In July, the Hungarian venture capital fund Lead Ventures announced the final close of its second fund at €100 million, making it one of the largest funds recently raised in Central and Eastern Europe. With the new funds, the VC will continue its strategy to support late seed and Series A startups in the region. Vestbee spoke with Balázs Haszonics, CEO of Lead Ventures, and Henrik Néninger, the firm's associate, to discuss the performance of the first fund, emerging growth funding trends, and plans for the new fund.
Lead Ventures’ funds: overview
Can you detail the size, LPs, number of investments, and exits of Lead Ventures’ first fund?
Lead Ventures launched its first fund with €100 million in capital, backed by prominent partners including MOL Group, MFB Invest, and Eximbank. The fund made approximately 20 investments, focusing on growth-stage companies across sectors such as mobility, fintech, e-commerce and energy.
Notable exits include AiMotive, an autonomous driving technology company, acquired by Stellantis in what became the largest exit in the Hungarian VC market to date. Another key exit was Amodo, a Croatia-based insurtech firm, which was acquired by the US-based leader Cambridge Mobile Telematics. These successes highlight the fund’s commitment to identifying high-potential companies and supporting their expansion into international markets.
What are the key differentiators of your second €100 million fund compared to the first?
While there is a strong continuity between the first and second funds, as both share the same core mission of supporting growth-stage companies in Central and Eastern Europe, the second fund, the Digital and Circular Tomorrow Fund, introduces several important advancements.
Maintaining the €100 million size and continuing to focus on sectors of the first fund, while introducing an additional emphasis on sustainability and circular economy solutions. The investment range remains similar, between €2 million and €10 million, allowing us to provide significant capital to help businesses scale and strengthen their market presence.
Why focus on industries like energy, mobility, IoT, chemicals, and sustainability? Are there specific trends in these sectors that you find particularly promising?
Lead Ventures is sector and industry agnostic, however we have identified several high-potential verticals within the B2B software space. The mentioned industries, such as energy, mobility, IoT, and sustainability, are just examples of the areas where we see significant opportunities for innovation and growth. These sectors are experiencing rapid transformation, driven by technological advancements and the global push towards sustainability.
However, our approach remains flexible. We are open to investing across a broad range of industries, where companies demonstrate strong potential for scalability, innovation, and international expansion. Our focus is on identifying companies that are well-positioned to adapt to emerging trends and thrive in global markets.
What criteria are you using to select scaleups with “high-performance teams of outstanding professionals, committed to realize their goals and consider their investors as active partners for growth”?
While it's challenging to apply rigid criteria for evaluating teams, we believe in a hands-on approach. We engage closely with key members of the companies we invest in to assess their ability to execute on goals and adapt to challenges. We prioritize teams with proven leadership and experience, demonstrating a clear vision and commitment to scaling their business. A cohesive culture that fosters strong communication and adaptability is essential, as is a willingness to collaborate with investors as active partners in growth.
Additionally, we value international traction; teams that have successfully scaled while maintaining focus and resilience signal a strong potential for further success and enhance our confidence in partnering with them.
How is the second fund performing so far? How many deals have been made, and can you share the most exciting recent investments?
Launched this summer, our second fund is currently in the process of finalizing its first investments. We are excited to announce that our first investment has been made in Poland. While the details of these deals remain confidential for now, we expect to make our initial announcements this autumn, with further details communicated soon. We look forward to sharing more about these companies and their disruptive solutions in the near future.
Growth funding trends
What does the growth funding landscape in CEE look like? There has been significant discussion about the lack of local funds leading large rounds, which are often led by investors from Western Europe and the US. Additionally, there is considerable talk about a capital gap in growth funding. How do you see Lead Ventures' role in addressing these challenges within the region?
The funding gap in later-stage rounds is a well-known issue in the CEE region, and we've recently seen a significant decline in the participation of Western European and US investors in Series A deals. Many of these investors now require a higher level of market validation from CEE teams —milestones that companies at the Series A stage are not always able to meet. This creates a capital gap for promising startups.
At Lead Ventures, we aim to fill this gap by providing growth funding at the late seed and Series A stages. Our goal is to help companies achieve the necessary traction and market validation that will allow them to successfully raise larger rounds, which are often led by Western European or US investors. By stepping in at this critical stage, we ensure that high-potential companies in the region could scale and meet the expectations of later-stage investors.
Role of LPs
What roles do MOL, MFB Invest, and Eximbank play beyond their financial contributions? How do they influence the fund’s investment strategy and operations?
Beyond their financial backing, MOL, MFB Invest, and Eximbank provide valuable sector-specific insights that help shape our investment strategy. MOL has been an active partner, offering deep expertise in sectors like energy and mobility, which helps us identify promising opportunities in these areas. Additionally, MOL is open to collaborating with our portfolio companies, especially in the digital and consumer spaces, creating potential synergies that can accelerate the growth of these scaleups. This collaborative approach allows us to offer not only capital but also strategic partnerships, helping our portfolio companies navigate their growth more effectively.
Plans and goals
How do you measure success for this fund, and what metrics or benchmarks will you use to evaluate its performance and impact?
We measure the success of the fund using both standard financial KPIs, such as return on investment, portfolio value growth, and the number and value of successful exits. These indicators help us track the financial performance of the fund and ensure that we are delivering value to our investors.
Beyond financial metrics, we also look at the network effects generated by the success stories we help create. These successful companies not only deliver returns but also contribute to the overall growth of the CEE startup ecosystem. By backing innovative and scalable companies, we aim to build a positive cycle where each success story strengthens the region’s entrepreneurial landscape, encourages more talent, and attracts additional capital.
What are your long-term goals for this fund?
The long-term goal of our second fund is to continue building on the success of our first fund, maintaining the strong continuity in our approach while addressing the specific challenges faced by growth-stage companies in the CEE region. As discussed earlier, the region faces a significant funding gap in later-stage rounds, especially as Western European and US investors increasingly demand higher levels of market validation. Our objective is to fill this gap by providing growth funding at the late seed and Series A stages, ensuring that promising companies can achieve the traction needed for further rounds.
We also aim to strengthen the CEE startup ecosystem by creating success stories that not only deliver financial returns but also generate network effects — inspiring more innovation and attracting new talent and capital to the region. The fund’s focus on sectors such as mobility, energy, fintech, and general B2B software aligns with global trends while remaining flexible enough to invest in a broad range of industries.
Ultimately, our vision is to support companies that not only scale successfully but also contribute positively to the broader economy and society, particularly through sustainability and circular economy initiatives. By doing so, we aspire to be a key player in shaping the future of the region’s tech landscape, while delivering strong financial outcomes for our investors.
