Hungary: Program to boost venture capital investments

Ecosystem

The New Hungary Venture Capital Program, a state-sponsored scheme to encourage investments in SMEs and in high-growth sectors, is expected to give the country’s venture capital sector a big boost, Csaba Zoltán, who heads guarantor Start Tőkegarancia, told MTI on Monday.

The program, which will start soon, has already caused a big expansion in Hungary’s venture capital sector: seven of the country’s nine venture capital companies were established just last year, Zoltán said. Venture capital companies made 30 investments in Hungary in 2002-2007, including twelve in 2007 alone, he added. About Ft 46 billion in EU funding will be available under the program. Venture capital companies must put up at least one-third of the investment to participate and investments will be limited to an annual €1.5 million. The program could result in as many as 260 investments worth a combined Ft 65 billion, Zoltán said. (MTI-Econews)

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