Greeking out in Paris: Vive la Venture - Investing Across Markets

At our first Greeking Out in Paris, one of the standout conversations brought together venture capital voices from France and Greece to unpack the realities of investing across markets - and why this moment feels uniquely promising for collaboration.

Moderated by Tram Trinh (President, VITANLINK), the panel featured:

• Thomas Bourlot (Director of Venture Investments, BNP Paribas Développement)

• Charlotte Lafont (VC Investor, Ring Capital)

• Guy Krief (Partner, Big Pi Ventures)

Their discussion tackled today’s market challenges, the role of cross-border investment, the unique positioning of the Greek and French ecosystems, and what founders - and VCs - should keep in mind going forward.

Navigating an Uncertain Market

The conversation opened with a simple question: How are you navigating today’s volatile environment?

While macroeconomic uncertainty and tighter funding cycles have affected many later-stage deals, all three panelists agreed that early-stage investing remains resilient - especially for sectors driving deep innovation like AI, climate, and defense tech.

Charlotte noted that investors are approaching new deals with more caution and longer diligence timelines, but this reset is forcing everyone to return to fundamentals: strong unit economics, defensibility, and realistic go-to-market strategies. Rather than chasing rapid growth at any cost, VCs are prioritizing resilience and phased growth - particularly in breakthrough technologies that require significant capital over time.

Thomas echoed the point: while the current environment may have cooled growth rounds, seed investing in France remains vibrant. Startups that combine strong teams with clear commercial traction still attract interest, particularly in sectors like AI, cybersecurity, and energy transition.

For Guy, the view from early-stage deep tech remains optimistic. As he put it, cycles at this stage aren’t as directly tied to public markets or IPO windows. Instead, early-stage investors focus on backing founders building for transformational shifts that may take years to fully mature - whether in AI, climate, or robotics.

Greece: Small Market, Global Mindset

When the discussion turned to Greece, Guy emphasized what makes the market unique: “Founders don’t build for Greece — they build for the world from day one.” With a domestic population of just over 10 million, Greek entrepreneurs have no choice but to adopt a global mindset early.

This approach, combined with increasingly strong technical talent, has made Greece an attractive partner for international VCs. Ten years ago, there was almost no domestic early-stage capital available. Today, funds like Big Pi - alongside others in the room - have helped fuel a growing local ecosystem capable of supporting globally ambitious companies.

Guy pointed out that many startups Big Pi backs aren’t even purely “Greek” in the traditional sense - some founders are based abroad, while others are global teams who see Greece as a highly competitive hub for engineering, R&D, or customer access in sectors like shipping, AI, or fintech. What matters most is how Greece can become a strategic asset: providing talent, customer networks, and cost advantages that complement a startup’s broader global operations.

The Power of Partnerships

Cross-border collaboration came up repeatedly as a way to strengthen both ecosystems. While France and Greece operate at different scales, both are building complementary strengths that make partnerships increasingly valuable.

Thomas shared how BNP Paribas Développement often co-invests with other funds, leveraging its wide private equity network to support portfolio companies not only with capital but with international expansion, strategic introductions, and future exit opportunities.

Charlotte added that at Ring Capital, partnerships are equally central - both to share expertise and to expand access to deals and LP relationships. Beyond pure financial support, Ring brings an additional layer of discipline to impact-focused companies, helping them balance commercial and mission-driven outcomes as they scale. By embedding impact KPIs into governance structures early, Ring ensures that founders stay aligned on both business and mission as they grow.

Both Charlotte and Thomas noted that LPs are increasingly pushing funds to explore Southern Europe and regions like Greece - recognizing the combination of emerging opportunity and strong technical talent.

What Founders Need to Get Right

For founders pitching these investors, several common themes emerged:

• Go-to-market clarity is critical. In both France and Greece, many startups excel at building strong technology - but translating that into sales is often where companies stumble.

• Timing matters. Great technology launched too early - before markets or customers are ready - can burn precious resources. Today’s investors are highly focused on time-to-market readiness.

• Team remains everything. Especially at the seed stage, execution depends on strong founding teams with global vision, complementary skills, and the ability to adapt to fast-moving markets.

Europe’s Moment

As the session closed, each panelist was asked to summarize their biggest takeaway:

• Guy Krief emphasized pride in how far the Greek ecosystem has come - and the importance of building even stronger bridges between Greece and France.

• Charlotte Lafont highlighted connections as the word that captured both the current moment and the enormous cross-border opportunity ahead for Greece and Southern Europe.

• Thomas Bourlot simply said: try. With growing momentum, greater EU-wide collaboration, and increased emphasis on sovereignty and innovation, now is the time for ambitious founders to build across European borders.