Gyula Fehér, the founder of the video streaming startup Ustream that was acquired by IBM and subsequently renamed to IBM Cloud Video, has left the corporation to launch a new VC firm, Oktogon Ventures. The new company is co-founded by Veronika Pistyur, the CEO of a Hungarian entrepreneurs community Bridge Budapest, Forbes reports.
Oktogon has already raised €10 million for its first fund, with the target amount set at €20 million. Fehér himself has put €1.5 million of his own capital in the fund.
The firm plans to invest in early-stage startups across Central and Eastern Europe, namely in Hungary, Poland, the Czech Republic, Slovakia, Slovenia, Romania, Bulgaria, and Croatia. Fehér and Pistyur expect to write cheques of €150,000 to €1.5 million for a share of up to 25 percent.
The fund plans to have a presence in Europe and the US and will look for startups that target international markets from day one. Oktogon has already made two investments in Hungarian companies, Bitrise and Recart.