Like other CEE countries, Hungary is affected by the global decline of venture capital funding. In Q1 2023, seed investments in Europe declined significantly by 25%. While early-stage funding experienced a relatively smaller decrease of 7%, late-stage startups were most affected by reduced funding compared to 2022.
Hungary has also faced challenges in maintaining its progress in developing a strong ecosystem due to political and economic obstacles that slowed the country’s startup growth. Considering the investments in Hungarian startups in the first half of 2023, The Recursive now brings you a summary of the five biggest milestones.
This article is part of the CEE milestones mapping series. More will follow soon. Discover the 5 largest tech funding rounds of disclosed amounts in Hungary in H1 2023 up to date. Please, feel free to contact us with updates or investments we should add to the list: [email protected].
1. Turbine
Funding: €5.5M (round total €25.5M)
Round: Series A
Investors: MassMutual 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.
2. Colossyan
Funding: ~ €4.6M
Round: Series A
Investors: LAUNCHub Ventures, Emerge Education, Day One Capital, Oktogon Ventures, APX
Founder: Dominik Kovacs
Vertical: Learning & Development
About: Colossyan empowers video creation for L&D creators by using generative AI to transform text into videos, eliminating the need for cameras, studios, and traditional actors, and reducing the production time from weeks to minutes.
3. Talk-a-Bot
Funding: €3.5M
Round: Venture Round
Investors: Széchenyi Capital Fund Management
Founders: Akos Deliaga, Gergely Kalydi, Laszlo Papp
Vertical: Enterprise
About: Talk-A-Bot provides an AI-powered enterprise chatbot to corporate professionals, companies, and brands to automate consumer and employee communication, turning digital business conversations into secure, app-like services.
4. Greenstic
Funding: €1.4M
Round: Venture round
Investors: Hiventures
Founders: Marton Bati, Mark Csonka
Vertical: Sustainability
About: Greenstic is a distributor and contract manufacturer of eco-friendly restaurant packaging materials, containers, and cutlery, advocating for environmentally conscious practices in the catering industry.
5. Proofminder
Funding: €400K
Round: Unspecified
Investors: Impact Ventures Hungary
Founders: Ambrus Vancso, Levente Simon, Norbert Havas
Vertical: Agriculture
About: Proofminder is a leaf-level farming platform that provides actionable insights to empower growers to get higher yields with fewer resources, from planting to harvesting.
