OXO Labs applied for tender in November, in response to the Startup Factory 2023 call for proposals launched by the National Research, Development, and Innovation Office (NRDIH). The decision of the NRDIH on 7 December 2023 was positive, and the team was awarded HUF 450 000 000 in non-refundable grant funding. The aim of the tender is to carry out early-stage innovative investments, for which the awarded grant will provide a funding rate of 80%.
In line with its previously published investment strategy of acquiring and making equity investments in more mature technology companies, the OXO Group will continue to fund early-stage innovative companies through its incubator subsidiary OXO Labs Kft.
OXO Labs Ltd. will use the funding awarded as described above to make such investments over the next two and a half years, with a total of at least eight and up to ten investments. The fundamental objective of the investments is to ensure that the selected projects successfully implement their development and market entry plans and that they can continue to grow successfully thereafter, with funding being secured from additional investors, including possibly OXO Technologies Holding as a follow-on investor.