bValue Fund

bValue Fund is a venture capital firm based in Warsaw, Poland, focused on investing in pre-seed, seed, and early-stage companies across various sectors. Established in 2016, the firm primarily targets enterprises within the CEE region, particularly in Poland and Ukraine. Its investment strategy emphasizes industries undergoing digital transformation, including hi-tech, engineering, fintech, logistics, healthcare, and e-commerce. bValue Fund typically invests between €0.25 million and €1 million in companies that demonstrate potential for growth, preferably those with recurring revenues or a minimum viable product. The firm seeks minority stakes in its portfolio companies and leverages the extensive experience and networks of its management team and investors to help businesses scale and navigate challenges. With a diversified portfolio, bValue Fund aims to support innovative solutions that have the potential to become global leaders.

Marcel Animucki

Investment Manager

Maciej Balsewicz

Managing Partner

Eryk Frontczak

Investment Associate

Leszek Orlowski

Investment Director

Mateusz Szczepaniak

Investment Manager

25 past transactions

XVision

Seed Round in 2022
XVision is an automated x-ray analysis application that assists radiologists by providing accurate interpretations of medical images

Shopstory

Funding Round in 2022
A visual building experience inside your headless CMS. Shopstory is the first app for headless CMS ecosystem that adds a new field type — a visual content builder. Precisely decide which part of your e‑commerce can be built visually and enable it within minutes.

HeavyFinance

Pre Seed Round in 2021
HeavyFinance operates a crowdlending platform that connects farmers with retail and institutional investors, facilitating access to financing for agricultural needs. The platform enables farmers to secure mortgage loans backed by assets such as heavy machinery in the farming, forestry, and infrastructure sectors. It offers various benefits for both parties, including flexible repayment options and the opportunity for farmers to repay loans early without fees. Investors are presented with investment-backed assets and can expect double-digit returns, supported by risk reports, statistics, and project summaries that ensure transparency. By underwriting farmers and servicing loans, HeavyFinance creates a streamlined process for raising capital and investing in agricultural projects.

Placeme

Seed Round in 2021
Placeme develops an application which offers location services. The company is headquartered in Warsaw, Poland.

BerlinGreen

Seed Round in 2021
BerlinGreen is a Berlin-based company specializing in the development and sale of smart indoor gardening technology. Their flagship product, the GreenBox, enables individuals to cultivate salads, herbs, and other plants in compact spaces, making gardening accessible even in small or dark apartments. The GreenBox utilizes advanced features such as an automated daylight system, sensors, and LED technology to provide optimal light conditions for plant growth. Additionally, it incorporates smart watering mechanisms that require irrigation only once every two to three weeks, with user reminders facilitated through a dedicated application. By promoting sustainable gardening practices, BerlinGreen aims to enhance the health and green ambiance of homes and offices.

Your KAYA

Seed Round in 2020
Your KAYA is a sustainable brand that specializes in eco-friendly intimate hygiene products designed specifically for women. The company offers a range of personal care items, including sanitary pads, tampons, menstrual cups, and intimate hygiene lotions. All products are made from organic, certified cotton and are free from toxins, synthetic additives, dyes, and fragrances, ensuring that they are safe and gentle for sensitive skin. By utilizing a subscription model, Your KAYA provides convenient access to these essential products, allowing customers to receive them regularly without the hassle of reordering. The brand focuses on promoting health and wellness while minimizing environmental impact.

Roq.ad

Seed Round in 2019
“Identity as a service with German precision and global reach”. Roq.ad’s technology creates an accurate and up to date “map” of (almost) all digital devices used in a specific country. Linking all these devices correctly to individuals and households creates a rich “Identity Graph” powering the open Internet. Roq.ad originally had two product lines. In 2018, we split the company into two separate entities and sold the larger, lower margin, part of our business to our largest customer. Since then we focused on the enterprise SaaS part of our business, delivering identity resolution products to our customers. We started the enterprise SaaS business in 2017 Germany, expanded to Europe in 2018 and launched in the US in 2020. Our teams are located in Berlin, Germany / Poznan, Poland / Vilnius, Lithuania and San Mateo / US.

ADVISE

Seed Round in 2019
An automatic ADVISE engine will scan the landing page and suggest you what can be changed to increase conversion rate.

Fluentbe

Seed Round in 2019
Fluentbe Sp. z o.o. operates as an online English language school. The company offers courses, including general English; intensive general English; and preparation for FCE, CAE, CPE and TOEFL exams with beginner, elementary, intermediate, advanced, and master proficiency levels. Its classes take place online, using video chat, and in small groups which enables users to learn anywhere in the world with the online study material. The company was founded in 2015 and is based in Warsaw, Poland.

Nova Tracking

Seed Round in 2018
We are technology company that acts as an integrator and solution provider for theTransport&Logistics sector. We provide solutions for transport and forwarding companies, producers, distributors and retail chains. We develop and implement modern technologies that automate the management of logistics processes.

PushPushGo

Seed Round in 2018
PushPushGo sp. z o.o. is a Krakow-based company established in 2016 that specializes in developing a Software as a Service (SaaS) platform for web push notifications. This GDPR-compliant platform allows e-commerce businesses, marketing agencies, and bloggers to engage with their audiences through targeted notifications on both desktop and mobile devices, bypassing the need for traditional email communication. PushPushGo's software enables users to segment their audience, automate marketing campaigns, and track advanced analytics to optimize their strategies. The platform serves a diverse clientele, ranging from small enterprises to prominent brands, offering features such as abandoned cart recovery, audience insights, loyalty building, and customer engagement surveys. Additionally, PushPushGo provides 24/7 customer service and IT support to ensure a seamless user experience.

