Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
We are happy to present you with the latest installment in our series of industry deep dives, following our Foodtech, Industrial Tech, Wellbeing, Digital Health, Future of Work, Fintech and Artificial Intelligence reports.
In our newest report, we take a look at the Mobility ecosystem, focusing on the global 2020 funding outlook, the industry's growth over the last decade, and how leaders like Uber, Grab, Citymapper and others are reshaping the way people and goods move around the world.
At White Star Capital, we approach mobility through four main subsectors: urban mobility, travel and hospitality, delivery and logistics, and long-distance transportation. Our portfolio includes startups such as Tier Mobility, a micro-mobility operator providing last-mile transportation to urban populations, including e-scooters and e-mopeds (the company just raised $250m in Series C funding); MindSay, a SaaS company developing an AI-powered assistant that helps companies in large B2C-oriented industries, such as travel and retail, optimize customer support and increase customer conversion; and Unacast, a proximity and location data platform that helps data-driven industries understand the physical world the same way we understand the online world.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
We are happy to present you with the latest installment in our series of industry deep dives, following our Foodtech, Industrial Tech, Wellbeing, Digital Health, Future of Work, Fintech and Artificial Intelligence reports.
In our newest report, we take a look at the Mobility ecosystem, focusing on the global 2020 funding outlook, the industry's growth over the last decade, and how leaders like Uber, Grab, Citymapper and others are reshaping the way people and goods move around the world.
At White Star Capital, we approach mobility through four main subsectors: urban mobility, travel and hospitality, delivery and logistics, and long-distance transportation. Our portfolio includes startups such as Tier Mobility, a micro-mobility operator providing last-mile transportation to urban populations, including e-scooters and e-mopeds (the company just raised $250m in Series C funding); MindSay, a SaaS company developing an AI-powered assistant that helps companies in large B2C-oriented industries, such as travel and retail, optimize customer support and increase customer conversion; and Unacast, a proximity and location data platform that helps data-driven industries understand the physical world the same way we understand the online world.
White Star Capital - German Venture Capital Landscape 2018Sanjay Zimmermann
In this report, we aim to share our enthusiasm on the German tech and Venture Capital ecosystem from the perspective of an international VC fund.
We aim to share our excitement about Germany and express our belief that the ecosystem is gaining momentum. We also look at a few particularities that make the German market unique such as its decentralization, the impact of Rocket Internet on talent, differences in deal terms and media for equity. Finally, we end with a deep dive on VC’s and other investors making up the ecosystem.
At White Star Capital, we made our first major investment in Germany by co-leading Clark’s Series B round earlier this year. We are proud of the progress of the company so far and are looking forward backing many more.
We hope you enjoy reading this report!
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
Although decision making has become increasingly decentralised, selecting the right location for a European headquarters is a critical step on the journey to becoming a global business.
Even if you are currently working with a distributed team and have no plans to invest in a physical office right away, you still need to think about where your customers are, where the talent you need is concentrated, and where you can best access markets and opportunities for long term growth.
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
State of the Startup & Venture Capital Landscape in DACH, 2018 Edition (corre...Mathias Ockenfels
Our annual update of the State of the Startup & Venture Capital Landscape in Germany, Austria and Switzerland (DACH) - 2018 Edition by Speedinvest x (www.speedinvest.com/x) and Frontline Ventures (www.frontline.vc) - more on www.ockenrock.com - First correction of previously uploaded version see: https://www.slideshare.net/mathiasockenfels/state-of-the-startup-venture-capital-landscape-in-dach-2018edition - more on this see: https://medium.com/speedinvest/state-of-the-startup-venture-capital-landscape-in-dach-2018-edition-e0193abe26bd
The defining asset of every leading technology company is talent. At Balderton, our job is to provide capital to support European technology companies to attract and retain world leading talent and get the best out of them. As a result, we’re fortunate to have learnt a lot about what it takes to identify, attract and retain people from the teams we work with.
In this report, we’ve set out to identify where people working in European technology companies come from, what experience they have, and what they expect in their roles. We did this by profiling almost 15,000 employees in over 1,000 venture-backed companies in Europe, and by working closely with a select group of recently backed start-ups.
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
Dealroom - Q3 2018 investment update for Europe & IsraelElad Ratson
Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.
To join the mailing list or receive a PDF copy, comment “send me the PDF” (and leave your email) or “join the mailing list”.
The largest Insurtech company in the world isn’t in San Fransisco or Silicon Valley — but in Shanghai. As a matter of fact, Zhongan has more customers than any other insurance company in the world. Zhongan was founded in 2013 and 4 years later, went public.
The average company in our cohort has a market cap of $6.5b, founded 9 years ago, and is growing at 65% YoY. What makes these companies so successful?
It may surprise you to learn:
FinTechs are some of the fastest growing listed companies, as PurpleBricks grows @ 150% YoY, ZhongAn @ 84%, Quidan @ 70%, and RedFin @ 43% YoY.
Zhongan — arguably the worlds most successful InsurTech business, has an average gross written premium of $1.97
Chinese entrepreneurs are building $10b FinTech businesses in the span of 4–5 years. ZhongAn (insurance) began trading in in 2014 and Quidan (short term lending) in 2015.
Square generated $452m in revenues in their last quarter, as they grow 21% YoY. Its market cap is now $20b.
Subprime lending is out of favour as shares of Quidian drop 40% since the IPO. Elevate completed its IPO at 50% of its expected valuation range.
Valuations for lending companies vary greatly as LendingClub trades at 2.3x their quarterly revenue run rate, Qudian @ 3.8x, Elevate @ .4x, and Credible @ 16x (pro-forma at IPO).
Find this, and much more in our 47-page slide deck.
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
IMAP in CEE:
A thriving region
Poland’s new tech hub
Lech Wałęsa keynote speaker
INSIGHTS
Cybersecurity - not just an issue for banks
European food & beverage deep dive
Global energy market evolution
US pet industry hits a premium
DEBT CRISIS
Is Redde Rationem about to come knocking?
White Star Capital - German Venture Capital Landscape 2018Sanjay Zimmermann
In this report, we aim to share our enthusiasm on the German tech and Venture Capital ecosystem from the perspective of an international VC fund.
We aim to share our excitement about Germany and express our belief that the ecosystem is gaining momentum. We also look at a few particularities that make the German market unique such as its decentralization, the impact of Rocket Internet on talent, differences in deal terms and media for equity. Finally, we end with a deep dive on VC’s and other investors making up the ecosystem.
At White Star Capital, we made our first major investment in Germany by co-leading Clark’s Series B round earlier this year. We are proud of the progress of the company so far and are looking forward backing many more.
We hope you enjoy reading this report!
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
Although decision making has become increasingly decentralised, selecting the right location for a European headquarters is a critical step on the journey to becoming a global business.
