A group of Hungarian entrepreneurs has launched Oktogon Ventures, a fund worth EUR 20 million that will invest in startups in a number of countries in Eastern Europe, Startupcafe.ro reported, as cited by news site Business-Review.eu.
According to the report, the fund will focus on tech startups in Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Slovakia and Slovenia.
Oktogon Ventures is planning to make early-stage and seed investments of between EUR 150,000 and EUR 1.5 million, for 20-25 companies that want to scale up in the United States, Asia or Western Europe.
One of the founders of Oktogon Ventures is Gyula Fehér, a co-founder of online streaming service Ustream (now IBM Cloud Video), according to the report.
EU-Startups.com reports that Oktogon has already made two investments in Hungarian companies, Recart and Bitrise, the latter together with the Hollywood actor Ashton Kutcher as an angel investor, who was also an early investor in Ustream.