Last year’s financial results of Hungarian companies that received funding through the JEREMIE (Joint European Resources for Micro to Medium Enterprises) program were recently made public. Gravity R&D received JEREMIE funding in 2011, from domestic investor, Portfolion Zrt.
We’re proud to announce that there were only 3 firms on the list that generated more revenue through the export of their products and services than Gravity. This establishes the company as one of the most globally-aimed firms of the country’s JEREMIE portfolio.
In fact, of the approx. €1.9M total revenue we’ve realized in 2015, more than €1.5M came from abroad, which is an outstandingly high percentage amongst Hungarian JEREMIE-funded companies.
Gravity was also the 7th best-performing company in terms of total revenues in 2015 of all the nearly 300 Hungarian companies that received JEREMIE funding since 2011.
Gravity’s current focus on the rapidly developing Southeast Asian and Middle Eastern markets is more than likely to amplify the company’s global focus in the years to come. These regions are home to an increasing number of high-growth eCommerce companies and other sorts of online businesses and services that can benefit from our sophisticated Big Data solutions and recommendation services. Recently closed deals with Gittigidiyor (eBay Turkey) and Vietnamese eCommerce company Tiki.vn had proven that these regions, in fact, hold tremendous potential for growth for Gravity. As part of our efforts to expand in these regions, we’ve recently hired dedicated technical and account management personnel in Turkey, Indonesia, Thailand, and Vietnam.
What is the JEREMIE fund?
JEREMIE is a joint initiative established to grant EU Member States the opportunity to use part of their EU Structural Funds to finance SMEs in a more efficient and sustainable way. JEREMIE’s financial resources have been deployed through selected financial intermediaries across the EU, which have provided loans, equity, and guarantees to SMEs.
Portfolion Zrt. is one of such organizations that are trusted with the allocation of JEREMIE funds in Hungary. Portfolion is currently managing three separate investment funds – on top of JEREMIE investments, they provide venture capital funding through their Regional Private Equity Fund, as well as seed investment through the DayOne Seed Investment Fund. Other than Gravity, they hold stakes in numerous innovative technology companies, such as Cellum (Mobile wallet provider), Szallas.hu (Online travel agency), and Adasworks (self-driving cars).