Even if you are currently working with a distributed team and have no plans to invest in a physical office right away, you still need to think about where your customers are, where the talent you need is concentrated, and where you can best access markets and opportunities for long term growth.
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
State of the Startup & Venture Capital Landscape in DACH, 2018 Edition (corre...Mathias Ockenfels
Our annual update of the State of the Startup & Venture Capital Landscape in Germany, Austria and Switzerland (DACH) - 2018 Edition by Speedinvest x (www.speedinvest.com/x) and Frontline Ventures (www.frontline.vc) - more on www.ockenrock.com - First correction of previously uploaded version see: https://www.slideshare.net/mathiasockenfels/state-of-the-startup-venture-capital-landscape-in-dach-2018edition - more on this see: https://medium.com/speedinvest/state-of-the-startup-venture-capital-landscape-in-dach-2018-edition-e0193abe26bd
The defining asset of every leading technology company is talent. At Balderton, our job is to provide capital to support European technology companies to attract and retain world leading talent and get the best out of them. As a result, we’re fortunate to have learnt a lot about what it takes to identify, attract and retain people from the teams we work with.
In this report, we’ve set out to identify where people working in European technology companies come from, what experience they have, and what they expect in their roles. We did this by profiling almost 15,000 employees in over 1,000 venture-backed companies in Europe, and by working closely with a select group of recently backed start-ups.
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
Dealroom - Q3 2018 investment update for Europe & IsraelElad Ratson
Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.
To join the mailing list or receive a PDF copy, comment “send me the PDF” (and leave your email) or “join the mailing list”.
The largest Insurtech company in the world isn’t in San Fransisco or Silicon Valley — but in Shanghai. As a matter of fact, Zhongan has more customers than any other insurance company in the world. Zhongan was founded in 2013 and 4 years later, went public.
The average company in our cohort has a market cap of $6.5b, founded 9 years ago, and is growing at 65% YoY. What makes these companies so successful?
It may surprise you to learn:
FinTechs are some of the fastest growing listed companies, as PurpleBricks grows @ 150% YoY, ZhongAn @ 84%, Quidan @ 70%, and RedFin @ 43% YoY.
Zhongan — arguably the worlds most successful InsurTech business, has an average gross written premium of $1.97
Chinese entrepreneurs are building $10b FinTech businesses in the span of 4–5 years. ZhongAn (insurance) began trading in in 2014 and Quidan (short term lending) in 2015.
Square generated $452m in revenues in their last quarter, as they grow 21% YoY. Its market cap is now $20b.
Subprime lending is out of favour as shares of Quidian drop 40% since the IPO. Elevate completed its IPO at 50% of its expected valuation range.
Valuations for lending companies vary greatly as LendingClub trades at 2.3x their quarterly revenue run rate, Qudian @ 3.8x, Elevate @ .4x, and Credible @ 16x (pro-forma at IPO).
Find this, and much more in our 47-page slide deck.
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
IMAP in CEE:
A thriving region
Poland’s new tech hub
Lech Wałęsa keynote speaker
INSIGHTS
Cybersecurity - not just an issue for banks
European food & beverage deep dive
Global energy market evolution
US pet industry hits a premium
DEBT CRISIS
Is Redde Rationem about to come knocking?
There were 87 investment deals with Ukrainian innovative companies in 2016 , which is 32% more than in 2015 - such a data was presented by the Ukrainian Venture Capital and Private Equity Association (UVCA) in its annual market overview. The overview has gathered information on venture, private equity and angel investment deals - their total volume is accounted in 88 mln. USD in 2016. The amount of investments over the past 5 years growth to 400 mln. At the same time, the volume of investment deals decreased on 33% since 2015 (including 13 undisclosed deals), but still is higher than in 2014 at 125%. The reason is few deals in 2015 amounted in dozens of millions.
Distinguishing feature of the market in 2016 is the prevalence of seed-stage deals. Thereby among all deals 73 were made at the seed-stage with the average amount of ticket over 500K USD. So we can expect that these initially invested companies will attract bigger investments in future.
The average ticket amount (on all stages) has grown up to 1M USD in 2016.
Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://seedcamp.com/news/
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...Amalist Client Services
EUR 51bn in nearly 9000 Venture Capital-invested firms in 2007-15 : analyse their characteristics as well as subsequent performance.
VC cannot change the business reality where some firms make it while others cannot, but it can be the deciding factor in a start-up’s road to success. venture capital may not be that impactful for low growth companies.
December 2019
In this updated edition of our report, we share our continued excitement for the South Korean technology and venture capital ecosystem. With more global investors turning their attention to Korean startups today, we're excited to continue strengthening our presence in the country. The report includes the latest South Korean startup funding data and perspectives from some of the country's leading VCs.
Looking at absolute numbers, everything around Baltics might seem small, but the moment you zoom in on per-capita data, these little countries manage to outperform the larger CEE region and are a true challenger to the wealthy neighbours in Scandinavia.
To give you a hint, in the report you will find:
- funding overview & biggest deals
- list of most active VC funds
- Startup Visa data
- Curated list of startups to watch
- Fintech regulations
And much more, including a calculation how long you would survive with the same money in London, Stockholm and Kyiv vs Baltic capitals.
From PWC, Investing in Poland contains information on macroeconomic conditions and outlook for Poland, as well as key data, analysis and contact details for all 16 of Poland's voivodships and all of its major cities.
American Council on Germany (ACG) Warburg Chapter: “Venture Capital in Europe...Benjamin Rohé
American Council on Germany (ACG) Warburg Chapter: “Venture Capital in Europe - The Highs and Lows and Why Now?” Startup Funding, New Funds, the past, the future, the present;
Please check out the second edition of Creating Value, an IMAP magazine dedicated to creating value in the M&A mid-market. In this issue:
Automotive parts manufacturing
Medtech outsourcing
Nordic high-tech revolution
Indian IT transformation
Brexit. Implications for Europe and M&A
Who’s afraid of Private Equity?
and more!
Report M&A Index Poland - Mergers and acquisitions in Poland, Q3 2022FORDATA VDR
In the third quarter of 2022, we noticed a significant decrease in the volume of M&A transactions compared to the second quarter - by approx. 16 pp. However, the second quarter was a record period. 74 transactions recorded in Q3 are therefore still a high result, which in the yoy perspective is approx. 8% higher. The uncertainty caused by the rise in inflation, interest rates and energy commodity prices, as well as the war in Ukraine, did not put the mergers and acquisitions on hold, as was the case at the peak of the pandemic. What was the transaction structure in the analyzed period?
China Investment Environment - Start-up/Growth Company Finance Market in Chin...Team Finland Future Watch
Report summarizes the start-up and growth company finance market in China. The report consists of analysis and views of the present state of the start-up/growth company finance market in China as well as views of the future trends and implications of those. Then, advise to the Finnish public sector, companies and VCs is provided.
