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Fix24.hu gets HUF 200 mln investment

Fix24.hu, an online job specialist search portal, has received a HUF 200 million investment from state-owned venture capital fund Hiventures, belonging to the Hungarian Development Bank (MFB), according to a press release sent to the Budapest Business Journal.

The startup links specialists from different industries, in particular construction, with clients who want to get work done on their projects.

In 2017, Fix24.hu received a HUF 150 mln investment, which the startup used to grow the number of specialists on its site threefold. The company aims to prepare for international expansion with the current investment.

"With the help of the capital [invested] so far we have created a stable domestic base, and for the third year in a row we have doubled our revenue year-on-year," notes Sándor Turi, CEO of the startup. "With the venture capital received from Hiventures, we are preparing our expansion abroad, and we would like to improve in IT development, marketing areas, and content creation."

The idea behind the startup is to help clients hook up online with specialists who are hard to find due to ongoing labor shortages, such as electricians, painters, carpenters, and gas fitters. Both businesses and individuals may use the service, where they receive offers from professionals for the specified job that needs to be done. The user only needs to define the job, such as tiling a patio, and the intelligent program finds appropriate experts who may submit their offers directly to the user looking for their services. After the job is done, users can leave reviews of the specialists.

Fix24.hu now has a database of more than 20,000 experts from 200 professions. Some 70% of the experts work in an area of the construction industry. In addition, last year the startup signed a strategic cooperation agreement with DIY store chain Praktiker. On the website of the store, some products are paired with professionals, construction companies, and service providers, who may help with renovations or construction work.