This week, Metavallon VC launched a new €5 million Pre-Seed brain gain fund. It aims to invest early in deep-tech startups founded outside Greece or in Greek university spin-outs, provided they commit to building R&D or product teams within the country.
With over €70 million in capital under management, Metavallon VC has invested in more than 35 startups since 2018. The fund is supported by EquiFund, a joint initiative of the European Investment Fund (EIF) and the Hellenic Republic, as well as HDBI (Hellenic Development Bank of Investments), drawing capital from both public and private investors.
The fund will deploy €200,000 to €400,000 per investment, focusing on pre-seed deep tech and life sciences startups.
The fund’s name reflects Greece’s decade-long “brain drain,” during which more than 600,000 highly skilled professionals left the country following the 2009 financial crisis.
This trend has gradually begun to reverse, partly accelerated by the COVID-19 pandemic, as many Greeks abroad reassessed proximity to family and quality of life. Increased economic stability, new R&D tax incentives, and a more mature tech ecosystem have further attracted returning talent as well as international founders seeking to establish operations in Greece.
“We are not just targeting Greek founders abroad”, said Demetris Iacovides, Partner at the Brain Gain Fund.
“There is already a clear movement among global deep-tech startups seeking to build scale R&D in European countries with a high-talent base in tech but without the cost overhead of Boston, London, or Berlin.”
Metavallon VC has led deep-tech investments, including Think Silicon, acquired by Applied Materials (NASDAQ: AMAT), Seervision, acquired by Q-SYS, and Purposeful, acquired by PharOS.
While Brain Gain operates as a separate fund, its foundation within Metavallon’s platform provides strong advantages in deal sourcing, local network access, and founder support infrastructure.
The Brain Gain Fund team welcomes discussions with Greek founders worldwide, as well as international deep-tech teams that view Greece as a strong base for R&D. Whether refining an idea, exploring a research breakthrough, or seeking early feedback, the team hosts weekly office hours and is open to connecting.