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Sofia Angels invests 500,000 euro in Hungary's Denxpert

Jun 24, 2024, 12:29:29 PMArticle by Mihaela Miteva
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June 24 (SeeNews) - Bulgarian investment fund Sofia Angels Ventures (SAV) has invested 500,000 euro ($534,402) in Hungarian environmental and sustainability software solutions startup Denxpert as part of a 1 million euro seed funding round, a SAV representative told SeeNews on Monday.

Sofia Angels invests 500,000 euro in Hungary's Denxpert
Image source: Sofia Angels Ventures

"SAV provided half of the investment amount," Nikolay Haltakov, investment analyst at Sofia Angels Ventures, told Seenews in an emailed statement.

Hungarian firm Obuda Uni Venture Capital (OUVC) provided the remaining funds, Sofia Angels Ventures said in a press release on Friday.

Denxpert will use the financial injection to scale and expand internationally. In addition to the funding, the two investment firms will provide the startup with expert mentoring.

The Hungarian startup spun off from Austria-based sustainability consultancy EY denkstatt in 2021, helping companies collect, manage and report environmental and sustainability data. Its cloud-based solutions streamline compliance with environmental, health, safety and sustainability (EHS&S) regulations, serving over 500 companies globally.

"Denxpert plans to meet an exponentially growing market demand, as changing social and business expectations and various EU and national regulations require companies to publish more detailed and transparent sustainability data than ever before. I consider this seed round to be outstanding not only for its scale, but also for its market message, signalling the recognition of the increasingly prominent role of ESG in business," Denxpert CEO Robert Szucs-Winkler said, as per the press release.

SAV, a 13 million euro venture fund, invests in pre-seed round and seed-round tech startups with the support of the European Investment Fund.

OUVC, founded in 2023, is a 10 billion Hungarian forint ($26.9 million/25.2 million euro) venture capital firm focusing on university startups and enterprises.

($ = 0.9356 euro)

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