Hungaryʼs Continest Technologies, which makes foldable containers for short-term use at events, revealed Friday that it has received a HUF 1.25 billion capital injection from Takarék Venture Capital Fund, state news agency MTI reported.
Takarék Venture Capital Fund also acquired a minority stake in Continest. The company will use the funding to grow further, enter foreign markets, and make technology investments.
Continest boasts that its foldable container units can cut the cost and environmental impact of setting up mobile infrastructure by 80%. It premiered the containers at the 2017 Sziget Festival, Hungaryʼs biggest music festival. Since then, the containers have been ordered for festivals and sporting events in Switzerland, Romania, Italy, and Georgia. Continest has also supplied Lithuanian special forces and the 2019 FIS Alpine World Ski Championships in Sweden.
Continest said it aims to expand its customer base to the military and disaster protection agencies in future. It is already developing a bullet-proof, crack-proof model.