and hopeful over a healthy and exciting 2021.
Pushme acquired by TIER Mobility
In February 2020, TIER Mobility completed the acquisition of the Athens and London based startup Pushme, noting the first acquisition of a Greek Equifund-backed company. Through the acquisition of Pushme, TIER Mobility aims to build upon the user swappable battery technology developed by the former and apply it on its fleet of e-scooters. User swappable batteries enable riders to easily swap depleted vehicle batteries for charged ones at a network of charging stations hosted by local businesses such as cafes and convenience stores.
Velocity.Partners grows 2 years old!
In May 2020, we celebrated 24 months of active investing, with a portfolio of 18 startups spread all around the globe, from New York City to Shanghai, and a total amount of investments exceeding €7.5m.
Our investment in Prosperty
In July 2020, we acted as a lead investor in Prosperty’s Seed round, empowering its founders to launch a fully functioning platform. Prosperty aims to disrupt the antiquated real estate industry by automating and digitizing traditional processes, leading to efficiency and end-to-end transparency. Thanks to this investment, the company has fully launched its services while its team has grown to 14 members to date.
Our investment in Anodyne
In September 2020, we completed our investment in Anodyne acting as a lead investor of its Seed round. Anodyne is developing differentiated, transdermal forms of high-value drugs, having established a micropatterning technology that allows for a low-cost, highly controlled manufacturing process to produce flexible microneedle patches. With this investment, Anodyne aims to expand its team, optimize its technology, and launch manufacturing in Greece.
Spotawheel raises €10m Series A round
Spotawheel, the “end-to-end” digital platform for buying a used car secured €10m in Series A funding, which also saw the participation of US-based FJ Labs. Founded in 2016, the company is disrupting the used car market by offering a turnkey e-commerce platform for high-quality cars that relies on the much-needed transparency and trust. Spotawheel has successfully launched its services in Greece and Poland, while its team has grown to more than 40 members.
Aphetor launches its first event
Aphetor held its first event in September 2020, bringing together social media influencers from all over Europe, including Anna Maria Velli (@amiyiami) from Greece. The event was held in a scenic location in Wales called ‘Snowdonia’ and was broadcast through Aphetor’s proprietary platform. Aphetor was also recognized as one of the most marketable platforms for the future, and the company aims to build upon its momentum and hold further events within 2021 including one which will take place in Greece.
iCOMAT awarded as ‘Startup Business of the Year’ by CompositesUK
Starting as a spin-off from the University of Bristol, iCOMAT has developed a patented manufacturing process for making advanced carbon fibre composite parts that are lighter, stronger and more cost-effective than the existing processes for the aerospace, automotive, and marine sectors. In October 2020, the company received the ‘Startup Business of the Year’ award by CompositesUK, an association that encourages continuous growth and development of the composites industry.
TIER Mobility raises $250m Series C round
In October 2020 we participated in TIER Mobility’s $250m Series C round which was led by SoftBank and marked a valuation of close to $1bn. With the closing of the round, TIER is the best-funded European mobility operator and the second-highest valued eScooter company in the world. As of the end of 2020, TIER is active in more than 80 cities, operating more than 30,000 scooters, with a team size exceeding 500 members.
‘Startups in Greece’ 2020 report published
For the fourth consecutive year, we collaborated with Found.ation and EIT Digital to bring to life the annual report that takes a deep dive into Greece’s startup ecosystem. Notably, within 2020, 30 Greek startups received approximately €34m from EquiFund-backed investors, averaging €1.65m per round, while a record number of 4 Equifund-backed exits took place. Throughout their lifetime, EquiFund-backed funds have invested more than €92m over 140 funding rounds in more than 106 companies, growing a vibrant technological ecosystem during very challenging times.
All of us here at Velocity.Partners wish you a merry Christmas and a healthy and prosperous 2021!
