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OXO Labs, a subsidiary of OXO Technologies Holding, plans to invest in at least nine technology start-ups over the next two years.
OXO Labs secured HUF 450 million (EUR 1.2M) in non-repayable funding from the Startup Factory tender of the National Research, Development, and Innovation Office in October of 2023. They are prepared to support new technology companies with their business development expertise and knowledge base as a subsidized incubator company.
The selected companies can expect investments ranging between HUF 25 million and 70 million (EUR 64.2k to 179.8k),
with technology solutions addressing social and environmental challenges being an important criterion in the selection process. OXO expects that the selected projects will be given the opportunity to develop in the incubation program and may later be included in the portfolio of OXO Technologies Holding, in addition to a larger investment.
In a previous announcement, the parent company stated its intention to fund start-ups through OXO Labs, with the hope that the recipients will implement their development and market entry plans, thus laying the foundation for their future growth.
Via MTI; Featured Image: Facebook / OXO Cybersecurity Lab