2022 will be, as everything shows, the year when the Phaistos investment fund will make its first investments, created by the State with an initial “dowry” of 93 million euros from the frequency auction for the new 5G networks, which took place exactly a year ago.
For the last 12 months, the management company of the Phaistos fund, 5G Ventures SA, which is part of the Superfund, has been preparing the field, having completed the investment regulation and signing agreements with research organizations and universities.
Two weeks ago, it announced the first participation of a private investor from Deutsche Telekom that will invest the amount of 3 million euros, while yesterday the participation of Marianna Latsi’s family office, Latsco Family Office, was announced, without the amount being known.
In addition to the 93 million euros of the State, the goal is to raise another 20-30 million euros from private investors. According to information, discussions are currently underway with other private and institutional investors, while two rounds of financing will most likely take place. The first cycle is expected to be completed in the coming months and then the first investments will proceed.
According to competent sources, the door of the Fund has been knocked on by more than 31 companies looking for investors for business projects on the new 5G mobile networks. There are even some companies based abroad that want to open Research and Innovation centers for 5G applications in our country.
It is recalled that Phaistos is an initiative that aims to invest in companies engaged in research or development of products and services operating in 5G infrastructure, in key sectors of the economy such as transport and supply chain, manufacturing, industry, tourism, health, information and utility networks.
A “pilot” fund
Phaistos’s main goal is to lead to the creation of a Greek 5G ecosystem, which will attract additional investment and enhance the digital competitiveness of Greece. However, it is an initiative aimed at creating returns and profits, through the investments it will make.
In fact, market analysts note in Capital.gr how the project works can also serve as an example for the development of other funds that will manage funds from the public and private sector. Moreover, in the planning of the management of the Hellenic Holdings and Property Company (s.s. the well-known Superfund) is the operation as a state investment fund (sovereign wealth fund) by the standards of other countries.
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Source From: Capital
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