Authors: Chrysavgi Mitsi, Augoustinos Dimitras

Title: Determinants of VC financing: The case of Greek start-ups

Abstract

Drawing on entrepreneurial literature, we investigate which start-ups’ attributes appeal to VCs, using a dataset of 621 financing rounds between January 2013 and December 2022 by 240 Greek start-ups that sought investment from VCs. We argue that VC financing is driven by firm-specific characteristics that relate to their survival and provide empirical results supportive of our hypothesis. We reason that high-tech start-ups that are younger, larger, financed before, and have more liquid assets are more likely to get financed by VCs. Our study sheds new light on the determinants of receiving VC in Greece and entrepreneurship.