Advent Technologies Inc. announced that it has raised $2.30 million in funding on January 3, 2013. The round was led by new investor Eli Whitney Fund, a fund managed by Connecticut Innovations, Inc. and included participation from new investor Piraeus Capital Management S.A., Velti Plc, and individual investors. Connecticut Innovations, Inc. invested $1 million in the transaction. As a part of the transaction, Russell Tweeddale of Connecticut Innovations, Inc. shall join the company's board.

On January 3, 2013, Advent Technologies Inc. closed the transaction.