Gov't launches HUF 10 bln of VC funding for startups

Incubators

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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.
 

 

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