Breaking New Ground: Circular Economy Startups to Tap into Greece’s First Dedicated Fund

Only have 1 minute? Read our 3 takeaways:

• Innovative Greek businesses with circular economy solutions have a new financing opportunity with the launch of the SPOROS Platform, a trailblazing €30.5 million impact fund.
• The new pool of capital is managed by SPOROS Impact Ventures, an alternative investment management company based in Athens, with the backing of the Hellenic Development Bank of Investments SA and a diverse roster of 10 private investors from Greece and Europe. 
• The fund targets businesses that promote resource efficiency, extend products’ life-cycles, and minimize waste. 

In deploying what it calls a “smart specialization strategy,” SPOROS aims to channel investments into sectors with considerable scope for environmental betterment and strong export potential. The fund’s initial focus areas include clean energy and logistics, blue growth and sustainable tourism, bio-economy and agri-food, industrial cooperation and remanufacturing, and plastics-chemicals and e-waste management. These sectors can act as catalysts for broader industrial shifts toward circular economy principles.

How will the fund assist Greek businesses?

Greek businesses committed to sustainability will benefit not only from capital injections and a range of financial instruments, but also from specialized consultancy and a comprehensive ESG/SDG approach to amplify and quantify their positive impact.

George Kofinakos, Chairman of the SPOROS Investment Committee, elaborated on the fund’s strategy to blend positive societal impact with robust financial returns. By establishing strong and inspiring circular success stories, SPOROS aims to lay the groundwork for enduring, sustainable growth. 

“Our collaboration with HDBI amplifies our impact, contributing to a more sustainable, responsible, and Greek entrepreneurial landscape,” said Kofinakos.

SPOROS is already in the final stages of making its inaugural investments in circular re-use of second-hand smartphones and sustainable agri-food linked with green energy production.

Greece is making strides in the circular economy

The concept of a circular economy has rapidly gained traction globally as an antidote to the traditional linear economic model. Instead of products reaching the end of their life and turning into waste, the circular economy aims to design waste out of the system. In doing so, this approach not only saves resources and costs, but offers lucrative opportunities for innovation and job creation.

For Greece, which has had its fair share of challenges, the circular economy represents a path toward sustainable development that is both economically viable and environmentally responsible. 

Greek startups are increasingly taking note of this paradigm shift, contributing solutions in areas such as recycling and recovery (Contec), upcycling (Coffe-eco), fashion (Swaplanet), and shared mobility (Instacar; Greyp Bikes, exited to Porsche), placing Greece on the map as a hub for circular economy innovation. 

The rise of funds like the SPOROS Platform Fund signals a maturing of this sector, providing much-needed financial backing and mentorship to startups that can make a circular economy a reality.

Elsewhere, circular economy startups in the region can also tap into the following funds:

• InvestCEC by Horizon Europe, a programme tailored to supporting the transition towards circular economy in European cities and regions, running through 2025;
• The circular economy sub-programme of the LIFE programm, the EU’s funding for the environment and climate action, running until 2027;
• CircularInvest, a Project Development Assistance project funded by the European Union to assist the Circular Cities and Regions Initiative (CCRI) and facilitate the implementation of the Circular Economy Action Plan.

SDGs, Targets, and Indicators

1. SDGs Addressed or Connected to the Issues

   • SDG 9: Industry, Innovation, and Infrastructure
   • SDG 12: Responsible Consumption and Production
   • SDG 13: Climate Action
   • SDG 17: Partnerships for the Goals

   The article discusses the launch of the SPOROS Platform, a €30.5 million impact fund that aims to support Greek businesses with circular economy solutions. The fund targets businesses that promote resource efficiency, extend products’ life-cycles, and minimize waste. These objectives align with SDG 9, which focuses on promoting sustainable industrialization, fostering innovation, and building resilient infrastructure. Additionally, the fund’s focus areas, such as clean energy and logistics, blue growth and sustainable tourism, bio-economy and agri-food, industrial cooperation and remanufacturing, and plastics-chemicals and e-waste management, are connected to SDG 12 (Responsible Consumption and Production) and SDG 13 (Climate Action). The collaboration between SPOROS and the Hellenic Development Bank of Investments SA also highlights the importance of partnerships for achieving the SDGs, as emphasized in SDG 17.

2. Specific Targets Based on the Article’s Content

   • Target 9.2: Promote inclusive and sustainable industrialization and foster innovation
   • Target 12.2: Achieve sustainable management and efficient use of natural resources
   • Target 12.5: Substantially reduce waste generation through prevention, reduction, recycling, and reuse
   • Target 13.2: Integrate climate change measures into national policies, strategies, and planning
   • Target 17.16: Enhance the global partnership for sustainable development

   The article highlights the fund’s objective to promote resource efficiency, extend products’ life-cycles, and minimize waste. These align with Target 9.2, which aims to promote sustainable industrialization and foster innovation. The focus on circular economy principles and waste reduction also relates to Target 12.2, which focuses on sustainable resource management. Furthermore, the integration of climate change measures into the fund’s strategy connects to Target 13.2. Lastly, the collaboration between SPOROS and various stakeholders, including private investors and the Hellenic Development Bank of Investments SA, supports Target 17.16, which emphasizes the importance of partnerships for achieving sustainable development goals.

3. Indicators Mentioned or Implied in the Article

   • Investments in circular re-use of second-hand smartphones
   • Sustainable agri-food linked with green energy production
   • Specialized consultancy and comprehensive ESG/SDG approach

   The article mentions specific indicators that can be used to measure progress towards the identified targets. The investments in circular re-use of second-hand smartphones and sustainable agri-food linked with green energy production demonstrate progress towards achieving resource efficiency, waste reduction, and sustainable management of natural resources (Target 12.2). The provision of specialized consultancy and a comprehensive ESG/SDG approach also indicates efforts to integrate sustainability principles into business practices (Target 9.2).

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: therecursive.com

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