In recent years, the state investment manager Hiventures distributed HUF 35 billion among more than three hundred start-ups.
They steal hundreds of millions from us with each of their mouths. Source: Pixabay
Empanada Story received the largest lump sum investment, HUF 500 million, in exchange for which the state acquired a 40 percent share – writes the G7.
The business was established in 2018, at first it was home delivery, and a year later the first store was opened in Nagymező Street in Budapest. Pursuant to EU support, Hiventures can invest in projects implemented in less developed regions, i.e. outside of Central Hungary.
Accordingly, at the time of the investment, Empanada Story was registered in Kerecsend, Heves County, but apart from that, there was no public indication that it was not operating in Budapest.
An additional condition of the investment was that the accepted enterprises also engage in research and development, technologically innovative enterprises enjoyed an advantage.
According to the portal, the only publicly noticeable return of the investment was that a new bakery was opened in the Nyugati tér subway in Budapest, in place of the former Burger King, instead of the store on Nagymező Street, which had closed down in the meantime.
However, the store, handed over last summer, operated for roughly half a year and was closed at the beginning of 2023. The bakery’s former business premises in the Nyugati underpass are currently for rent. In 2022, the company had sales revenue of HUF 182 million and a loss of HUF 170 million.