EUR 10m VC commitment for Euroventures Hungary III

On 18 December 2003, EIF had signed a commitment to invest EUR 10 million in "Euroventures Hungary III LP", an Acceding Country fund targeting a wide range of SMEs, including new technology-based firms involved in the software, communication and micro-electronic sectors, complemented by investments in traditional industries such as agro-food companies. The fund, managed by the Budapest-based Euroventures Capital Hungary Kft (EV), recently achieved a first closing at approximately EUR 31m. EV is one of the most experienced teams on the Hungarian venture capital market, with a track record since 1990 in all stages of the VC investment process, including exits through trade sales and IPOs. EV is an active early-stage investor principally in Hungary, and selectively in Slovenia and the Czech and Slovak Republics.