2024 Hungarian VC & PE Market Overview: Strong Capital Flow, Cautious Optimism
2024 Hungarian VC & PE Market Overview: Strong Capital Flow, Cautious Optimism
HVCA and EY Release Latest Investment Monitoring Report
Press release, Budapest, June 23, 2025. – The Hungarian Venture Capital and Private Equity Association (HVCA), in collaboration with EY, has published the 11th edition of its annual Investment Monitoring Report, analysing the performance of the Hungarian venture capital (VC) and private equity (PE) market in 2024. The analysis is based on data provided by Invest Europe’s European Data Cooperative (EDC) platform. The report covers investment, divestment, and fundraising activity, presenting a detailed picture of capital flow dynamics in the ecosystem.
Key Findings from the 2024 Report:
Total capital invested in Hungarian companies grew by 357.2%, reaching EUR 606 million across 56 deals—the highest value reported in a decade.
The jump in capital invested was driven by a single outlier buyout transaction, valued at EUR 483 million, which accounts for nearly 80% of total market investment.
The number of deals dropped by 52.5% compared to 2023, underlining that despite high figures, broader recovery remains limited.
Growth-stage companies received 35.4% more capital per deal when foreign investors were involved, indicating ongoing interest in scalable Hungarian businesses.
The Consumer Goods & Services and ICT sectors dominated, representing 86.1% of total capital invested and 37.5% of total transactions.
Hungarian investors executed 74 deals, with a combined value of EUR 126.6 million, reflecting a 43.9% decline in volume but a 46.1% increase in average deal size, showing a preference for larger transactions.
Fundraising activity rebounded strongly, with EUR 227.7 million raised, more than doubling the 2022 figure. This was largely driven by funding from the CEE region and increased contributions from government agencies, fund-of-funds, and institutional managers.
“2024 brought a seemingly strong recovery for the Hungarian venture capital and private equity market, especially when compared to the low baseline of 2023. However, this significant jump was largely driven by one exceptional buyout transaction. The fundamentals are stabilising, but we’re not yet seeing a broad-based rebound. We remain cautiously optimistic for 2025,” said Balázs Haszonics, CEO of Lead Ventures, Board Member and Treasurer of HVCA.
While the headline numbers are promising, HVCA urges stakeholders to interpret the data carefully. The report highlights selective investor activity, an improving appetite for growth-stage ventures, and a strong rebound in institutional fundraising. At the same time, the concentration of capital in a single transaction and lower transaction counts indicate that Hungary’s VC/PE ecosystem is in a phase of cautious recovery rather than full resurgence.
For access to the full 2024 Investment Monitoring Report or previous editions, please visit: www.hvca.hu/en/statistics
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Background:
The Hungarian Private Equity and Venture Capital Association (HVCA) has represented the Hungarian venture and private equity industry since 1991, promoting the development of capital investments and the growth of businesses in the region.
The analysis is based on data provided by Invest Europe’s European Data Cooperative (EDC) platform. It includes both market statistics (investments received by Hungarian companies) and industry statistics (investments made by Hungarian investors at home and abroad). The report covers investment, divestment, and fundraising activity, presenting a detailed picture of capital flow dynamics in the ecosystem.
Contact:
Ibolya Pintér, Operations Manager, HVCA
Email: ibolya.pinter@hvca.hu
Web: www.hvca.hu