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The Phaistos fund starts the investments with funds of 100 million euros

Of Costa Ketsietzis

The Phastos investment fund, which was created to promote the development of applications on the fifth generation (5G) mobile networks, starts its investment activity with funds of the order of 100 million euros.

5G Ventures, a company of the Super Fund that manages the Phaistos Fund, announced yesterday the completion of the first round of fundraising, during which about 10 million private funds were raised, which is added to the 93 million euros raised at the end of 2020 by the performance auction. of the spectrum for fifth generation networks.

Among the private investors are Deutsche Telekom with 3 million euros, the Latsco family office of interests Marianna Latsi with an amount of 5 million euros, while yesterday the participation of the family office of Dimitris Daskalopoulos became known. The participation of the Greek state in Phaistos comes from the Hellenic Development Investment Bank (EATE).

It is worth noting that the initial goal which was the participation of private investors to approach 20-30 million euros. It is very likely, however, that there will be a second round of fundraising by private investors, sometime in the future.

The first investments are coming

Phaistos has as its mission the investments in existing and new companies that are active in the research or development of products and services that operate in 5G infrastructure, in key sectors of the economy such as transport and supply chain, manufacturing, industry, tourism, health, information and utility networks.

The first investments are expected to be announced in the coming months, as according to information about 35-40 companies have informally knocked on the door of Phaistos, before the official start of the investment cycle of the Fund. There are even some companies based abroad that want to open Research and Innovation centers for 5G applications in our country.

In addition to the capital increase of the ventures on 5G, Phaistos will offer other services and support having proceeded for the purpose in a series of collaborations such as those with the University of Patras, Corallia, Vantage Towers Greece, NCSR Democritus, Cosmote etc.

It has also committed a range that will be used for the pilot operation and the tests that will be developed by the companies in which you will invest, while the goal is for the first tests to be done in companies and public organizations.

According to competent sources, the main goal of Phaistos, in addition to achieving returns, is to lead to the creation of a Greek 5G ecosystem, which will attract additional investment and strengthen the digital competitiveness of Greece.

Besides, the Phaistos project can serve as an example for the development of other funds that will manage funds from the public and private sector, as in the planning of the management of the Hellenic Holdings and Property Company (s.s. the well-known Superfund) is the operation of the organization as a sovereign wealth fund in the standards of other countries.

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– The investment activity of the Phaistos investment fund begins

Source: Capital

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