The piggy bank of the Phaistos Fund is growing. Less than a year after its inception, the thematic investment fund, endowed with € 93 million from the 5G development range, received a vote of confidence from a powerful international player with a high track record in the development of digital Europe market.
As it became known, in the context of the Prime Minister’s meeting with executives of Deutsche Telekom and OTE, the Group is proceeding with an investment of 3 million euros, in the Phaistos Fund, thus actively supporting the development prospects of the Greek 5G ecosystem. This is the first investment of Deutsche Telekom in Greece, which concerns the development of a new generation of digital applications and services, which will step on the 5th generation networks.
It is also the first time that private funds from abroad “marry” with public funds in an investment fund, such as Phaistos. The development comes a few weeks after the publication of the recent report of the Commission for Greece, in the context of the announcements for the DESI index, where he characterized Phaistos as an important factor for the revitalization of the Greek economy in the post-coronary era.
The great interest for co-investments in Greece, in the field of digital services related to 5G, was revealed by the CEO of 5G Holdings, managed by Phaistos, Mr. Antonis Tzortzakakis, in the context of the recent Infocom conference. To date, the Fund’s internal regulations have been completed, as well as the Fund’s investment regulations, while as the final stages progress, the fundraising by private investors is being completed.
31 companies are turning their attention to Phaistos
Even before the start button was pressed, 31 companies have already knocked on the door of the Fund, exploring the possibilities it can offer them, through a series of informal contacts. These are companies from Greece and abroad, among which the logistics, interconnection and cybersecurity sectors dominate, while in the coming years space technologies are expected to increase their pace.
In fact, some of these companies, which to date are not active in our country, given that this is a condition for funding from the investment fund, have expressed interest in investing in Greece. There is even a company, according to its head 5G Holdings, which wanted in the context of its activity to build a research center in Germany and after discussions with the Greek thematic fund there are great chances to finally do it in Greece.
In general, the market of 5G applications is very promising in our country, which even entered the first line of the European race of the new generation of networks, with the innovative and fast availability of the spectrum. According to the results of a survey conducted by EY on behalf of the Ministry of Digital Government, by the end of the decade the added value to our national economy from investments in infrastructure and applications of 5th generation networks will exceed 12.5 billion euros. In addition, 5G can create up to 69,000 new jobs by 2030.