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CyBERG seeks up to HUF 2 bln in investment

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Digital platform developer CyBERG, listed on the Budapest Stock Exchange's Xtend platform for SMEs, said it is looking for up to HUF 2 billion in additional investment in an investor presentation posted on the bourse's website late on Tuesday, Hungarian news agency MTI reports.

CyBERG said it seeks a HUF 500 millio-1 bln special purpose vehicle investment and an additional HUF 500 million-1 bln direct investment.

The company plans to use the proceeds for technology and product development, sales and marketing, business development, the buyback of existing corporate bonds, and acquisitions.

It announced plans in September to raise capital "for rapid market expansion", but didn't detail the scale of the increase.

CyBERG, which earlier ran the Kajahu "social digital restaurant chain", has shifted its core business to the AnyUpp mobile ordering and payment application, which debuted in the summer.

In the investor presentation, CyBERG said AnyUpp "combines high-end user experience with a unique cash-back system for both users and owners, without upfront investment".

CyBERG expects around 100 stores to use the app in 2022 and targets 200,000 downloads. It sees AnyUpp revenue reaching HUF 7.2 mln next year.

By 2026, CyBERG could boost the number of stores using AnyUpp to 8,000, while downloads could reach 16 mln, generating turnover of HUF 1.4 bln.

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