Fundraising FoxNorthern Greece Investment Fund (NGIF)
Venture capitalThessaloniki · Growth · 6 people tracked
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Investment thesis
NGIF provides minority growth capital to companies in Greece, deploying initial tickets of €1.5–3 million (roughly $1.6–3.2M) with possible follow-on investment, targeting companies with enterprise value under $50 million. It invests via minority growth equity, convertible bond loans, and bond loans, seeking a control or influential minority position with at least one board seat and a 5+ year horizon. The fund prioritizes strong product quality, capable management teams, export orientation, and solid growth prospects. Target sectors include food & beverage, wellness and nutrition, renewable energy, waste management and recycling, ICT and technology, pharmaceuticals, tourism and hospitality, and health services.
Source: firm website, verified Oct 26, 2026.
Team · 6 people
from the firm's website
Nikolas has over 12 years in VC investing and financial research in Greece, joining THERMI Ventures in 2006 as an investment analyst and managing a combined portfolio of over €50 million. He sits on the boards of companies across energy, ICT, e-health, shipping and construction, and holds an MSc from CASS Business School, an MBA from Winchester University, and a BSc in Economics from Aristotle University of Thessaloniki.
Ioannis has been with THERMI since 2005, with 13 years of experience in investment analysis and deal structuring as an investment officer at THERMI Ventures S.A. and as part of the THERMI S.A. Business Incubator team. He has supported Greek research teams and SMEs in commercializing new technologies, and holds a BSc, MSc and PhD in Mechanical Engineering from the University of Patras.
Panagiotis has more than 25 years of industrial-sector experience, from sales and budgeting to corporate finance as CFO and CEO of major industrial companies in Northern Greece, and has worked on restructuring food and beverage companies since 2012. He is involved in investment assessment, negotiations and project implementation, and holds a BSc in Economics from Aristotle University of Thessaloniki.
Evangelos has around 30 years of banking experience, including senior roles in SME credit approval units at three banks, with expertise in assessing SME creditworthiness and structuring bond and convertible bond loan agreements. He recently served as General Manager of Piraeus Bank's business loan operations unit for Northern Greece. He holds a BSc in Economics from Aristotle University of Thessaloniki and an MA from Kent University.
Georgia is a certified Greek lawyer with over 20 years of experience in business and corporate law, M&A, startup financing, venture capital investments, commercial contracts and loan agreements. She holds a law degree from Aristotle University of Thessaloniki.
Kleopatra is CFO of THERMI VCM S.A., responsible for the financial, administrative and risk management operations of the fund's portfolio companies. She previously worked as an investment analyst at THERMI Group and has over 10 years of experience in financial analysis and audit, holding a BSc in Economics from Aristotle University of Thessaloniki.
What they invest in
from 5 of 12 portfolio companiesWellness & Fitness ×3Healthtech ×2Mental Health ×2Consumer ×1EdTech ×1Energy ×1IoT ×1Longevity ×1
HQs:Greece×3
Investments · 12 tracked
founders shown can be your intro pathElisabeth Holistic Eldercare Harmony Living operates a long-term residential eldercare and geriatric rehabilitation facility offering holistic care programs for senior citizens and their families.
HealthtechLongevityWellness & Fitness
Learning Seaman offers a digital content library and learning platform for seafarers covering wellbeing, work and leadership, family and relationships, and leisure, along with a Family Hub for seafarers and their partners at home.
EdTechMental HealthWellness & Fitness
Novum Optical is a Greek chain of optical stores selling eyeglasses, including frames purchased through the EOPYY public health insurance voucher program.
ConsumerRetail TechThessaloniki, GR
Pragma IoT provides end-to-end software solutions and consulting services in the industrial and IoT domain, with a focus on the energy sector through offerings like non-intrusive load monitoring, edge computing, load forecasting, and energy optimization.
EnergyIoT
Learning Path develops a digital platform for maritime workers focused on mental health, wellness, and resilience support at sea.
HealthtechMental HealthWellness & Fitness
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Agromeg SAGreen House Holdings SAMessinian HydrofarmService Gas Energy SAT&T Action Energy SATHERMOKIPIA MAKEDONIAS SATraditional Koulouri Thessalonikis
Frequently asked questions
- How many investments has Northern Greece Investment Fund (NGIF) made?
- Northern Greece Investment Fund (NGIF) has 12 tracked investments.
- What stage does Northern Greece Investment Fund (NGIF) invest at?
- Northern Greece Investment Fund (NGIF) invests at the Growth stage.
- What is Northern Greece Investment Fund (NGIF)'s typical check size?
- Northern Greece Investment Fund (NGIF) typically writes checks of $1.6M – $3.2M.
- What sectors does Northern Greece Investment Fund (NGIF) focus on?
- Northern Greece Investment Fund (NGIF) focuses on Advanced Manufacturing, AgTech, Biotech, Cleantech, Consumer, Data & Infrastructure, Energy, Enterprise Software, FoodTech, Healthtech, Media & Entertainment, SaaS, Sector Agnostic, Travel & Hospitality.
- Where is Northern Greece Investment Fund (NGIF) located?
- Northern Greece Investment Fund (NGIF) is headquartered in Thessaloniki, GR.
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