Investors subscribe more than HUF 400m of Day One Venture Capital Fund units
Investors have purchased HUF 402m of units in Hungary's Day One Venture Capital Fund I, Day One Capital told MTI on Wednesday.
The fund invests HUF 20-80m in innovative Hungarian companies in the IT, internet, telecommunications, energy and financial sectors. Although the amounts the fund invests may be small, it aims to play a bigger role in the companies it invests in than the typical financial investor.
The fund is the first in Hungary to offer seed capital to companies, said Day One Capital chairman Elek Straub.
The management of the fund manager has been in talks with potential targets for months and the fund will soon make its first investment.
Straub was at the head of Hungary's biggest telco for more than a decade. Day One Capital's CEO, Csaba Kákosy, is a former economy minister.
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.