Portico Advisers: Is Emerging Markets Private Equity Dying?PorticoAdvisers
Portico’s first research piece explores several existential challenges besetting the industry, and presents a humble call to action to shore up support for the industry.
Ponieważ jesteśmy w okresie kampanii wyborczej podrzucam wszystkim dokument, który może służyć do oceny jakości programów wyborczych wszystkich aspirujących do swojej roli wybrańców narodu :)
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
1. White Star Capital
Poland Venture
Capital Landscape
From the eyes of an
international investor
H1 2021
1
2. White Star Capital
White Star Capital 2
“In this deep-dive of the Polish ecosystem, we aim to share
our passion and enthusiasm for the Polish venture capital
ecosystem. Over the last 3 years, we have been very active in the
Polish ecosystem, recognising the massive amount of potential
in the region.
Since it’s founding in 2007, White Star Capital, has been
investing in Europe, leading rounds in great companies like
Clark, Tier Mobility, Meero and Butternut Box. With our
investments in Packhelp and Uncapped, we’ve seen first hand
the great potential that Poland has to offer as a future
powerhouse in Europe.
In this report, we share why we’re excited about Poland and
why we want to continue our activity in the region. The
economic tailwinds are strong, a real thirst for entrepreneurship is
growing, and we at White Star Capital are keen to be a part of
this.
“We believe Poland is now the entrepreneurial hub of Eastern
Europe, with all the right characteristics to hold on to this top
spot.
Widely renowned as the having the best source of tech talent in
Europe, a government focused on supporting this talent, and
with many of the world’s leading technology companies
having offices there, there has never been a better time to be
an entrepreneur in Poland.
On a global scale however, Poland is still a young ecosystem,
and to make it to the next level, funding for the Polish talent pool
must continue to mature with the same pace. The explosion in
seed investing over the past few years means that there is a
pipeline for Series A and B investments developing, and to
keep Poland on the track its currently on, it is important that these
start-ups have all the resources that they need to build
Poland’s first unicorns.
Eric Martineau-Fortin
Managing Partner
Nick Stocks
General Partner (London)
Blanche Ajarrista
Associate (London)
Alex Wilson
Vice President (London)
Karolina Mrozkova
Vice President (New York)
“Once held by Russia, Poland
now holds the top spot for tech
in the CEE region. With the
Polish government’s focus on
tech, and the level of corporate
activity and talent coming from
the region, there is so much
more that can be achieved!”
“Start-up culture is booming in
Poland. Entrepreneurship is not
just a trend here, it’s a viable
means to build a career, and it
is only a matter of time before
Poland produces its first VC-
backed unicorn.”
“The CEE region is quickly
fostering and honing all the key
aspects that a successful
ecosystem must prioritise, in
terms of talent and innovative
companies, and attracting
increasing volumes of
investment.”
3. White Star Capital
White Star Capital
A Word from PFR
3
The Polish tech ecosystem has been growing rapidly in the last few years, and the
pace of venture capital investment is accelerating even further. Every year we see
dozens of new, innovative start-ups spawning and raising funds in early-stage
rounds. However, as a young market, we have also seen a gap in the late-stage
funding that is required to build Poland’s first unicorns.
This gap is becoming increasingly filled with capital from international venture
capital firms that have discovered potential in the region and can see the value of
Polish entrepreneurs and tech talent. The numbers speak for themselves – in 2020
alone, Polish start-ups have raised €477m. This is more than in the five previous
years combined. This growth is fueled both by an increasing number of pre-seed
and seed investments, as well as a handful of late-stage rounds, each valued more
than €50m.
PFR Ventures, as a development financial institution, uses its own resources as
well as European Union capital to support innovative Polish enterprises at various
stages of development, through investments in VC and PE funds. We have a
portfolio of more than 50 funds that have made over 350 investments. In previous
years, those were mainly pre-seed and seed investments. But as our ecosystem
matures, we are also increasingly supporting Polish start-ups and scale-ups from
Series A onwards.
The Polish ecosystem is still very young, but we have just entered a second phase.
The market is still growing rapidly but at the same time it is getting more mature,
bringing the risk levels down. We are confident that this is a fertile environment for
many unicorns to emerge in the near future. We are proud and happy to be part of
this ecosystem.
We are also happy to join White Star Capital as an investor, and we are even more
delighted that the management team has already invested into the Polish
ecosystem with companies such as Packhelp and Uncapped. We are convinced that
White Star will be an important player in the fast growing Polish VC scene and, with
its highest standards, will have a material impact on the whole Polish ecosystem.
Bartłomiej Samsonowicz
Investment Director, PFR
Ventures
4. White Star Capital
White Star Capital
Contents
4
Section 1 Poland Venture Capital: An Overview
Section 2 Ecosystem
Section 3 View From Our Founders
Section 4 Partnering with White Star Capital
5
15
31
36
6. White Star Capital
White Star Capital
Poland Highlights
6
Poland Venture Capital: An
Overview
3rd
globally for quality of
developers2
$1.3bn
of capital invested since
20154
7th
largest economy in
Europe1
2x
increase in R&D
expenditure as % of
GDP over last decade5
97
active VC funds in
20214
4%
Highest average yoy
GDP growth from 2007-
2018 in the EU3
1st
in Europe for ratio of
female founders6
7th
friendliest country in the
World for start-ups7
1) ‘How Poland’s “golden age” of economic growth is going unreported,’ Euronews.com.
2) The Golden Book of Venture Capital 2019, start-up Poland. After China & Russia.
3) Eurostat.
4) Pitchbook.
5) Eurostat.
6) The Golden Book of Venture Capital 2019, start-up Poland.
7) ‘Most start-up friendly countries in the world,’ CEOWorld.
7. White Star Capital
VC funding in Poland has grown at a rapid pace,
driven by growing government initiatives and
international investor interest
7
Source: Pitchbook
Note: Early stage corresponds to Seed, Series A, and Series B. Later-stage corresponds to Series C+.