Tidio

Seed Round in 2018
Tidio is a startup based in Szczecin that has been operational since 2014. The company specializes in providing a live chat solution designed to facilitate real-time communication between businesses and their customers, ultimately aiming to enhance sales. Tidio has achieved notable milestones, including winning the InCredibles acceleration program in 2017, which is aimed at supporting promising Polish startups. Additionally, since 2018, the company has received backing from bValue, one of Poland's largest venture capital firms. With a focus on growth and customer engagement, Tidio continues to establish itself in the competitive landscape of customer support solutions.

bNesis

Seed Round in 2017
bNesis operates in the technology sector, focusing on developing an API platform that facilitates the integration of various services for its users. By creating a unified API, bNesis enables seamless data transfer from multiple sources, including payment systems, eCommerce platforms, social media, and credit bureaus. This integration simplifies the process for financial institutions, allowing them to automate credit applications and improve the accuracy of their scoring systems. Users can easily apply for credit online, providing access to their financial data through a few simple steps. The platform analyzes this data using multiple scoring engines, resulting in quicker credit decisions and enhanced accuracy. bNesis’s solutions not only save time and resources on integrations but also help banks reduce bad debts and improve their overall income. The company is headquartered in L'Eliana, Spain.

Purella Food

Seed Round in 2017
Purella Food sp. z o.o. produces food products using chlorella, freshwater algae. The company produces chlorella food products in the form of tablets and powders, snacks, cookies, energy bars, smoothies, and drinks. The company was founded in 2015 and is based in Warsaw, Poland.

Senuto

Seed Round in 2017
Senuto Sp. z o.o, established in 2013 and located in Warsaw, Poland, specializes in providing a SaaS-based suite of tools designed for comprehensive SEO support. Its offerings include five main modules: visibility analysis, which leverages 20 million weekly phrases to assess Google search page visibility; a keyword database featuring 100 million phrases that can be filtered based on various criteria; SEO audits comprising ten detailed reports to enhance site compliance with search engine standards; a collection of 33 tools aimed at automating routine SEO tasks; and smart content planning to optimize content strategies. Senuto's tools assist businesses in analyzing and improving their SEO activities effectively.

SEEDiA

Seed Round in 2017
SEEDiA Sp. z o.o. manufactures solar benches and solar charging stations for charging mobile devices, Wi-Fi hotspots, heated seats, radio, light-emitting diodes (LEDs), and paper screens. The company's products are offered to airports, hotels, and shopping centers The company was founded in 2016 and is based in Krakow, Poland.

CallPage

Venture Round in 2017
CallPage sp. z o.o. is a technology company based in Warsaw, Poland, that specializes in developing a widget designed to enhance communication between website owners and potential customers. This tool facilitates real-time callback requests from website visitors, aiming to increase sales leads significantly. The widget analyzes user behavior on the website, providing insights that can optimize sales opportunities. Key features include call recording, integration with customer relationship management (CRM) systems, SMS notifications, customizable designs, and comprehensive reporting. CallPage serves a diverse clientele, including online stores, service providers, and companies in sectors such as insurance, banking, and real estate, helping them convert website traffic into inbound sales calls and ultimately boosting their conversion rates and revenue.

Shoplo

Venture Round in 2017
Shoplo sp z o.o. provides Shoplo Store, an e-commerce platform that allows retailers to open their store online. The company also offers Shoplo Multichannel that allows users to offer their products via online store, marketplaces, and other sales channels; Shoplo Chat, a real time chat that allows users to get to know their customers’ expectations and build relationships; and a mobile application. The company was founded in 2012 is based in Warsaw, Poland. As of February 12, 2019, Shoplo sp z o.o. operates as a subsidiary of SumUp Payments Limited.

Jobsquare

Seed Round in 2017
Jobsquare Sp z o.o. is a Warsaw-based company that operates a mobile job search platform specifically designed for low-skilled workers, such as waiters, caterers, salespeople, and physical laborers. Established in 2015, it is the first and only mobile job search application of its kind in Poland. The platform facilitates immediate contact between job seekers and employers, boasting over 140,000 active profiles and more than 7,000 employers offering around 25,000 job opportunities. Jobsquare serves users in both Poland and Ukraine, aiming to modernize recruitment solutions with a user-friendly tool that simplifies the job search process. The company focuses on innovation while addressing the needs of the job market, positioning itself as a leader in connecting job seekers with employment opportunities.

CallPage

Seed Round in 2016
CallPage sp. z o.o. is a technology company based in Warsaw, Poland, that specializes in developing a widget designed to enhance communication between website owners and potential customers. This tool facilitates real-time callback requests from website visitors, aiming to increase sales leads significantly. The widget analyzes user behavior on the website, providing insights that can optimize sales opportunities. Key features include call recording, integration with customer relationship management (CRM) systems, SMS notifications, customizable designs, and comprehensive reporting. CallPage serves a diverse clientele, including online stores, service providers, and companies in sectors such as insurance, banking, and real estate, helping them convert website traffic into inbound sales calls and ultimately boosting their conversion rates and revenue.