Act on the capital market

Act CXX of 2001 on the capital market.

Angel investor

An Angel is an individual person, who possesses significant knowledge in the field of investment, entrepreneurship or relevant industry, and who contributes to the development of early-phase companies with his or her investment, advice and personal network. An Angel Investor may assume the role of Lead Investor in an equity-based crowdfunding campaign in exchange for…

Business Angel Investor Profile

A profile created by an Identified User. There are no legislative requirements in force regarding the choice of Businesses Angel Investor Profile when registering on the Platform, nor do specific terms of use apply, but this signifies that the User with such a profile regularly invests significant amounts of capital in early phase companies.

Campaign Agreement

The bilateral written agreement between Tokeportal.hu and the Campaign Initiator or its founder, signed at the beginning of their co-operation, which lists all the specific Campaign conditions, including the Funding Target, the campaign structure, the related rights and responsibilities, as well as the conditions of future cooperation. The terms of the Campaign Agreement, in particular…

Campaign Documentation

The documentation that the Campaign Initiator submits to Tokeportal.hu for campaign review and approval which contains the introduction of the Campaign Initiator and the outline of the use of funds and the Investment Documentation made in accordance with the best practices of the venture capital investment industry, which is accessible for Investors during the Campaign.…

Campaign Duration

The Campaign Duration is the number of calendar days until the Campaign lasts, within that the Campaign will have to reach its Minimum Funding Target from the day when it is launched. (The Deadline should be stated in the campaign outline and including the date of the last day of the campaign): according to international…

Campaign Owner

A private limited company by shares, which launches a Campaign on the Platform in order to attract the attention of crowd investors and raise capital. Since the funds are raised in the form of share capital, if the company needs a legal procedure to become a private limited company by shares, Tokeportal.hu can offer professional…

Campaign Pre-qualification or Scoring

Campaign review, validation

Over the course of the preparation for the Campaign, Tokeportal.hu reviews all data that is provided by the Campaign Initiator whether the Campaign is suitable for fundraising. 1) During the preparatory phase Tokeportal.hu and its mentor partners score the Campaign, validate the business plan, and value the company; 2) The Lead Investor (if there is…

Campaign Video

A 2-4 minutes long public video in which the Campaign Initiator introduces the company, its executives, the planned operation and the purpose of the Campaign.

Campaign, Crowdfunding Campaign

A Campaign is an online communication project submitted by the Campaign Owner and disclosed on the Portal after being approved by Tokeportal.hu, which has a pre-defined Campaign Duration with aims to raise share capital. The Campaign includes the electronic Campaign Documentation (containing the one pager, the investment deck, a summary of the financial plan and…

Civil Code of Hungary

Act V of 2013 on the Civil Code.

Company Profile

An Investor Profile created by an Identified User on behalf of a legal person or an organization without legal personality.


A notice, which the User submits either orally (in person or by phone) or in writing (in postal mail, e-mail or on the website) in compliance with the Complaint Handling Rules. The Complaint of the Complainant is related to an activity or omission of Tokeportal.hu regarding the implementation of the General terms of use between…


Tokeportal.hu regulates its operation in compliance with European Union and Hungarian legislative provisions and harmonizes with its contracts. The Campaign Initiator companies undergo a legal compliance procedure, which consists of two steps. Firstly, the legal structure is designed, which will be suitable for the Campaign Initiator company to raise equity capital, in accordance with the…


Crowdfunding in general is an online form of alternative (non-banking) finance. Crowd investing refers to the Campaigns of private limited companies aimed at raising share capital through specialized online platforms. The conditions of crowdfunding comply with the regulations of private placement within the European Union, in accordance with the Civil Code of Hungary. The general…


The Custodian is a financial institution, which is independent both from Tokeportal.hu and the Campaign Initiators. The Custodian holds separate custodian accounts or special bank accounts for each Campaign Owner. Both Tokeportal.hu and the Campaign Owner can only get informed about the balance of the custodian account but do not exercise control over the amounts…

Custodian Account

The Custodian Account (or special bank account) is an account of the Campaign Initiator, managed by the Custodian, where the Campaign Initiator receives the advance payments of the investments. Investors may fulfil their Declarations of Commitment by transferring the advance payment of their investment to the custodian account. The scale of the advance payment is…

Declaration of Commitment

Identified Investors can indicate their intent to invest in the selected Campaign by declaring their commitment and paying the indicated advance payment or the full amount. The Campaign Initiator accepts the validity of the commitment when receiving the advance payment. Tokeportal.hu informs the Investor about the value of the advance payment as well as the…

Declaration of Commitment

Identified Investors with an Investor Profile can indicate their intent to invest in the selected Campaign by declaring their commitment to invest an indicated amount. The Campaign Initiator acknowledges the validity of this commitment when receiving the advance payment.

Entry Knowledge Test

A short online test to be filled in by each non-professional investor, which calls attention to the specific risks of investing in early-phase companies (startups).