Poland Venture Capital: An
Overview
The majority of activity has been in the early stage, with deal volume
growing c.20% yoy…
…however over the years, there has been several atypical later stage
deals that have taken up a significant portion of capital invested
Deal Volume
Deal Value ($m)
29
59 57
95
117
169
119
175
143
181
199
116
7
12
12
14
10
19
30
21
34
67
59
99
124
181
131
189
153
200
229
137
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD2021
60
99 88 85
313
142
Busfor $20m Series B
Grupa Pracuj
$95m Series A ZnanyLekarz
$90m Series E
ICEYE $96m Series C
Eobuwie
$133m
Series A
ZnanyLekarz $20m Series C
Cream Finance $22m Series A
Brainly $30m Series C
Brainly $81m Series D Tylko $26m
Series C
eTravel $18m round
Booksy $29m Series A2
Booksy $70m Series C
Brainly $18m Series B
4
32
15
48 57
75
137
216
88
233
560
302
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD2021
Early Stage VC
Later Stage VC
8. White Star Capital
Share of Deal Volume by Deal Stage Type (2020)
Driving this early-stage activity are seed rounds
specifically, but over the last 5 years, Series A
deals are featuring more and more
8
Source: Pitchbook
Poland Venture Capital: An
Overview
The increasing share of Series A rounds since 2015 is a major indicator
of the potential for the Polish ecosystem
+[xx]%
Growth in share of
deals from 15-20
Spain France
Nether-
lands
Ger-
many Poland US UK
Scand-
inavia
Seed
share
of deals
43% 45% 58% 53% 69% 24% 63% 61%
(42)% (27)% (15)% (9)% (20)% (9)% (12)% (22)%
Series
A share
of deals
42% 32% 27% 26% 25% 24% 23% 18%
183% 26% 33% 11% 450% 6% 31% 33%
Series
B share
of deals
11% 15% 10% 13% 4% 18% 8% 16%
(3)% 59% 62% 13% (8)% (11)% 65% 172%
Series
C+
share
of deals
4% 8% 4% 8% 2% 34% 6% 5%
NM 102% (10)% 15% (54)% 11% 10% 128%
9. White Star Capital
Despite the pandemic, Poland had a record
breaking year for seed funding with capital
invested increasing by 35% in 2020
9
Source: Pitchbook
Poland Venture Capital: An
Overview
Seed funding in 2021 has accelerated further despite COVID related
lockdowns
Selected Seed Rounds
$8.6m
Feb-20
Warsaw
Robotics
$6.3m
Jun-20
Warsaw
Fintech
$5.0m
May-19
Krakow
HR Tech
$6.0m
Jan-16
Szczecin
Gaming
$3.5m
Nov-16
Gdansk
Data & AI
$3.2m
Jun-19
Warsaw
HR Tech
$2.4m
May-18
Warsaw
eCommerce
$3.1m
Mar-19
Wroclaw
eCommerce
2020 Deals
2
27
13
16
30
27
41
36
21
51
69
42
23
45
40
62 65
106
53 58 55
94
112
49
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD2021
Deal Value Deal Volume
Deal Value ($m) and Deal Volume
10. White Star Capital
White Star Capital
2020 was a record year as momentum within
the Series A landscape grows
10
Source: Pitchbook
Poland Venture Capital: An
Overview
This momentum continues in 2021, with H1-21 deal values breaking last
year’s record funding amount
Top Series A Rounds
$10.3m
Jul-20
Wroclaw
HealthTech
$9.0m
Oct-13
Krakow
EdTech
$9.9m
Apr-17
Warsaw
eCommerce
$6.5m
Dec-20
Warsaw
HealthTech
Deal Value ($m) and Deal Volume
2020 Deals
$95.0m
Aug-17
Warsaw
Future of Work
$133.0m
Jul-21
Zielona Gora
eCommerce
Grupa Pracuj
$95m Series A
Booksy
$29m
Series A2
Eobuwie
$133m
Series A
2 0 2
30
16 18 16
134
44
62
76
188
4
1
6 6
11
15
18
21
26
18
28
26
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD2021
Deal Value Deal Volume
$14.6m
Jun-21
Szczecin
SaaS
$28.7m
Sep-19
San Francisco
SaaS
11. White Star Capital
While Series B+ activity remains nascent, we
expect it to grow as the pipeline for Seed and
Series A start-ups continues to mature
11
Source: Pitchbook
Poland Venture Capital: An
Overview
Brainly is a prime example of how the Polish ecosystem can foster market
leaders, having raised $150m to date from Polish and foreign VCs
Top Series B rounds
$22.4m
Mar-17
Warsaw
Fintech
$14m (B1)
Oct-17
Krakow
EdTech
$20m
Oct-16
Katowice
Mobility
$18.1m
May-16
Krakow
EdTech
$11.2m
May-15
Warsaw
HealthTech
$8.0m
Dec-18
Warsaw
eCommerce
Deal Value ($m) and Deal Volume
Busfor $20m Series B
ICEYE $33m Series B
Brainly $30m Series C ICEYE $96m Series C
Brainly $18m Series B
Znanylekarz $90m Series E
Brainly $81m Series D
Booksy $70m Series C
3 2 2
28
42
57
24
18
180
43
3 3
4
7
4
4
9
11
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD2021
Deal Value Deal Volume
12. White Star Capital
Series A and B deal sizes are also growing more
rapidly than any other major European ecosystem,
a testament to the pipeline developing
12
Source: Pitchbook
Poland Venture Capital: An
Overview
In the coming years, we hope to see Seed deal sizes growing in line with
major ecosystems too
Median Deal Size 17-20 CAGR
$[x]m Median deal size (2020)
12%
10%
23%
17%
Seed
Series A
Series B
Series C $31.3m
$21.3m
$7.1m
$1.1m
15%
(1)%
19%
25%
Seed
Series A
Series B
Series C $54.9m
$17.7m
$5.6m
$1.6m
5%
12%
31%
60%
Seed
Series A
Series B
Series C $65.0m
$19.7m
$9.2m
$2.2m
24%
(6)%
5%
95%
Seed
Series A
Series B
Series C $44.6m
$14.4m
$5.2m
$1.2m
Germany
Scandinavia
France
USA
UK
Poland
0%
14%
40%
49%
Seed
Series A
Series B
Series C $2.7m
$2.5m
$1.1m
$0.3m 3%
4%
10%
16%
Seed
Series A
Series B
Series C $54.5m
$25.0m
$8.5m
$2.4m
13. White Star Capital
White Star Capital
Poland has a strong domestic exit environment
supported by significant interest from international
acquirers
13
Source: Pitchbook
Poland Venture Capital: An
Overview
Poland is home to the leading stock exchange in emerging Europe, with
Allegro’s recent $12bn IPO a key highlight
Almost half of all VC-backed companies that have been acquired over
the last decade were acquired by foreign businesses
-
Feb-19
Acq. By SumUp
eCommerce
-
Mar-19
Acq. By Miinto
eCommerce
-
Jul-19
Acq. By Medicover
Wellness
-
Sep-19
Acq. By BlaBlaCar
Mobility
-
Apr-19
Acq. By Fargotex
eCommerce
-
Feb-19
Acq. By Allegro
Fintech
-
Oct-19
Acq. By Everli
eCommerce
$43m
Feb-21
Acq. By Meliuz
eCommerce
Selected M&A
-
May-20
Acq. By Telehorse
HealthTech
-
Sep-20
Acq. By Chiesi
Pharmaceuticals
-
Jan-21
Acq. By Przelewy24
Fintech
-
Dec-20
Acq. By Booksy
SaaS
Selected IPOs
$117m
Jan-21
eCommerce
$109m
Apr-18
Biotech
$73m
Jul-18
SaaS
$24m
Mar-21
Biotech
$42m
Jun-17
HealthTech
$12bn
Oct-20
eCommerce
14. White Star Capital
Poland has many of the indicators to be a future
powerhouse in the European ecosystem
14
Poland Venture Capital: An
Overview
Poland is where the US was 10 years ago, and where more mature
European markets were 3-5 years ago
Total Venture Capital Funding in 2020 as a % of GDP1
1) World Bank GDP Indicators, Pitchbook (total in country VC funding since 2010).
