# Marathon Venture Capital

Marathon Venture Capital is a Venture Capital based in Athens, Greece.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Athens, Greece
- **Region:** Europe
- **Address:** Athens, Greece
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** marathon.vc
- **LinkedIn:** https://www.linkedin.com/company/marathon-venture-capital

## Regulatory record

- **Reports private funds:** No

## About

Marathon Venture Capital backs founders and leads seed rounds, offering full support and expertise to each company they partner with. The team brings operational experience across software engineering, financing, product management and company building for founders to leverage on a continuous basis. Portfolio companies create category-defining products that change critical workflows and people's lives.

## Sectors

- Enterprise Software
- AI/ML
- Industrial Tech
- Energy Transition & Renewables
- Digital Health

## People

- George Tziralis — Partner
- Panos Papadopoulos — Partner
- Demetris Zoppos — General Partner

## Questions

### Who runs investment decisions at Marathon Venture Capital?

Investment decisions are led by Partners George Tziralis and Panos Papadopoulos, who co-founded the firm in 2017. Demetris Zoppos serves as General Partner. The three principals form the core investment committee, making concentrated, consensus-driven decisions on fewer than ten new commitments per fund.

### Which sectors does Marathon explicitly avoid?

Marathon has not publicly disclosed explicit sector exclusions beyond a stated focus on enterprise technology with deep technical moats. The firm has avoided consumer internet, e-commerce marketplaces, and lifestyle brands in its observable deal history, concentrating instead on B2B software, infrastructure, and deep-tech verticals.

### How does Marathon source deal flow?

Marathon sources primarily through Greece's concentrated technical talent network — alumni of the National Technical University of Athens, research institutes, and diaspora founders returning from US and UK tech companies. The partners' own operating backgrounds and the firm's narrow geographic mandate create a dense referral graph that is difficult for non-local investors to replicate.

### How is Marathon different from other Southern European seed funds?

Marathon's geographic concentration on Greece is its primary differentiator. Most Southern European seed funds spread capital from Lisbon to Tel Aviv. Marathon bets that Greece's engineering talent density, low cost base relative to Western Europe, and founders' need to build global-first businesses from inception can generate venture-scale outcomes from a single compressed geography — a model more analogous to early Israeli venture capital than to the pan-European seed shop.

### What is Marathon's known posture on co-investments alongside external GPs?

Marathon actively co-invests with external GPs and has a track record of syndicating rounds with larger international funds. Portfolio company Hack The Box's $55 million Series B was led by Carlyle in 2023, and Causaly's $60 million Series B was led by ICONIQ Growth in 2024 — both confirming Marathon's ability to place early-stage Greek-founded companies into top-tier international syndicates.

## Related profiles

- [Marathon Software](https://altss.com/profile/marathon-software)
- [Marathon Ventures](https://altss.com/profile/marathon-ventures)

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Last updated: 2026-08-11T15:07:19.634Z

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