BSE-Listed holding company OXO Technologies wants to be the lead investor in Oriana's next funding round, contributing up to €1.5mn of a €3.5mn total investment, clearing the way for the company's further expansion in Europe.
The company will start due diligence at Oriana and coordinate a consortium of investors.
OXO Technologies noted that analysts predict5 a compound annual growth rate up to 30% on the low-code/no-code development market in the coming ten years.
Budapest-based Oriana is a B2B-focused low-code/no-code development platform designed for building enterprise service management systems. Thanks to this platform, OXO believes it is cheaper and faster to create various enterprise applications without in-depth programming knowledge. Oriana had revenue of about €2.6mn last year.
Hiventures, the venture capital arm of the state-owned development bank MFB was an early investor in Oriana.
Trading with OXO’s shares began on the Budapest Stock Exchange’s Xtend market this week. The company invests between €100,000 and €3mn in innovative Central European companies in the early and growth phases. Its portfolio includes startups delivering business solutions, cloud-based services, cybersecurity, cleantech, fintech, agritech, med-tech and developers of AI and big data technology.
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