The Széchenyi Venture Capital Fund (SZTA), an EU-supported investment fund established by the state to fund SMEs, will invest HUF 70 billion through its five units between 2019 and 2022, Imre V. Csuhaj, chairman-CEO of the fundʼs manager, said at a press conference on Tuesday.
Csuhaj said the SZTA made 111 investments between 2012 and 2018, exiting 33 investments with net profits, making losses with two investments, and holding onto minority stakes in 70 SMEs. In six exits the performance evaluation is still underway, he added.
Last year the SZTA invested in 47 companies for a combined value of HUF 9.85 bln. This year it plans to invest HUF 11.2 bln in 40 companies, and to exit from 8-10 companies.
The fund continues to invest in the automotive industry, metalworking, health, environmental management, and the fashion industry, and will add education, sports and defense investments to its portfolio, said Csuhaj.
József Török, the fundʼs business development and startup director, said the SZTA usually offers companies HUF 100-200 million in funding and takes minority stakes. In the future, it will put more focus on involving international partners to broaden the range of potential venture capital investors, he added.