This financing round was led by Óbuda Uni Venture Capital and Sofia Angels Ventures, both of which are committed to supporting innovative technology companies with high growth potential. The investment will enable Denxpert to scale its operations and expand internationally, solidifying its position as a regional market leader in EHS&S solutions.
Founded as an independent company in 2021 after operating for 14 years as a business unit of EY Denkstatt, one of the leading sustainability consultancies in Central and Eastern Europe, Denxpert offers cloud-based solutions designed to streamline compliance with environmental, health, safety, and sustainability regulations. The software has already gained significant traction, being adopted by more than 500 companies worldwide, including major internationally-known businesses such as MOL, Magyar Telekom, Mercedes, E.On, Vantage DC, Rauch, PPF, and Vienna Airport.
The increasing demands for corporate sustainability reporting underscore the relevance of Denxpert’s software. In the European Union alone, starting in 2024, more than 50,000 companies will be required to produce highly detailed sustainability reports in compliance with the Corporate Sustainability Reporting Directive. Denxpert’s software is poised to be an essential tool for companies navigating these complex regulatory requirements.
“Denxpert plans to meet an exponentially growing market demand, as changing social and business expectations and various EU and national regulations require companies to publish more detailed and transparent sustainability data than ever before,” says Róbert Szücs-Winkler, CEO of Denxpert.
“I consider this seed round to be outstanding not only for its scale but also for its market message, signaling the recognition of the increasingly prominent role of ESG in business,” he adds.
This investment marks the first venture by ÓUVC, which was established in 2023 with a HUF 10 billion fund aimed explicitly at supporting university-affiliated startups and enterprises. It is the first venture capital firm in Hungary to focus on such initiatives.
Its co-investor, Sofia Angels Ventures, is known for investing in pre-seed and seed round tech startups, with backing from the European Investment Fund. The partnership between ÓUVC and SAV provides Denxpert not only with financial resources but also with valuable mentoring from industry experts, including Imre Hild, a seasoned venture capitalist, and Levente Kovács, rector of Óbuda University.
Denxpert’s vision is to become the most widely used EHS&S support software globally. The investment from ÓUVC and SAV is a significant step toward realizing this vision, allowing the company to enhance its product offerings, expand its customer base, and enter new markets.
The startup’s potential is further demonstrated by the recognition it has received within the industry. In just a few years of operation, Denxpert has garnered several prestigious titles, including the Smart Innovator Award from tech consultancy Verdantix. Additionally, the company was shortlisted for the Environment Analyst ESG Innovation Award, which was presented in early July.
This article was first published in the Budapest Business Journal print issue of September 6, 2024.
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