Flashpoint Venture Capital has closed $102m (£83.43m) for its VC III fund, with $20m (£16.36m) coming from Hungarian fund manager Széchenyi Funds.
The latest contribution means that Flashpoint Venture Capital’s fund has reached its targeted fund size of $100m (£81.85m).
“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,” said Michael Szalontay, co-founder and general partner, Flashpoint Venture Capital.
The venture capital firm looks after equity and debt funds that invest in late-seed and Series A technology startups across Europe and Israel.
Typically it will deploy capital between $1m-$4m (£818,000-£3.27m) and up to $15m (£12.27m) per startup.
Széchenyi Funds invests in financial businesses, large corporations and established SMEs. It deploys capital through incubators, accelerators and fund of funds investments.
Headquartered in London, Flashpoint has offices in Latvia, Poland, Hungary and Israel.
Dénes Jobbágy, CEO and president, Széchenyi Funds, said: “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.”
Managing $450m (£368.57m) assets under management, Flashpoint has previously exited companies such as Shazam, which was sold to Apple, along with Chess.com.
In March the venture capital firm expanded its scouting network to the US and Europe.
While Flashpoint focuses on Series A investments, fellow London venture capital firm Concept Ventures is targeting British pre-seed startups with its £50m fund.
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