2) European Commission.
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
US
10yrs ago
UK
8yrs ago
France
5yrs ago
Germany
4yrs ago
Spain
3yrs ago
Based on Total VC Funding as a % of GDP, Poland in 2020 is equivalent to:
Scandinavia
5yrs ago
Mature ecosystem Maturing ecosystem
0.05%
0.8%
0.6%
0.5%
0.3%
0.2%
0.1%
Poland US UK Scandinavia France Germany Spain
16. White Star Capital
The White Star Capital model for a venture capital
ecosystem
Ecosystem
At White Star Capital, we believe there are 4 key constituents to the
start-up ecosystem
1. 2.
3. 4.
Market Talent
Government Capital
Naturally occurring, underlying
aspects of the landscape
Key Characteristics
• Technological adoption
• Digital penetration
• Population size and growth
• Tailwinds or headwinds
An abundance of strong founders
and employees, and the underlying
initiatives supporting them
Key Characteristics
• Education
• Major corporates
• Exit cycles
• Diversity
Controllable, human-led
aspects of the landscape
Key Characteristics
• Tax incentives
• Government-led incubators
and hubs
• Regulation
Financing available in the
market
Key Characteristics
• Angel investors
• Presence of funds across
sectors and stages
• Access to international
funding
17. White Star Capital
White Star Capital
Poland is at the centre of Europe, with a large
population and a strong developer ecosystem
17
Ecosystem: Market
286m
Population within a
1,000km radius of Poland2
68%
10-year growth rate of
disposable income4
38m
8th most populated
country in Europe1
44.6hrs/week
Polish developers work
more hours than any
other country5
150%
Level of mobile
penetration in Poland6
#1
In total venture capital
invested in CEE region
over the last 10 years3
2m+
Immigrant arrivals since
2014, highest inflow for
any EU country7
25%
of developers in CEE
region work in Poland8
5) ‘Developer Survey Results 2019,’ StackOverflow.
6) ‘E-commerce Facts and Figures in Poland,’ The Paypers.
7) ‘How Poland’s Golden Age of Economic Growth is Going Unreported,’ Euronews.
8) ‘CEE Developer Landscape 2017,’ Infoshare.
1) United Nations Data.
2) Map Tools.
3) Pitchbook.
4) OECD Data.
18. White Star Capital
Poland has the largest pool of developers in CEE, and
this highly skilled workforce is attracting top tech start-
ups from around the world1
18
Ecosystem: Talent
Why do foreign start-ups choose Poland?
✓ Top English skills
✓ Large stock of highly qualified engineers
✓ Top class education
✓ High security standards
✓ Lower labour costs
32%
18%
15%
14%
11%
5%
5%
SaaS
Big Data & AI
Manufacturing & Industrials
Fintech & Insurtech
Marketing & AdTech
Logistics
Other
65k professional developers and IT experts
3k ICT graduates annually
70k professional developers and IT experts
1.8k ICT graduates annually
48k professional developers and IT experts
1.4k ICT graduates annually
26k professional developers and IT experts
950 ICT graduates annually
330
Foreign VC-backed
companies with offices
in Poland
Where is their HQ? What do they focus on?
Warsaw
Krakow
Wroclaw
Poznan
29%
11%
9%
18%
6%
3%
24%
US
UK
Nordics
DACH
Ireland
Asia
Other
Source: ‘Software development in Poland: major IT hubs, developers, and more,’ N-iX, Pitchbook
19. White Star Capital
Major Corporates Universities Innovation Hubs Select Investors
Poland’s excess of tech talent has meant that many
corporates have also opened offices in the region,
fuelling further innovation
19
Ecosystem: Talent
Poznan
Warsaw
Gdansk Major Corporates Universities Innovation Hubs Select Investors
Major Corporates Universities Innovation Hubs Select Investors
Major Corporates Universities Innovation Hubs Select Investors
Major Corporates Universities Innovation Hubs Select Investors
Wroclaw
Krakow
20. White Star Capital
Many of Poland’s most successful founders are
educated at Poland’s leading universities
20
Ecosystem: Talent
Michał Borkowski
CEO and Co-Founder
Education
Bachelor of Corporate Finance,
Warsaw School of Economics
Mariusz Gralewski
CEO and Co-Founder
Education
BSc Computer Science,
Warsaw University of Technology
Hanna Kokczyńska
CEO and Co-Founder
Education
Industrial and Product Design,
Warsaw Academy of Fine Arts
Wojciech Sadowski
CEO and Co-Founder
Education
BSc & MSc Management,
Warsaw School of Economics
Ivan Klimek, PhD
CEO and Co-Founder
Education
PhD & MSc in Computer Science,
Technical University of Kosice
There are more than 100 universities in Poland, with Poland holding 4th
place in Europe in terms of the number of people enrolled in higher
education, and c.140k graduates in engineering courses1
Janusz Bober
Chairman and Founder
Education
MSc Computer Science,
University of Warsaw
MBA, Oxford Brookes University
Marcin Grzymkowski
CEO and Founder
Education
University of Commerce and Law
in Warsaw
Maciej Artur Noga
CEO and Co-Founder
Education
MSc Marketing & Marketing Strat,
Warsaw School of Economics
Dorota Rymaszewska
CEO and Co-Founder
Education
Polytechnic, Silesian University
of Technology
Business Psychology, Kozminski
University
Lukasz Haluch
CEO and Co-Founder
Education
Masters, University of
Information Technology and
Management in Rzeszow
1) ‘Poland – The Engineering and Technology Hotspot to Lookout For,’ Zinnov.
Selected Founders from Polish Universities
21. White Star Capital
Poland leads Europe for the number of female
entrepreneurs, and is the fifth best in the world1
21
Ecosystem: Talent
40%
of business leadership
positions occupied by
women1
30%
of businesses are owned
by women1
6th
smallest gender pay
gap in the EU of 8.5%2
8th
Place in Economist’s Glass-
Ceiling Index ranking3
Dorota Rymaszewska
CEO and Co-Founder
Agata Frankiewicz
CEO and Co-Founder
Marta Kalenska-
Jaskiewicz
Co-Founder
Kinga Stanislawska
Managing Partner & Co-Founder
Marian Keltika
CFO & Co-Founder
Kaja Rybicka
CBO and Co-Founder
Aleksandra M.
Pedraszewska
COO and Co-Founder
Jagoda Pieścicka
CEO and Founder
1) The Mastercard Index of Women Entrepreneurs – 2020 Report.
2) ‘Gender Pay Gap Statistics,’ Eurostat.
