Hedgehog Fund

Industries: online projects with a particular focus on marketplace, e-commerce, B2B and SaaS models. We also have several projects in our portfolio from the gaming (Fuero Games) and hard technology (Silvair) industries to build a diverse portfolio.

The Hedgehog Fund invests in promising businesses at an early stage of development. The entity was established in 2013 as a joint venture of the founders of Grupa Pracuj (owner of, among others, the Pracuj.pl portal) and Benefit Systems. Over time, private investors gradually joined the fund (there are 24 of them in total). The fund's founders have experience in the development of companies such as Arris, Arthur Andersen, BCG, Benefit Systems, Dell, Euronet, First Data, Google, Grupa Pracuj, McKinsey, Netia, Pepsi-Cola, PwC, Samsung, Smyk, WizzAir, and others.

What stage the project must be in:  At least MVP / prototype. We do not invest in projects at the idea stage. We are aware of the huge difference between an idea and its implementation. It is best if the project already has its first customers, is carrying out some transactions, is selling so that we can check the business indicators.

Investment amount: from 200,000 PLN to 3 million PLN in tranches

Investment examples: hedgehogfund.pl/portfolio

The fund's biggest investment success is the exit from 2 projects (out of 12 owned by the fund), including Allani with a 6x return within 2 years. No spectacular failures yet

The biggest advantages and disadvantages of Polish originators: we try not to pigeonhole entrepreneurs. Polish entrepreneurs are not a homogeneous group. There are both very experienced and well-prepared ones, as well as those who have not done their “homework”