Top 10 most active Hungarian VC funds in H1 2022

AIN.Capital has created a ranking of the most active Hungarian VC funds in H1 2022. The ranking includes 10 local backers that together made 28 investments during January 2022-June 2022. Hiventures, Day One Capital, Oktogon Ventures, and PortfoLion topped the list by closing 19 deals.

Methodology

We applied the same methodology, as we used in preparing rankings of the most active Polish, Baltic, and Finnish venture capital funds. Firstly, to create the list of top Hungarian backers, we analyzed the investment activities of all active VCs in this country for the period from January 2022 to June 2022.

After that, we chose those that made one or more investments in startups in the first half of 2022, and conducted a survey among them. Relying on their answers, open source information, as well as Dealroom.com and Crunchbase data, we chose 10 backers that have led or joined at least one round in the six months of 2022. 

This ranking consists of profiles of the 10 most active Hungarian VC funds and shows information on the number of investments they made in total and within the period mentioned above, funding focus, ticket sizes, management team, and recently closed deals.

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1. Hiventures

Hiventures is one of the largest Hungarian funds that invests exclusively in the local startup ecosystem and has around €258 million under management. The fund invests across all sectors and stages up to €3.5 million. In exchange for a minority share in a company, its portfolio gets access not only to funding, but also to a wide network of mentors.

Recent investments: Sweet City, Briefly, roboGaze.

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2. Day One Capital

Day One Capital is an early-stage technology backer, investing in technology-driven B2B software companies. The fund supports teams from the CEE region on their global scaling mission. Apart from the funding, Day One Capital provides founders with strategic, operational, and financial support.

Recent investments: Websippy, Material Exchange, Synnada.

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3. Oktogon Ventures

Oktogon Ventures is a venture capital firm based in Budapest. The firm seeks to make minority seed-stage, early-stage, and later-stage companies. The firm prefers to invest in commercial service, software, and SaaS sectors headquartered in Hungary, Slovakia, Czech Republic, Poland, Croatia, Romania, Slovenia, and Bulgaria.

Recent investments: FLIT invest, Deligo, AEY.

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4. PortfoLion

PortfoLion is an all-stage CEE venture capital and private equity firm. It has been active since 2010 and has 31 companies in its portfolio. PortfoLion manages assets valued at €440 million, which comprises six funds, including PortfoLion Digital Fund I and II, and PortfoLion Regional Private Equity Fund I and II for later investments. The firm also does buyouts in the agriculture and digital technologies sectors.

Recent investments: Ontotext, SEON, Mindgram, FLOWX.AI.

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5. Euroventures

Budapest-based Euroventures is one of the longest-established and leading independent private equity and venture capital firms in Central Europe. Currently, the firm manages two funds (Euroventures IV and Euroventures V Coop) and targets innovative, growing companies. The fund has invested in around 50 businesses, many of which have been successfully exited.

Recent investments: Hunch, Daytrip, Prefixbox, Logiscool.

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6. Lead Ventures

Lead Ventures invests in scale-up companies whose product/service has been validated by the market and typically earns sizeable revenues. Beyond funding, it supports portfolio companies with experience and business network.

Recent investments: PublishDrive, Bindr.

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7. Unity Ventures

Unity Ventures is an early-stage investment fund and an impact investment catalyst. The firm focuses on companies able to generate impact, be it societal, environmental, and economic. In 2016, the firm launched Unity Ventures Lab to prototype the future of impact finance in CEE by their strategy of evangelizing, innovating, and investing.

Recent investments: KingSi Power, Leekr Technology.

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8. Solus Capital

Solus Capital is a venture capital fund that is currently managing two funds that have assets under management amounting €50 million. Solus I primarily invests in innovative Hungarian startups and scale-ups in the fields of electronics, robotics, photonics, materials technology, bionics, packaging technology, chemical industry, light industry, construction, logistics. Solus II finances SME from edtech, govtech, medtech, sportstech, digital economy, IT-security, and the most modern innovations (5G).

Recent investments: PhoenixOrthosis.

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9. OXO Ventures

OXO Ventures is a venture capital asset management company. It provides multi-stage funding from €200,000 and up to €5 million per project in the form of equity or convertible note financing. The company focuses on technology driven startups at early or growth stages with great potential. Besides equity funding, the firm also performs partial or full buyouts.

Recent investments: Gloster, iconicchain, Vilhemp, HackRate.

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10. Bonitás

Bonitás is currently investing from its second fund Bonitás KTA II. It is aimed to support innovative projects in the product development or MVP phase, ready for market entry, suitable for international expansion. The Bonitás KTA II is willing to buy a partial stake in the company upon entry (up to 50%), in addition to which it intends to finance the company’s growth efforts with new capital.

Recent investments: Biopesticide.