HUNGARIAN STARTUP GREENSTIC OBTAINS INVESTMENT FROM HIVENTURES FOR GREEN GASTRONOMY REFORM
BUDAPEST, Hungary, June 8, 2023 /PRNewswire/ -- Greenstic Europe Ltd. (Greenstic) has received a significant investment of approximately EUR 1.4 million from Hiventures, Hungary's most prevalent VC. The funding will help Greenstic, a distributor and contract manufacturer of disposable, eco-friendly restaurant packaging materials, containers, and cutlery, to expand its regional activities and promote environmentally responsible practices in the catering sector.
The market for eco-friendly utensils has experienced significant growth in recent years worldwide. Greenstic also has shown dynamic business performance, quadrupling its revenue since its establishment in 2019. Greenstic enjoys a market leader position in the Hungarian market and last year expanded internationally by establishing a subsidiary in Romania and entering a franchise partnership in Slovakia.
Considering the favorable regulatory environment and consumer trends indicating further demand growth, Greenstic plans to allocate the fund from Hiventures to expand its manufacturing and logistics capacities and broaden its product range and customer base in Hungary, Slovakia, and Romania.
As part of its comprehensive service, Greenstic performs the biological composting of its customer-used serving utensils, thus promoting the adoption of circular economic model in the HoReCa sector.
Hiventures is one of the most active venture capital investors in Europe. Decisions are made carefully, based on several criteria: "In addition to clear market opportunities and environmentally conscious goals, the experienced management team at Greenstic played a crucial role in our investment decision, owing to their cohesive and successful track record," said Dénes Szluha, the Head of Hiventures' startup division.
About Hiventures
Hiventures, part of the Hungarian MFB Group, is one of the largest venture capital firms of Central and Eastern Europe. It supports the entire Hungarian entrepreneurial eco-system with its capital and professional competencies, including innovative start-ups with large growth potential, traditional SMEs and major corporations. Hiventures is committed to a sustainable and competitive entrepreneurial eco-system in the CEE region. For further details, visit the company website.
About Greenstic
Greenstic, a fully Hungarian-owned company, is a key player in the market of disposable containers and cutlery. Following their acquisition of a competitor at the end of 2021, Greenstic became market leader in the premium segment. In 2022, they embarked on international expansion by establishing a subsidiary in Romania and a franchise partnership in Slovakia, under the new brand identity of Greenstic Europe. The company aims to become the leading eco-conscious packaging supplier in Central Europe. www.greenstic.hu
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