Hiventures, the venture capital fund manager of the state-owned Hungarian Development Bank (MFB), has sold its 27pc stake in Hungarian e-logistics startup Webshippy to strategic investor Trans-Sped, Hiventures said on Wednesday.

Hiventures, which called the transaction one of its most successful exits yet, sold its stake three years after the initial investment. The value of the transaction was not disclosed.

Hiventures financed Webshippy from the early phase until its revenue reached HUF 1bn.

With the transaction, Trans-Sped has entered the Hungarian e-commerce logistics market. It will manage the logistics processes of its e-trader clients based on Webshippy’s software, while also profiting as a co-owner from services provided to Webshippy’s more than 1,000 customers, they said.

Webshippy’s services include warehousing, packaging, delivering and often invoicing the products of webstores. Founder and managing director Andras Perenyi said he can see a chance that the company will grow into the region’s biggest e-logistics service provider.

Szabolcs Fulop, managing director of Trans-Sped said they will install an automated system at Webshippy’s warehouses in the coming months.

Hungarian-owned Trans-Sped had revenue of HUF 19.3bn in 2019, public records show. Webshippy had revenue of HUF 713m in 2019.