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State venture capital fund invests in media company

The Széchenyi Capital Investment Fund (SZTA), a venture capital fund established by the state to support SMEs, has acquired a minority stake in Oxygen Media Group, a regional radio, television and internet portal company based in Győr, according to a statement sent to MTI. SZTA acquired the stake, the size of which was not revealed, for HUF 110 million. The company will use the fresh capital, along with an additional HUF 41 million, to expand and develop. Oxygen Media Group expects revenue to climb 10% this year over about HUF 200 million in 2012. Széchenyi Capital Investment Fund started operations in June 2011, and invested HUF 1 billion to SMEs in the first twelve months of its operations. Its fund manager said in February they plan to invest HUF 4 billion in the next twelve months.