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Sunday, June 11, 2023

Flashpoint VC announces closure of its fund at $102M to support startups across Europe

London-based investment firm Flashpoint Venture Capital reaches its target fund size of $100M after Hungarian capital investment partner Széchenyi Funds becomes its first institutional LP and commits $20M. Flashpoint is planning to invest in global Series A-stage tech startups across Europe.

Flashpoint has also offices in Riga along with London, Tel-Aviv, Budapest, Warsaw, and Nicosia. The funds have made investments in over 55 companies including names such as Finnish e-commerce platform Bonusway, Espoo-based startup Dispelix, 3PL service provider OGOship from Helsinki, Tel Aviv-based property management software Guesty, Chili Piper, and Office RnD from Sofia. Flashpoint has completed eleven exits, including the sale of its stakes in Shazam (to Apple) and Chess.com (to PokerStars founders and General Atlantic).

Flashpoint announces US$102 million close of its VCIII fund having secured its first institutional investment Limited Partner

Széchenyi Funds, a Hungarian fund manager, to invest $20 million in Flashpoint VC III fund. The close allows VC III to reach its target fund size of US$100 million.

Flashpoint Venture Capital, an international technology investment firm that manages equity and debt funds that are focused on global Series A tech startups originating in Emerging Europe and Israel, announces that Széchenyi Funds signed up for a commitment of US$20 million in Flashpoint’s VC III fund becoming Flashpoint’s first institutional limited partner.

While Széchenyi Funds’ focus is on financial institutions, large corporates, and more mature SMEs, it provides start-ups with “smart money” through domestic incubators and accelerators and especially through fund of funds investments.

Flashpoint Venture Capital, Michael SzalontayMichael Szalontay, co-founder and General Partner at Flashpoint commented: “We are delighted to reach our initial goal of over US$100m in commitments for our VC III fund despite the extremely challenging backdrop for fundraising. Being a Hungarian, I am especially proud that our first institutional investor is from Hungary as we are pursuing a shared mission in developing the venture capital ecosystem in Hungary and the Carpathian basin.”

Flashpoint Venture Capital, Alexander KonoplyastyAlexander Konoplyasty, co-founder, General Partner at Flashpoint, and the Managing Partner for Flashpoint VC III said: “We have a tailored strategy to invest in b2b software companies in Western markets where we are particularly focussing on founders who originate from Emerging Europe and Israel.

1/5th of Western unicorns were founded by expats from Eastern Europe and Israel — they are much more cost-efficient than an average U.S. start-up and there is tremendous pent-up demand for capital among them. We, therefore, bring a strong cultural fit, a wide business network and we look forward to equipping our founders for the next phases in their development.”

Flashpoint Venture Capital, Széchenyi Funds,Dénes JobbágyDénes Jobbágy, CEO and president of Széchenyi Funds added: “We know from experience that Emerging Europe talent and professional investment is a highly efficient combination. Especially so in the following years when increasing cost efficiencies through technology will be more important than ever before.”

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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