3) The Economist’s Glass Ceiling Index.
Selected Polish Female Founders
22. White Star Capital
Poland’s state-owned investment fund has been
supporting the start-up ecosystem over the last 5 years
through financial and regulatory support
22
Source: PFR Ventures
Ecosystem: Government
• Instruments for every stage of development (from ideation to internationalisation)
• Improvement of the domestic high risk investment market
• One point of contact for start-ups and SMEs
• Set of legal acts facilitating and supporting research & innovative business
activities
How does it help Polish businesses?
• PFR is a state-owned financial group headquartered in Warsaw, which finances
the development of businesses and local communities in Poland
• Start in Poland is a program developed to support the development of start-ups in
Poland, including financial and regulatory support
Who are PFR and what is Start In Poland?
€900m
In AUM
400+
Indirect portfolio
companies
55+
Portfolio funds
• PFR Ventures is a fund of funds manager that invests in venture capital and
private equity funds with the aim to deliver funding to Polish innovative
companies across different growth stages
What is PFR Ventures?
PFR-backed funds
23. White Star Capital
Poland’s NCBR further strengthens the ecosystem by
funding innovative companies through its various
programs
23
Source: Start In Poland, NCBR
Ecosystem: Government
• The National Center for Research and Development (NCBR) is a
Polish government agency created to support the development of
innovation in Poland, offering assistance at all stages, with resources to
entrepreneurs, originators, universities, and investors
What is the NCBR?
• Managed by PFR Ventures and BGK TFI
• Creating 6-9 CVC funds, 50/50 NCBR & corporate investors
NCBR CVC
€200m
NBCR CVC AUM
• Managed by a consortium of VC3.0 and Fin-Crea TFI
• Objective to invest in tech-enabled SMEs
NCBR VC
€250m
NBCR VC AUM
• Commercial VC fund anaged by TDJ and Pitango VC Fund
• Objective to invest in innovative tech-enabled Polish
companies with global development professional
€50m
TDJ PITANGO AUM
Other NCBR programmes supporting innovative Polish businesses
• EU grants for innovation: grants aimed at supporting entrepreneurs innovations
financed by the EU
• PCP for EU Green Deal R&D: pre-commercial procurement (PCP) which consists in
ordering R&D works that result in the creation of a product or technology
• National strategic programs: high budget program to advance the state’s scientific
and innovation policy
• National defence security program: financing projects that promise the greatest
increase in national security
• International cooperation: financing international projects with the participation of
Polish beneficiaries
• Co-investment fund supporting the development of Polish
SMEs commercialising R&D
NCBR Investment Fund (“NIF”)
€130m
NIF AUM
24. White Star Capital
Start-up Poland is a think-tank to raise awareness of the
economic potential of start-ups and represent them in
regulatory processes
24
Source: Start-up Poland
Ecosystem: Government
• Building awareness on the potential of Polish start-ups amongst decision makers,
politicians, media and local as well as global investors
What is Start-up Poland’s purpose?
• Identify and eliminate systemic barriers in Polish legislation limiting rapid growth
and development of start-ups
• Educating global investors on the Polish ecosystem, thereby facilitating
investments in the region
• Supporting growth of entrepreneurship by accelerating development of local
financing infrastructures
How does it help Polish businesses?
€2.6bn
Value of investors they
educated on Poland
100+
Key engagements with
EU and Polish legislators
500+
Published pages of the
Polish start-up ecosystem
3000+
Profiles compiled on
Polish start-ups
Achievements to Date
Worked on The Digital Single
Market policy, supporting
€415bn market
Created the Chief Technology
Officer position in the Polish
administration
Vetoed the adoption of the
Copyright Directive
Distribution of their financial backers
Google
25%
Other
Corporates
11%
Government
Organisations
38%
Financial
Organisations
14%
Other
Contributers
12%
Sample Reports
25. White Star Capital
Marek Rusiecki
Poland has its own community of high quality angel
investors supporting start-ups from the very earliest of
stages
25
Ecosystem: Capital
An increasing number of founders are now dedicating time and capital to
supporting the next generation of Polish founders and start-ups
Maciej Filipkowski
Kasia Wierzbowska
VC fund that co-invests with 300+ Business Angels - €3.3m AuM
Founded by the Women’s Entrepreneurial Network
Daniel Lewczuk
Michał Borkowski
Mariusz Gralewski
Maciej Noga
Alina Prawdzik
Professional business angel network led by Robert Lugowski
Club of about 50 angels investing between €20-450k
26. White Star Capital
There are now a multitude of seed funds now operating
in Poland driving much of the VC activity to date
26
1) Pitchbook.
Ecosystem: Capital
Of the 80 local funds in Poland, 43% are Seed funds, 4 of which were
launched in the last year1
Founded 2017
Selected Investments
Founded 2012
Selected Investments
Founded 2017
Selected Investments
Founded 2019
Selected Investments
Founded 2010
Selected Investments
Founded 2018
Selected Investments
Founded 2015
Selected Investments
Founded 2018
Selected Investments
Founded 2008
Selected Investments
Warsaw Warsaw Warsaw
Warsaw Warsaw
Warsaw
Krakow
Krakow Gdansk
27. White Star Capital
Early stage
Generalist
Stage Agnostic
Generalist
Foreign VCs are also playing a critical role,
investing more than $920m since 2015…
27
Ecosystem: Capital
The percentage of start-ups financed by foreign venture capital or
accelerators sits at 3-5%1
Early stage
Generalist
Pre-seed, Seed, Early Stage
Generalist
Early stage
SaaS
Early stage
Fintech & Insurtech
Other Foreign Investors with a Presence in Poland
$920m
1) ‘Polish start-ups 2020 COVID Edition Report,’ start-up Poland.
2) Pitchbook.
Total raised by Polish start-ups with foreign investors since 20152
35%
17%
9%
4%
3%
27%
5%
United States
United Kingdom
Germany
Netherlands
France
Other EU
Asia
28. White Star Capital
Founded 2019
Selected Investments
Warsaw
Founded 2007
Selected Investments
Warsaw
Founded 2008
Selected Investments
Warsaw
…and a strong pipeline for Series A and B rounds
is developing
28
1) Pitchbook. Based on median share of seed stage rounds from 1-Jan-2015 to 31-Dec-2020, that go on to raise a total funding amount of
$5m+, $10m+ and $25m+
Ecosystem: Capital
The later funding landscape will need to catch-up to ensure this
ecosystem can properly mature
% of Seed Stage Start-ups that Raise $5m, $10m and $25m1
Selected Later Stage Funds
Founded 2015
Selected Investments
Founded 2008
Selected Investments
Poznan UK / Poland
Founded 2014
Selected Investments
Warsaw
3%
17%
9% 9%
17%
11%
3%
8%
2%
17%
5%
7%
16%
7%
4%
6%
1%
12%
4% 4%
10%
5%
3% 2%
Poland United States United
Kingdom
France Germany Netherlands Spain Scandinavia
$5m - 10m $10m - 25m $25m+
29. White Star Capital
HR +
EdTech
Pracuj Group
Fintech mBank
Fintech Bank Polski
Energy PGE Capital Group
Energy PGNiG Group
Fintech Alior Bank
Food /
Energy
Nouryon, Bühler
Group, Royal Cosun,
Akzo Nobel
Generalist
SpeedUp Group, PFR
Ventures
Energy
Tauron Polska
Energia, PFR
Ventures
Corporates are also dedicating capital to start-ups too in
order to foster innovation within their own sectors
29
Source: ‘Polish and CEE tech ecosystem outlook,’ Dealroom & PFR.
