Warsaw, 5 April 2024 – bValue, one of the most seasoned technology investors in Poland, has announced the closure of bValue Growth (BVG) fund.
- bValue’s third fund has reached capitalisation of EUR 90 million, exceeding the target cap of EUR 80 million.
- BVG finances the development of technology companies in Poland and across the CEE region. The fund also has the ability to make partial buyouts.
bValue Growth is the third and largest fund in bValue’s history. Importantly, it was launched during the unfolding financial crisis. Roughly half of the capital raised during this phase comes from financial institutions, including the European Investment Fund and the Polish Development Fund. The rest of the capital came from private investors, including Polish and foreign family offices.
“We appreciate the confidence that investors have placed in us. It is particularly satisfying to see the significant vote of confidence from the European Investment Fund (EIF) at the first closing of the Fund, which greatly facilitated the acquisition of further investors,” says Maciej Balsewicz, Founder and Managing Partner at bValue, responsible for the launch of new funds. “We are one of very few new generation investment funds in Poland to have successfully raised a third fund. Also, it is gratifying that the fund attracted mainly new investors, which speaks to the very good results achieved by our team in previous funds. BVG has a stable and diversified investor base, with nearly 50% being institutional investors and the other over 50% being private investors, mainly from Poland and Western Europe.”
“BVG’s successful final closing underlines the catalytic role of the EIF”, says Marjut Falkstedt, EIF Chief Executive. “This investment was made possible via the European Scale-up Action for Risk capital (ESCALAR) programme which supports investments in scale-ups, making it a good fit for BVG’s strategy of improving access to finance for high growth companies in the CEE region.”
bValue Growth pioneers a new asset class in the region, known as growth equity. It seeks to fill the financing gap between venture capital funds, which invest at an early stage, and private equity funds, which offer mainly buyouts. BVG invests sums of EUR 5-15 million in a single ticket, for an equity stake of 20-40%. In exceptional cases, it will acquire majority stakes. The fund is focused on fast-growing companies with a proven business model, and a strong and motivated management team. It concentrates on technology companies or those with a significant technological component. “bValue’s strength lies in using the language of technology to build strong relationships with entrepreneurs. Our experience and organizational culture enable us to act as a valuable minority partner capable of adding tangible value,” Maciej Balsewicz emphasizes.
Dynamic growth of the leader
bValue is the leader of the growth equity market in the CEE. Since its inception in 2016, the company has established three funds with total capitalisation in excess of EUR 100 million. The funds have invested in a total of 40 companies and made 14 exits from investments. The bValue team comprises nine Fund experts and a platform of over 50 field advisors who collaborate with the Fund, offering strategic and tactical support to the investment team and portfolio companies (bValue Bench).
To date, bValue Growth has invested in Hostersi, a leading provider of cloud migration and cloud infrastructure support services. Currently, BVG is in the process of finalizing several other investments, about which it intends to inform shortly.