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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.