Flashpoint Venture Capital wraps up third fund at $102m

Széchenyi Funds, a Hungarian fund manager, has agreed to invest $20 million in Flashpoint's third venture fund.

  • Investors in Flashpoint’s funds include more than 130 family offices and HNWIs
  • Firms focuses on global Series A tech startups in emerging Europe and Israel
  • Flashpoint has more than $450m in assets under management

Flashpoint Venture Capital is closing on $102 million for its third fund, following a $20 million commitment from Hungarian fund manager Széchenyi Funds.

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,” Flashpoint co-founder and general partner Michael Szalontay said in a statement. “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.”

Széchenyi Funds is one of the largest and most active investors in Hungary’s domestic capital market. It manages assets of more than $400 million, including 80 plus portfolio companies.

Other investors in Flashpoint’s funds include more than 130 major family offices and HNWIs.

With offices in London, Tel-Aviv, Budapest, Warsaw, Riga, and Nicosia, Flashpoint has more than $450 million assets under management. It manages six funds, including four VC funds, a venture debt fund and a secondary fund.

The firm focuses on global Series A tech startups originating in emerging Europe and Israel. It has invested in more than 55 companies, including Guesty, Chili Piper, and Office RnD. Flashpoint has completed 11 exits, including the sale of its stakes in Shazam (to Apple) and Chess.com (to PokerStars founders and General Atlantic).