OXO Group, a Budapest, Hungaria-based venture capital market player in the CEE region, signed a European Investment Fund (EIF) commitment under InnovFin Business Angels, to set up a technology fund focusing on startups in Central and Eastern Europe.
With the expected launch in Q3-Q4 2017, and a target fund size of €50m, the fund will invest into innovative, early stage technology companies, with equity ticket size of €3m, on average.
OXO CEE Angel Fund is supported by the “InnovFin – EU Finance for Innovators” initiative under Horizon 2020, the EU’s Research and Innovation Programme, and the European Fund for Strategic Investments.
Founded in 2014 by Péter Oszkó, OXO Group operates in startup acceleration, seed, angels-, and venture capital funding in the CEE region offering both seed funding up to €150k and angel or Series A funding from €200k to a maximum of €5m per project with its industry focus in early stage, technology companies in both B2B as well as B2C software/ hardware developments.
To date, it has accepted 40 companies into its accelerator program, while provided funding to 20 projects. The vc team includes Partners Tímea Szilágyi, János Fabricius Ferke and Iván Halász.
In addition, OXO manages the Power Angels angel investment company, which unifies some key players of the Hungarian angel investor market. In 2016, Power Angels invested in 8 early-stage technology companies and is planning to close additional 8-12 investments in 2017, with an average investment size of €150k.
OXO Asset Management s.a.r.l. will serve as the fund manager, while the Budapest-based OXO Ventures Zrt. will be the investment advisor of OXO CEE Angel Fund. In addition, OXO Labs, the accelerator member of the OXO Group, will actively contribute in the selection process and management of the Fund’s portfolio.
Investments in the portfolio include AeroGlass, Commsignia, Liber8Tech, Indivizio, and SpringTab.