Polish bValue launches €100M fund to invest in later-stage tech startups from CEE

The Warsaw-based bValue has announced opening of its third fund bValue Growth to invest in companies from the CEE. The fund has already completed the first closing of €72 million, and aims to increase its capital to €100 million. 

• Founded in 2016, bVaue is one of the most active VC funds in Poland, investing in companies from CEE region. The firm focuses on B2B solutions, SaaS, and tech startups.
• bValue managed two early-stage funds with a total value of €20 million. They have already made 36 investments and exited from 12 companies. Its portfolio includes Tidio, More Growth, Spin.ai, Aggero, Your KAYA.
• The new €100 million fund aims to invest in 8-12 companies, with a single ticket of €5-€15 million for an equity stake of 20-40%. It is focused on growing companies with scalable business models, and a turnover of no more than €25 million.
• With the new fund, bValue wants to fill the gap between traditional VC funding for early-stage startups with high growth potential and private equity offerings, which focus on mature companies that are often past the growth stage.

“We see vast investment opportunities in SMEs, whose founders don’t seek a complete takeover, but want to further grow their companies to reach higher profitability and valuation within 4 to 5 years. Those are exactly the founders we are looking for. Ambitious entrepreneurs aware of the growth potential of their business and aware of the need for outside capital and guidance to achieve it,”

says Michał Bartosz, partner at bValue. 

• The new fund is supported by around 20 Polish and international private investors, family offices and international institutions, including the European Investment Fund.