bValue raises EUR 90mn for CEE opportunities

Polish growth private equity firm bValue has successfully raised EUR 90mn for its third fund, significantly boosting its investment capacity. Particularly keen on exploring investment opportunities in Romania, bValue has a strategic focus on software, IT services, and e-commerce, and plans to invest between EUR 5mn and 15mn per project.

Established seven years ago, bValue is a Poland-based growth private equity firm known for nurturing and scaling high-potential Central and Eastern Europe (CEE) businesses. It has executed over 40 investments, typically minority stakes, and over 15 successful exits in CEE.

Fund to invest EUR 90mn in 8-12 firms by 2027

By 2027, bValue plans to build a portfolio of 8-12 companies, investing EUR 5-15mn for 15–40% equity. It might acquire a majority stake in exceptional cases, as with Hostersi, the cloud migration and infrastructure maintenance company it backed in 2023.

The firm is increasingly looking beyond Poland and focusing on fostering innovation and driving growth across CEE. bValue has already made notable investments in Romania, such as leading a EUR 1mn seed round in AI radiology platform Rayscape (formerly XVision), and investing EUR 650,000 in social media AI video listening tool Aggero.

This year, the fund invested in sports webshop Sportano, which sells over 800 brands across 12 countries, including Romania. bValue will allocate some EUR 15mn for two new transactions in 2024, and EUR 25mn next year.

Founders retaining control ‘novel approach’ in Poland

The firm’s investment strategy emphasizes not only financial returns but also the long-term development and its focus on growth equity, a niche between venture capital and traditional private equity. This allows it to target scale-ups, i.e. companies that have progressed beyond early-stage funding and are experiencing substantial growth, allowing entrepreneurs to maintain control.

bValue founder and managing partner Maciej Balsewicz said “We are targeting growing but already Ebitda-profitable businesses with revenues of at least RON 10mn (EUR 2mn). Balsewicz added that allowing entrepreneurs to retain control of their companies represents “a novel approach in the Polish market.

“We see several attractive areas, including digitisation services, cybersecurity for public-sector and private companies, and e-commerce. We are also keen on local leaders with international ambitions, those rapidly expanding organically or with potential for market consolidation,” Balsewicz added.