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State venture capital fund invests in pretzel chain

The Széchenyi Capital Investment Fund (SZTA), a venture capital fund established by the state to support SMEs, expects to invest HUF 49 million in a fast food pretzel chain, the fund said. The chain, called BITE bakery cafe, is being established by Crown Foods, a member of the Thermotechnika group. The first unit will open in central Budapest on February 13, and Crown Foods wants to launch eight of the restaurants in the coming five years. SZTA is acquiring a 43% stake in the company. SZTA, established in 2011, is expected to invest HUF 13 billion, mostly in traditional producing industries, by the end of 2015.