Hungarian-based venture capital firm OXO Group has signed a European Investment Fund (EIF) commitment to create a technology fund focusing on start-ups in Europe.
With the expected launch towards the end of 2017, and a target fund size of €50m, the fund will invest in innovative, early stage technology companies.
OXO CEE (Central and Eastern Europe) Angel Fund is supported by the ‘InnovFin – EU Finance for Innovators’ initiative under the Horizon 2020 programme and the European Fund for Strategic Investments (EFSI).
Founded in 2014 by Péter Oszkó, OXO Group operates in start-up acceleration, seed, and venture capital funding in the CEE region, offering both seed funding up to €150,000 and ‘Series A’ funding from €200,000 to a maximum of €5m per project, with its industry focus on early stage technology companies in both B2B (business-to-business) as well as B2C (business-to-consumer) software/hardware developments.
To date, it has accepted 40 companies into its accelerator programme and provided funding to 20 projects.
OXO Labs, the accelerator member of OXO Group, will also actively contribute to the selection process and management of the fund’s portfolio.
Investments in the portfolio include AeroGlass, Commsignia, Liber8Tech, Indivizio, and SpringTab.