Gov't launches HUF 10 bln of VC funding for startups
Image by Shutterstock.com
Finance Minister Mihály Varga on Monday announced the launch of a HUF 10 billion support scheme for local startups through state-owned venture capital fund manager Széchenyi Funds.
Varga said the HUF 10 bln would not be invested directly in startups, but in incubators and accelerators working to advance startups' businesses.
Investments will be between HUF 300 million and HUF 1.5 bln.
Széchenyi Funds is inviting would-be participants in the scheme to apply by the end of August.
Varga said there are over 1,000 startups in Hungary with some 25,000 people on payroll.
Széchenyi Funds, launched in 2011, has a portfolio of HUF 108 bln with stakes in 80 companies. It has made over 40 exits.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.