The OXO Group will continue to invite applications from early-stage innovative start-ups in 2024, with at least nine promising initiatives to be selected for its portfolio over the next two years. OXO Labs, a subsidiary of OXO Technologies Holding, which is also listed on the Budapest Stock Exchange, will provide investments of HUF 25-70 million to promising candidates. The application is open to all innovative, early-stage companies, but the Group’s strategy is to focus on innovative technological solutions to social or environmental challenges.
A In October 2023, the National Research, Development and Innovation Office, with the support of the Ministry of Innovation and Technology, launched the HUF 5.75 billion Startup Factory competition for incubators, for which OXO Labs Ltd. applied for funding. Following the submission in November, OXO Labs Kft. was included in the list of supported incubators published in early December – the submitted application was positively evaluated – and OXO Labs Kft. will receive HUF 450 000 000 non-refundable grant. As a result, in addition to implementing its acquisition strategy to buy out more mature technology companies, which is currently a priority in its investment strategy, the OXO Group is again seeking applications from early-stage innovative start-ups. In the future, OXO Labs will select at least nine promising candidates for its portfolio over the next two years, for which it will invest between HUF 25 million and HUF 70 million.
An important objective for the investment group is to expand its early-stage investment portfolio. Based on their experience, they are trusting that the selected projects will develop successfully during the incubation program – so that they will all move on to the subsequent growth phase. With this track record, successful collaboration could also lead to the possibility of being included in the OXO Technologies Holding portfolio within the group, alongside a larger investment.
„Throughout its activities in the Startup Factory competition, OXO Labs’ team of experts is committed to providing incubation services and sharing their overall business development expertise. We are building on the knowledge base and network of contacts we have built up through past investments to help our start-up portfolio companies that will be selected next year,” said Orsolya Csetri, Incubation Director of OXO Group.
For this new opportunity, OXO Labs will follow the OXO Group’s usual selection methodology: startups can apply on the incubator’s website for the online questionnaire and application form, followed by a video interview with potential candidates. The application is open to all innovative, early-stage companies with high growth potential through technological innovation, but the Group’s strategy is to mainly focus on innovative technological solutions to social or environmental challenges.
The project was announced in October 2023 by the National Research, Development and Innovation Office with the support of the Ministry of Innovation and Technology in the framework of the HUF 5.75 billion Startup Factory (2023-1.1.3-STARTUP) call for incubators, under the ID number 2023-1.1.3-STARTUP-2023-00003, entitled “OXO Labs Startup Factory”.