Tech Start-Ups Bloom in Recession-Hit Greece Yannis Palaiologos

The Greek economy is reeling from six years of recession, with youth unemployment around 60 percent, but a new wave of startups could be just the thing to turn the economy around

A year ago, when Greek start-up Workable had secured their initial funding deal, the company’s headquarters consisted of six guys – including the two founders, Nikos Moraitakis and Spyros Magiatis – in three barely furnished rooms. These days, 16 of Workable’s 18 employees fill a grander, yet still conspicuously relaxed office space on two floors in the plush Athenian district of Psychico. The new office has lofty views, an abundance of couches and beanbags. People walk around in flip-flops or bare feet. The company, which offers business clients user-friendly software to facilitate the hiring process, recently opened satellite offices in London and Portland, Oregon, and has just announced a $1.5 million funding round led by the venture capital fund Greylock IL. 

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