1) Pitchbook.
Ecosystem: Capital
Despite being a fairly recent development in Poland, CVCs have already
deployed c.$60m in 110+ companies1
CVC Sector LP Sample Investments
30. White Star Capital
Despite the impact on businesses globally, Polish
start-ups proved resilient to COVID-19 over 2020
30
Ecosystem: Capital
Resilience came through strong ecommerce and healthcare sectors -
online retail sales grew 25% YoY,1 while healthcare businesses received
c. €40m of overall funding during 20202
25%
of funding went to healthcare
and ecommerce businesses in
20206
2.5x
Rate at which Polish digital
economy grew in H1-20
compared to previous 2 years5
Top Polish Funding Rounds in 2020
$70m
Series C
Nov-20
$81m
Series D
Dec-20
4) ‘Polish VC market outlook 2020,’ PFR Ventures & Inovo.
5) ‘Poland digital economy surges after COVID-19 outbreak: report,’ Poland In.
6) Polish VC market outlook 2020,’ PFR Ventures & Inovo.
€235m
Capital invested in Polish
companies during 20203
1) ‘Ecommerce in Poland breaks records,’ Ecommerce News.
2) ‘2020 was a record year for VC investment in Poland,’ Sifted.
3) ‘Pitchbook.
70%
Increase in investment value
compared to 20194
$97m
Series C
Sep-20
32. White Star Capital
Could you tell us a bit about yourself and what you were up to prior to founding Packhelp?
I studied at the Warsaw School of Economics before working at one of the largest digital marketing
agencies in Poland. I then founded a software house and digital marketing agency with my friends
before Packhelp.
What motivated you to launch Packhelp?
Well myself and my co-founders were very well aware of the packaging industry given our
backgrounds and having worked with online stores, and we were very passionate about e-Commerce
in general. We had seen the dominance of Amazon in the US and the UK, but also the huge Direct-to-
Consumer (D2C) scene that was developing and we had built dozens of these online shop fronts for
customers on WooCommerce and Magento.
During this time, we started to notice how difficult it was for these smaller D2C shops to get access to
packaging as manufacturers needed large minimum orders to make it worth their while, and
customised offerings and customer service wasn’t great. So we launched Packhelp!
What was the funding landscape like at that moment in time?
It was slowly growing as there were a few other things happening at this time. We were starting to see
an increasing amount of European capital coming into the country and it was being deployed by ex-
entrepreneurs who had built successful businesses before and so the capital was also coming with a
great deal of experience. Because of this, it was becoming more popular to start a business as
bootstrapping wasn’t the only option. There were also some real success stories making headlines
such as Docplanner and Estimo and so it was getting more popular to launch a start-up.
Is there anything about being based in Poland that has given you an advantage vs
competitors?
The impact that Amazon and Ebay had on Western Europe wasn’t really happening in CEE. CEE was
not a focus for Amazon, and Ebay was not successful in Poland. Allegro became the main player here,
but what this meant was that e-Commerce was far more fragmented with many more smaller online
marketplaces (such as Showroom and Mustache) or direct to consumer brands. It was a great place
for us to launch and try out our proposition. You also had the talent. Great developers that had worked
at major US start-ups were returning to the region, and they were also cheaper. Everyone speaks
English here too which was a major plus.
There was also a rich infrastructure for packaging and lots of Western companies utilised the industrial
elements of Poland. Poland has always been almost like a factory for Europe. If you weren’t
manufacturing in Asia, then you were doing it in CEE, and so this was a huge benefit for Packhelp.
Packhelp currently serves customers throughout Europe, when did you start and why?
As mentioned, we were seeing the D2C trend all over the world, and so we knew if it could work in
Poland, it could work everywhere else. As we did our research, we learnt that we were perfectly
positioned in Europe. There was low competition, and our software component and access to talent
gave us a real price arbitrage so we could be very competitive with pricing. We also had a great deal
of experience in digital marketing so we were able to get our first customers in Europe very easily.
In a conversation with Packhelp’s co-founder and
CEO Wojciech Sadowski
View From Our Founders
“We were starting to see an increasing
amount of European capital coming into
the country and it was being deployed
by ex-entrepreneurs who had built
successful businesses before”
33. White Star Capital
In a conversation with Packhelp’s co-founder and
CEO Wojciech Sadowski
View From Our Founders
Looking back to your first fundraise, how do you think the funding environment has changed?
I mentioned before that there was more capital coming into Europe and there were some great start-
ups raising, but raising our first seed round from Speedinvest was still very tough. There were still few
VCs in general, and European VCs weren’t yet visiting Poland except for a few ie. Pointnine as we still
weren’t a popular country for tech investors. But everything changed after UI Path and it pushed
people to want to consider CEE as a great start-up ecosystem.
What do you think the ecosystem still needs in order to reach the scale of other more mature
regions?
Firstly I would say commercial knowledge and due diligence. 5 years ago, it was very hard to find
someone who really understood what the key KPIs were. New seed stage founders today who are
looking for funding, most of them understand everything around unit economics or traction. The
dynamics of the knowledge sharing element in the ecosystem is increasing exponentially and this will
be critical.
Secondly, the risk vs data gap still needs work. Bootstrapping is not as easy as it once was before. We
need to continue to capitalise on the exits, and pump this money back into the ecosystem. Really, we
need 1 or 2 more loops of really solid founders building great businesses, exiting and reinvesting into
the region to really take things to the next level.
What advice would you give to any Polish founders starting out that you wish you had when
you were launching Packhelp?
Commercially, try to find customers beyond Poland as quickly as you can. It’s so easy to do from
Poland giving where we’re located and the talent that’s available as so many people speak different
languages here, it opens up your TAM and makes your proposition more attractive overall.
I think we also need to continue to work hard in building the ecosystem and we need to get more
engaged. Not just with events, but we should be trying to exchange knowledge better. Many of us are
networking a lot with foreign entrepreneurs, we should be pushing this knowledge back into the
ecosystem. Try to find time for more 1 on 1s, as in the long run, this will reap so many benefits.
Any predictions for Poland that you would like to share?
