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HUF 80 bln of EU JEREMIE funds to be distributed in Hungary

HUF 80 bln of EU JEREMIE funds to be distributed in Hungary

Eight new risk capital funds began their operation in Hungary at the end of August, with all of them handling the distribution of the European Unionʼs so called JEREMIE funds, providing more than HUF 80 billion of resources for innovation projects, according to a press release sent to the Budapest Business Journal.

Hungarian micro enterprises and SMEs will be eligible to apply for support, which will be distributed by the eight fund management companies accredited by the Hungarian Investment Bank. According to the press release, the aim of the EU support is to aid the realization of innovative projects conceived in less developed regions outside of Central Hungary.

Out of the eight new companies, X-Ventures, Solus Capital, Finatech, and Bonitás have already presented the new program at this Octoberʼs Progress Bar, organized by Drukka Startup Studio.

The creation of Progress Bar was supported by the angel investor team of Baconsult as well as Arete. Nokia supported the event by providing its venue.

Within the framework of smart specialization venture capital program GINOP 8.1.3/B-17, seven new venture capital funds are created, with their grants made of HUF 9.34 bln of EU support along with a minimum of 23% of private capital. Each fund manager will be able to distribute around HUF 10 bln each, totaling approximately HUF 75 bln.

The supported projects must fit the guidelines of the “National Intelligent Specialization Strategy”. As a result, the winners of the public tender will invest in seven different fields.