Polish PKO VC sells Applica.ai’s shares and makes its first exit

PKO VC, a fund belonging to PKO Bank Polski, has sold its shares in the Polish-British company Applica.ai to the American company Showflake. The companies do not disclose the amount of the deal, which became the first exit for PKO VC, MamStartup reports.

  • Launched in 2018, PKO VC is a corporate venture capital fund established by the largest bank in Poland PKO Bank Polski. The fund focuses on broadly fintech startups, connected to bank managing, insurance industry, and entrepreneurship. It is currently managing a fund of €42.5 million (PLN 200 million).
  • Prior to the deal, PKO VC invested in Applica.ai during its €2 million Series A round in February 2022. The startup’s proprietary AI solution automates complex and variable documents to free people from repetitive tasks, unlock new revenue streams, and significantly bolster efficiency. It was founded in 2013 by Adam Dancewicz and Piotr Surma.
  • Among the investments that PKO VC has completed so far is the €8.5 million round for Autenti in September 2022. As well as the $990,000 round in PAPU.io and the €5.5 million round for Telemedico, all closed in 2021.
  • Now, the fund has made its first exit after four years of active investing. The amount of the deal is not disclosed. But PKO VC comments that “the investment was successful and generated a satisfactory return for the fund.”