Flashpoint VC announced the launch of its secondary fund at a $70 million first close.

Flashpoint VC, a venture company emerged from Budapest, Hungary, announced the launch of a secondary fund, at a first close of $70 million.

The fund targets $200 million and is aimed at later-stage tech companies, providinh liquidity for early-stage shareholders, as well as allow companies to consolidate their cap tables whilst adding significant value through the expertise of the Flashpoint team.

The secondary fund is backed by the Scheinberg family office, the founders and former owners of Pokerstars (sold for US$4.9bn in 2014) and to whom Flashpoint notably sold its stake in Chess.com in 2016-2018.

The secondary fund is independent from Flashpoint’s existing early-stage venture capital funds and its venture debt fund. The secondary fund is run by a dedicated team, jointly led by Michael Szalontay (one of Flashpoint co-founders) and Chris Baxter, who joined Flashpoint in 2020.

Flashpoint VC was founded by Michael Szalontay and Alexander Konoplyasty and has offices in United Kingdom, Israel, Hungary, Poland and Latvia. It has $350m AuM and a focus on investing in companies with founders originating from Central and Eastern Europe, Israel, Baltics, Finland and the CIS.