Image credits: Flashpoint Venture Capital
London-based Flashpoint Venture Capital, a global technology investment firm, announced on Thursday the close of its VC III fund at $102M (approximately €99.7M). The successful close at target size came after the VC secured $20M (approximately €19.5M) from Hungarian fund manager Széchenyi Funds, who also became the fund’s first institutional investor.
Széchenyi Funds focuses on financial institutions, large corporations, and more mature SMEs. It also provides startups with “smart money” through domestic incubators and accelerators through fund of funds investments.
Michael Szalontay, co-founder and General Partner at Flashpoint, says, “We are delighted to reach our initial goal of over $100M in commitments for our VC III fund despite the extremely challenging backdrop for fundraising. Being a Hungarian, I am especially proud that our first institutional investor is from Hungary as we are pursuing a shared mission in developing the venture capital ecosystem in Hungary and the Carpathian basin.”
Széchenyi Funds: What you need to know
Based out of Budapest, Széchenyi Funds manages over $400M (approximately €391M) of assets, including 80+ portfolio companies.
Széchenyi Funds aim to contribute to the long-term growth and stability of the Hungarian economy by investing capital in high-value-added enterprises.
Dénes Jobbágy, CEO and president of Széchenyi Funds, says, “We know from experience that Emerging Europe talent and professional investment is a highly efficient combination. Especially in the following years when increasing cost efficiencies through technology will be more important than ever.”
Flashpoint: What you need to know
Flashpoint Venture Capital is an international investment group with over $450M (approximately €440M) in Assets Under Management and focuses on western tech companies founded by expats from emerging Europe and Israel.
The UK VC manages six venture funds – four VC funds, a venture debt fund, and a secondary fund. The company has offices in London, Tel-Aviv, Budapest, Warsaw, Riga, and Nicosia.
Investors in Flashpoint’s funds include more than 130 major family offices and HNWIs.
Flashpoint has invested in over 55 companies, including Guesty, Chili Piper, and Office RnD. In addition, the VC has completed eleven exits, including selling its stakes in Shazam (to Apple) and Chess.com (to PokerStars founders and General Atlantic).
Alexander Konoplyasty, co-founder, general partner at Flashpoint and Managing Partner for Flashpoint VC III, says, “We have a tailored strategy to invest in b2b software companies in Western markets where we are particularly focussing on founders who originate from Emerging Europe and Israel. Expats from Eastern Europe and Israel founded 1/5th of Western unicorns – they are much more cost-efficient than an average US startup, and there is tremendous pent-up demand for capital among them. We, therefore, bring a strong cultural fit and a wide business network, and we look forward to equipping our founders for the next phases in their development.”
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