CEO Spotlight: Effie Panagopoulos – CEO/Founder at KLEOS Mastiha Spirit

Effie Panagopoulos has successfully launched the first Greek woman – owned spirits brand, KLEOS Mastiha Spirit.  Her goal is for KLEOS Mastiha Spirit to be the next global Greek spirit brand. She is a passionate businesswoman who works tirelessly in order to bring her brand to the top of the global spirits market.  

The train has left the station and moving faster every year, she said to CEOWORLD magazine concerning the growth she achieved for KLEOS Mastiha Spirit the recent years.   

For the production of KLEOS Mastiha Spirit, double distillation takes place exclusively from the mastiha resin and essential oils, while stills are used only for this drink, resulting in clear and crystalline aromas of the plant. The drink has been certified for the use of authentic PDO mastiha.  

In case you haven’t heard about mastiha, here is some information. Mastiha grows on Chios, an island in the Eastern Aegean. It has been proven scientifically that mastiha has unique beneficial and therapeutic properties.  

The mastiha of Chios is the resinous secretion of the Pistacia Lentiscus var. Chia tree. It is a natural, aromatic resin that is secreted in the shape of tears from the trunk and large branches of the tree mentioned above in the superficial incisions made by the producers with sharp tools.  

Not to forget to mention that the KLEOS Mastiha Spirit bottle is minimal and ultra-luxurious, with the evil eye logo, an iconic symbol for Greece. 

Q: Why did you choose this logo? Is there any specific reason or story for it?  

Effie Panagopoulos: The evil eye is an iconic symbol for Greece, and representing both old world and new world values and traditions. It protects you from negative energy, whether intentional or not.   

I never believed in the «ati (as we call it in Greek) when I was young. I thought it was some Greek old wives tale, until I got «mastiasmeni» (another Greek word) at 15 years old and fainted randomly and my grandmother «cured» me saying the special prayer to remove the evil eye.  From that point on I wear one.        

In terms of creating a global brand, what is so strong about the evil eye is that is not only so very Greek, but  a universal symbol, and multi-cultural.        

In Italian, they call it «malocchio». In Spanish, «malo ojo». Istanbul probably sells more evil eyes than Athens. It’s Israeli, Lebanese, Egyptian, and then also has religious roots  in Christian, Jewish, Muslim, Buddhist, and Hindu cultures. 

Q: What was the biggest challenge for you concerning the creation and operation of the company Kleos Mastiha Spirit?

Effie Panagopoulos: Raising capital.  We all know the statistics on the low percentage of VC money going to women entrepreneurs.          

Men get investment for their potential.  Women get judged more harshly when it comes to metrics, execution, team etc.  I’m currently doing a small add-on round to my Seed Round (closed $1.8m end of 2022) currently.          

We have the first approx $500k committed and going for another $1m to have the funds to execute programming in large US grocery chains.        

I need to do a $10m Series A round, but getting to that point has been constantly raising small amounts.  If I could be 100% dedicated to growing the business, and not having to pause to fundraise (which is a full time job), the KLEOS Mastiha Spirit growth would happen much faster.  That said q1 2024, we were up 100% vs 2023. The train has left the station and moving faster every year, and I stay steadfast regardless of the challenges. 

Q: When was your last visit to Greece, and what was your main purpose?  

Effie Panagopoulos: This summer sadly I am not visiting Greece. My last trip was in November for Athens Bar show, now one of the top trade shows globally.  

When I visit Greece in the summer I call it «work-ation». I’ll take vacation, and visit a new Greek island,  but then check on KLEOS Mastiha Spirit distribution in Greece, support accounts, and spread the KLEOS Mastiha Spirit love! The brand is mostly sold in luxury hotel properties in Athens, Thessaloniki, Mykonos, Crete, etc. so it is a real blessing I get to do this.  

Q: Are you satisfied with the course of the company so far?  

Effie Panagopoulos: I think most entrepreneurial spirits are never satisfied. My goal is for KLEOS Mastiha Spirit to be the next global Greek spirit brand – I still have quite the road ahead! And I’m sure the day KLEOS Mastiha Spirit is sold to a large company, I’ll do another venture (and yes, again with mastiha). I also have a few philanthropic endeavors I want to execute in my lifetime.

One would be an after school program that would teach foreign language and cultural curriculums to inner city kids. I grew up in the inner city of Boston, in a lower middle class neighborhood, and started studying French in 5th grade. Learning to speak a foreign language other than Greek opened my mind to greater horizons and possibilities to dream. I want to give that gift to under privileged youth.  

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