The OXO Group has signed investment agreements with two early-stage innovative companies worth a total of HUF 78.4 million, the investment group informed MTI on Tuesday.
OXO Labs is investing HUF 42.4 million in Betme Entertainment and HUF 36 million in Vilhemp.
According to the announcement, Vilhemp has developed a biodegradable, recyclable raw material from natural sources — a mixture of polylactic acid and hemp fiber — to replace plastic.
The Betme Entertainment team aims to create a community platform for casual gamers in the field of esports.
According to the announcement, OXO’s portfolio is expected to soon include Briefly and Astoni as well. Briefly is a B2B solution that helps innovative companies build their own online base of freelancers, while Astodi helps content producers manage space-intensive large-format files.
The OXO Labs incubator will invest a total of HUF 357 million in a minimum of 10 early-stage enterprises by the end of 2022, partly through the tender of the National Office for Research, Development and Innovation, and partly from its own resources.
Companies can apply for funding on the OXO Labs website.