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.

Comments are closed.