Exit occurs when investors sell all their shares in the company, usually years after purchasing them, when the company is acquired or if it goes public. Investors of early-phase companies usually realize a return on their investment during an Exit. Tokeportal.hu is not a regulated market and does not facilitate secondary trading, although it may…

Final Campaign

Campaigns that during their preparation, meet all the conditions described in the Regulations of Tőkeportál Zrt. Campaign Owners may publish Final Campaigns on the Portal after receiving the consent of Tokeportal.hu.

Follow-up information disclosure

This includes the regular publication of the Key Performance Indicators (KPIs) that are determined by the Campaign Initiator; as well as the Information interval, during which Investors may ask questions posed to the Campaign Initiator regarding the performance of the company.


An online surface of the Portal for sending messages, where Users can directly ask questions from the Campaign Initiator.

Funding Target

The Funding Target is the amount of capital that the Campaign Initiator intends to raise. The foreign exchange rate of the funding target is calculated on the basis of the official MNB exchange rate on the first day of the Campaign. The Campaign Initiator may set both a Minimum and a Maximum Funding Target. The…

Funding Target

The Funding Target is the HUF or EUR amount of capital that the Campaign Initiator intends to raise. The Campaign Initiator may set both a Minimum and a Maximum Funding Target. The Campaign is considered successful if it reaches the Minimum Funding Target. The foreign exchange rate of the funding target is calculated on the…

Hungarian Legislation on Investment Companies

Act CXXXVIII. of 2007 on Investment Firms and Commodity Dealers, and on the Regulations Governing their Activities


Any person who wishes to use the Portal can register with their e-mail address or with their social media account after accepting the Terms and Conditions and the Privacy Policy. In order to gain access to the contents of the Portal and to become entitled to initiate transactions, Users must create a User Profile and…

Identification procedure

A procedure executed by Tokeportal.hu according to the rules of the Terms and Conditions as well as our Privacy Policy. At the end of the Identification procedure the Users become Identified Users.

Identified User

A User who has successfully absolved the Identification procedure of the Platform.

Impact, Social Impact

If the business solution is profitable, solves social problems and provides sustainability it makes the Campaign more attractive to crowd investors. Companies with a social impact may be especially suitable for crowdfunding as the communities affected by the social problem may become investors of the Campaign in order to contribute to the solution.

Information Interval and Liability for Providing Information

A quarterly recurring interval after the campaign has been closed, when the shareholders may ask their questions posed to the Campaign Owner regarding the operation and the strategy of the company. Since crowdfunded companies usually have a large number of shareholders, this interval and the regulation on shareholders’ rights are required in order to make…


An investment commitment of an Investor by clicking on the “Invest” button of the Campaign, following which he/she becomes entitled to review the complete terms of investment and to submit a Declaration of Commitment to purchase shares The transfer of the entire investment amount by the deadline will constitute the final declaration. In case of…

Investment Documentation

The documentation completed by the Campaign Initiator and submitted for approval to Tokeportal.hu, which includes the Campaign Video, the Campaign Details, the financial plan, the one-pager, the investment deck and the Term Sheet, both in English and in Hungarian. Following approval, these documents become accessible to Investors when the Campaign launches.


Investors. If applicable, Users shall comply with their national regulations, otherwise they shall act in accordance with the Hungarian legislative provisions. We distinguish two categories of investors in accordance with the Hungarian Act CXXXVIII of 2007 on Investment Firms and Commodity Dealers: Professional and Retail Clients. In accordance with the international best practices and in…

Investor Profile

A Profile established by an Identified User with providing the data of its bank account and Securities Account. Profile data are confidential.

Issuing of new shares and the allocation

Issuing of new shares of the Campaign Initiator Company is conducted by KELER Ltd. The allocation of the new shares pro rata to their invested capital is conducted by the Issuer, that is, the Campaign Initiator Company and upon its instructions the shares are transferred to the Investors’ securities accounts that is  verified in their…

Key Performance Indicators (KPI’s)

Indicators disclosed in the Campaign that represent the planned milestones of realizing the business plan that is introduced in the Campaign Documentation. The Campaign Initiator discloses the fulfilment of the indicators both to Tokeportal.hu and their own online sites. Furthermore, in accordance to the information rules set forth in the Term Sheet, the Campaign Initiator…

Last Day of the Campaign

The last banking day indicated in the Term Sheet. If the Campaign has reached its Minimum Funding Target before that, then it is closed on that banking day. (See Successful Campaign below.)

Lead Investor

The Lead Investors are angel investors or institutional investors or any other Users with an Investor Profile who have been approved as Lead Investors by Tokeportal.hu, who negotiate the terms of investment before the Campaign, indicate their intent to invest in the Campaign (usually in the extent of 10-50% of the Funding Target), keep in…


An asset is considered liquid if it can be sold at market price within a typical time frame. The shares of startup companies are usually transferable but not liquid as there is no organised secondary market for trading them. This lack of liquidity (illiquidity) is one of the main risks of investing in early-phase companies


The mentor network service provided by Tokeportal.hu and its Partners to the Campaign Initiators is aimed at preparing the Campaign Initiators to launch their campaign and begin the capital increase process. The mentoring service is offered at favourable pre-agreed startup prices

Monthly fixed cost, burn rate