In H1 2024, startup ecosystem from Hungary continued to grow in terms of value of transactions during funding rounds compared to the same period in 2023. This year, the top five Hungarian startups which managed to close a deal, raised a total of €24.4M in funding, compared to €15.4M in H1 2023, marking an increase of €9M.
This uptick not only signals a positive shift and growing investor confidence in Hungary’s startup ecosystem but also reflects the resilience and dynamism of the ecosystem. Also, compared to H1 2023, this year has introduced new players into the spotlight, with Colossyan and Turbine AI being the only two startups thriving in terms of funding rounds.
This article is part of the CEE milestones mapping series. More will follow soon. Discover the largest tech funding rounds of disclosed amounts in Hungary in H1 2024 up to date. Please, feel free to contact us with updates or investments we should add to the list: [email protected].
Below you can find The Biggest Funding Rounds in Hungary in H1 2024:
1. Colossyan
Latest round: €20.2M
Stage: Series A
Total funding: €25.9M
Investors: Lakestar, LAUNCHub Ventures, Day One Capital, Emerge Education and Oktogon Ventures
Founders: Dominik Mate Kovacs
Vertical: Education, SaaS
About: Colossyan is building the future of learning with AI video.
2. Parkl
Latest round: €4M
Stage: Early VC
Total funding: €4M
Investors: Lead Ventures
Founders: Zsolt Somogyi
Vertical: Transportation
About: Parkl offers digital parking and EV charging services for office buildings and companies in order to support efficient property management, increase tenant satisfaction, and contribute to ESG targets.
3. Scoutlabs
Latest round: €1.8M
Stage: Seed
Total funding: €1.9M
Investors: DEPO Ventures, SVG Ventures, THRIVE and Interactive Venture Partners
Founders: Donát Posta and Jimmy Fong (English)
Vertical: AgriTech
About: Scoutlabs is an affordable and flexible insect monitoring service to help food and beverage companies make their suppliers sustainable and traceable.
4. Vizzu
Latest round: €1.4M
Stage: Seed
Total funding: €1.7M
Investors: Two Sigma, Interactive Venture Partners (backed by Thomas Peterffy’s family office)
Founders: Peter Vidos
Vertical: SaaS
About: Vizzu develops a cinematic data visualization tool that turns your data into memorable animated presentations.
5. Denxpert
Latest round: €1M
Stage: Seed
Total funding: €1M
Investors: Sofia Ventures
Founders: Róbert Szűcs-Winkler
Vertical: SaaS
About: Denxpert is an EHS & Sustainability and ESG management consulting and software as a service provider with over 15 years of experience in the Sustainability, Environment, Health & Safety field.
6. Compocity
Latest round: €736K
Stage: Seed
Total funding: €1.3M
Investors: KDT Holding
Founders: Emese Pancsa, Máté Brezovcsik and Zsuzsanna Farkas
Vertical: Enterprise Software, DeepTech
About: Compocity helps companies achieve their sustainability goals by transforming office food waste into local, green, environmentally regenerative action in a trackable way.
7. Turbine AI
Latest round: Undisclosed
Stage: Late VC
Total funding: €35M
Investors: Accenture Ventures
Founders: Daniel Veres, Kristof Zsolt Szalay, Szabolcs Nagy
Vertical: Healthcare
About: Turbine develops a cell behavior simulation platform that understands the inner mechanisms of cancer, enabling the discovery of novel protein targets, precision biomarkers, and better translation to patients.
Another two rising stars continued to grow:
1. Giggle Work, an on-demand staffing platform connecting businesses with gig workers, raised €368K in its third round from Peter Langmar, Peter Balogh, Szabolcs Szakacsits, Albert Sárospataki, and András Moldován, bringing its total funding to €405K.
2. Redmenta, an online self-grading worksheet designed to help students save time and energy with assessments and assignments, secured €304K in its second seed round from four angel investors: Peter Csillag, András Fülöp, Zoltan Varga, and Waris. Founded by Balint Mero and Zoltan Visy. To date, the startup has raised a total of €476K.
In terms of M&As, Irisity, a Sweden-based provider of AI-powered video analytics software for surveillance operations, acquired Ultinous for €41.4 million. Ultinous is a company that develops AI-based technology for intelligent video analytics using deep learning techniques. The company was founded by Laszlo Balazs.
Read more: In the First Series A of the Year, Digitail Grabs Over €10M to Serve Pet Parents and Vets
Here you can read about the Top 5 Largest Funding Rounds in Hungary in H1 2023.
