Continest Technologies Plc. has received a total of HUF 2.4 billion in capital from three domestic venture capital fund managers to support its growth plans. The Székesfehérvár Municipal Fund and Hiventures, a member of the MFB Group, each made a HUF 1-1 billion capital injection to become minority shareholders in the company, which develops and manufactures folding container technology. Continest's current venture capital investor, Takarék Risk Capital Fund I, invested a further HUF 400 million in the company.
The objective is to use the invested capital to help the company to build its number two factory in Székesfehérvár, SW of Budapest, thereby increasing employment in the region. The investment by Hiventures will primarily support the company's geographical expansion plans, which will focus on the Far East, Africa and the Arab region.
All of the venture capital investors have come on board as financial investors, while the majority of the founders will remain with Continest Technologies Plc. after the capital injection, indicating that the founding circle is able to deliver increasing value to the market.
Founded in 2019, Continest Technologies Plc. achieved revenues of more than HUF 820 million in 2020, its second year of operation, thanks to dynamic growth in recent years, and this figure rose to HUF 1.6 billion in 2021. The foldable containers developed and manufactured by Continest are designed to provide an innovative solution for situations requiring temporary infrastructure, with a focus on sustainability and efficiency.
"The global market developments of recent years and the increasing demand for sustainable development have led to a global demand for temporary infrastructure solutions. This is why we see the next few years as being the defining years for foldable modular container technology. Together with our new and existing capital investors, we have the opportunity to scale up and enter new markets with a very stable financing base, further contributing to domestic exports. The construction of our number two plant, which will be inaugurated in September this year, will open up the opportunity to produce in even larger volumes and to further develop our manufacturing technology," Strategic Director of Continest Technologies Plc., Dániel Tegzes, highlighted.
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