Amazon will change a lot in Poland, they’re entering the region and it is creating huge waves across
the country. It will create a huge distribution channel to sell outside of Poland. Allegro is also hiring
people like crazy and investing in start-ups too. Their recent IPO, along with Inpost created a lot of
interest for more foreign capital with PE and hedge funds, and Zabka, the largest convenience store is
rumoured to be IPOing. They have a huge tech component and this will only serve to bring further
interest. For example, the Estonian tech mafia are really pushing into Poland, I have high hopes that
their knowledge and experience will really help the ecosystem
On the other hand, given COVID and the remote working phenomenon, the globalisation of software
teams has meant that it is harder than ever to hire developers as it is right now, what this will mean
going forward I am not sure, but this is a key strength of the region that is definitely changing.
“We need to continue to capitalise
on the exits, and pump this money
back into the ecosystem… to really
take things to the next level.”
34. White Star Capital
Could you tell us a bit about yourself and what you were up to prior to founding
Uncapped?
I studied at the Warsaw School of Economics and did my Master’s at LBS (London Business
School).I then joined Citi and then Google as a Financial Analyst before moving into VC
where I spent a few years with Finch Capital and DN Capital investing in fintech.
What motivated you to launch Uncapped?
As a VC, I met 100s of companies that didn’t fit the VC business model but were great
businesses. I was also seeing new ways to fund businesses with very interesting models,
such as Shopify Capital or Clearbanc but these were missing from Europe.
Why did you decide to split the team between the UK and Poland?
At the time, Polish salaries were much cheaper than in the UK and so hiring top quality
engineering talent was easier in Warsaw than it was in London. This is changing though,
because the acceleration to remote work has meant that salaries in Poland have increased
significantly and the cost piece may not be as worth it. I would also say that the talent pool
however in Poland is not that varied, and so getting access to good product and marketing
talent too which is just as important, plus London being the fintech capital, meant that I also
wanted to be in the UK too.
How are you adapting to the remote world then?
We have gone fully remote. I do not think you can do a half way thing, and what’s really
helping us to make it work is that we strive to do as much knowledge sharing on shared
channels on Slack.
Looking back to your first fundraise, how do you think the funding environment has
changed?
It’s slowly improving. If Polish founders want to build global businesses, then they still need
to consider looking abroad as the ecosystem is still very young here.
In a conversation with Uncapped’s co-founder and
CEO Piotr Pisarz
View From Our Founders
“If Polish founders want to build
global businesses, then they still
need to consider looking abroad as
the ecosystem is still very young
here.”
35. White Star Capital
What do you think the ecosystem still needs in order to reach the scale of other more
mature regions?
We still need more of the successful ex-entrepreneurs coming back to invest into the
ecosystem. We’re also missing the more recent tech exits. Hopefully in the coming years
there will be more and this will really help the ecosystem
What advice would you give to any Polish founders starting out that you wish you had
when you were launching Packhelp?
Polish founders need to advise other younger companies on fundraising and help to
increase their access to international VCs
Any predictions for Poland that you would like to share?
I’m seeing more and more Polish founders building global companies. Fintech seems to be
particularly interesting, where companies like Ramp.network, Symmetrical or Fiat Republic
have Polish founders but attacking global problems
In a conversation with Uncapped’s co-founder and
CEO Piotr Pisarz
View From Our Founders
“We still need more of the
successful ex-entrepreneurs coming
back to invest into the ecosystem.”
37. White Star Capital
Introduction to White Star Capital
A Global Technology Investment Platform
White Star Capital is a global fund investing in Series A and B.
Our footprint is global: we have 8 offices in Guernsey, New York, Paris, London,
Montreal, Toronto, Tokyo and Hong Kong.
We are partnering with exceptional entrepreneurs with global ambitions and leverage
our extensive experience and international network to help them scale their business
internationally. Our investments across the world include Dollar Shave Club, Meero,
Tier Mobility, Parsley Health, Butternut Box and Freshly.
3 Continents
With a presence in
North America,
Western Europe and
Asia, we invest in
early-stage
technology
companies with
global ambitions
I18N
We leverage our
experience founding
and scaling
businesses to
support the
internationalisation
of our start-ups
Track Record
Our current funds
have close to $300m
under management
and a portfolio of 25+
core companies
which have raised
over $1bn+
Team
An ideal balance
between
entrepreneurial and
operational
experience with
financial and M&A
experience
Global Presence and Portfolio
37
Physical Hubs Core Hubs
France, Germany, ROE
United States
Canada
UK and Nordics
SEA
38. White Star Capital
White Star Capital Portfolio
Companies
38
Partnering with White Star Capital
Company Description
Uncapped is an alternative financial lender catering to internet businesses by providing
rapid and flexible access to capital to finance their growth, which is repaid through a
revenue share agreement
Investment Rationale
Uncapped has first-mover advantage in Europe with their first product focused on digital
advertising financing. This market was worth €55bn in 2018 and has been growing 15% yoy,
representing a massive opportunity and a clear runway to building a sizable loan book
Venture capital and other alternative lending solutions can be expensive, inflexible, slow and
lacking in additional benefits or product specificity. Uncapped is building a platform to
address these financing needs with quicker, more flexible and more efficient financial
products
Founders have a great deal of experience with internet companies and deep knowledge of
the business funding landscape, crucial for customer acquisition and product design
2019
Stage Invested Total Raised
WSC Invested In
Seed $92m
Our Outlook on Similar Fintech Opportunities
Uncapped is part of a new generation of alternative lenders that provide financing and
services to businesses currently underserved by traditional banks
Through our experience in investing in e-commerce/DTC companies (e.g. Dollar Shave
Club, Freshly and Butternut Box), we have become increasingly interested in products that
will prove critical to the underlying infrastructure of online businesses
HQ: London, United Kingdom
Piotr Pisarz
CEO / Co-founder
Asher Ismail
COO / Co-founder
39. White Star Capital
White Star Capital Portfolio
Companies
39
Partnering With White Star Capital
Company Description
Europe’s leading managed marketplace for custom packaging, connecting SMEs that
require highly customized packaging, with printing and packaging suppliers that need
volume. Users can develop their packaging using an online editing tool and receiving their
orders within 2-21 days.
Investment Rationale
Packaging is a central focus for any brand’s retail strategy and is becoming seen as an
extremely effective marketing channel.
Due to this, the custom packaging market has rapidly grown over the last decade, particularly
among SMEs.
A B2B marketplace puts the consumer at the center of their own design process and
provides transparency around pricing, quantities, etc.
Our Outlook on Similar Industry Tech Opportunities
We are very excited about businesses focusing on the consumerization of enterprise – using
B2B marketplaces to provide a transparent view into an otherwise opaque process.
2018 Series A $13m
HQ: Warsaw, Poland
Wojciech Sadowski
CEO / Co-founder
Maciej Zajac
CSCO / Co-founder
Stage Invested Total Raised
WSC Invested In
