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Five investors establish angel investor firm for HUF 250 mln

Five investors, among them former finance minister Péter Oszkó, have established angel investor firm "Power Angels" to support startups with HUF 250 million in registered capital, MTI reported today.

The company is looking to invest more than HUF 1 billion in around 30-40 startups in the near future with investments limited to HUF 50 million for any individual startup, said Oszkó.

According to Oszkó, they are targeting startups with no capital, in the early stages of development, that have innovative ideas and strong growth potential.

As a long term goal, we want to have ten startups in Hungary in ten years and those startups would ideally employ 10,000 workers, said Power Angels co-founder Péter Balogh of OXO Group.