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Investing in startups with
world-changing potential

Investments


We have invested over PLN 70 million in 10 portfolio companies so far. The average investment ticket was PLN 7.4 million.

Strategy


In 2025, together with PFR KOFFI and individual investors, we launched a new fund with a total capitalization of PLN 86.8 million.

We invest in solutions that meet the following criteria:

  • Stage: Late Seed / Pre-A (Growth Phase)
  • Sectors: Fintech, Insurtech, Medtech, and other high-growth potential industries
  • Launched Product with Early Paying Customers
  • Scalability: Strong potential for international expansion
  • Sustainability: Ability to reach operational break-even before the next funding round
  • Investment Ticket: PLN 4–12 million

For Founders


We are looking for highly scalable companies offering digital solutions with global potential—solutions that address real, everyday customer problems or provide services that were previously unavailable to them, in both B2B and B2C models.

Team

  • Ambitious (relentless and determined)
  • Resourceful, able to achieve a lot with limited resources
  • Optimally, two or more co-founders

Product

  • Solves a real problem 10x better than existing solutions
  • Works, and customers are willing to pay for it
  • The company has a clear vision for further development

Market

  • Large market potential or a sufficiently big niche with limited competition
  • International scalability potential

Team


4growth VC is built by a professional team of managers with years of experience in banking, insurance, and investment sectors.

  • We have successfully executed 10 investments with a total value of over PLN 70 million.
  • Our team has been working together for over 6 years.
  • We have gained experience in executive roles within the financial sector.
  • Our expertise spans VC, M&A, CVC, innovation, strategy, and finance.
Krzysztof Bachta

Krzysztof Bachta

Managing Partner
Marcin Jaszczuk

Marcin Jaszczuk

Managing Partner
Tomasz Biłous

Tomasz Biłous

Managing Partner

Marcin Herman

Communications Manager

Our Edge


Experience

We share our expertise gained from previous organizations.

Relationships

We have a broad business network, especially in the financial sector.

Support

We are always available when needed—actively collaborating daily and within supervisory boards, regardless of the topic.

Trust

We build mutual trust with founding teams through close collaboration.

Partners


News


BidFinance Secured EUR 1.6 Million to Digitize Debt Trading Market and Fuel International Expansion

15 April 2025

Warsaw-based fintech startup BidFinance, the creator of an innovative auction platform for trading debt portfolios, has raised EUR 1.6 million in funding from venture capital funds 4growth VC, FundingBox, and a group of business angels. The capital injection will enable BidFinance to further strengthen its position in the Polish market and accelerate its international expansion, revolutionizing the debt trading process.

BidFinance has successfully introduced a unique solution to the Polish market, digitizing and standardizing the debt portfolio trading process. The platform connects sellers (including banks, loan companies, telecoms, leasing firms, and energy companies) with potential buyers (collection agencies, investment funds, and law firms). Leveraging an innovative auction model, BidFinance enhances transaction transparency, maximizes sellers’ sale prices, and lowers buyers’ entry barriers.

“The key advantage of our solution over the traditional debt portfolio sales model is the maximization of the seller’s price. One of our clients previously sold its debt portfolios at an average of 15% of their value. After listing the portfolio on our platform, the price increased to 26%. So far, the maximum added value to the portfolio’s starting price during an auction has exceeded 80%,” explains Zenia Karastoyanov, CEO of BidFinance. “This is made possible by providing sellers with access to the entire buyer market; our platform has nearly the entire debt portfolio buyer industry registered. Additionally, conducting real-time auctions creates a competitive environment where buyers genuinely compete for the offered debt portfolio,” he adds.

Since its inception, the company has completed over 70 transactions, with the total value of listed debt portfolios exceeding PLN 1.2 billion. Currently, nearly 70 active buyers are registered on the BidFinance platform, representing 90% of the market. Some of them previously sold their portfolios on average once a year, and after joining BidFinance, they do it several times more frequently.

“The secured funding will enable further platform development and significantly scale our operations in Poland. We are also intensively preparing for international expansion – we will conduct the first auctions outside the Polish market in the second quarter of this year,” adds Zenia Karastoyanov. “We are excited about collaborating with the 4growth VC team. Having an investor with a banking and insurance background will strengthen our credibility and market position. We also see numerous business synergies: we fit into the fund’s strategy of investing in fintech. We appreciate the financial and international experience of the 4growth VC management team.”

BidFinance plans to enter the Nordic countries first, where the annual unsecured debt sales are estimated at EUR 8-10 billion. The company expects to generate its first international revenues in 2025, thanks to existing collaborations with European entities. BidFinance projects that by 2028, the Polish market will account for only 20% of its total revenue.

“Investing in BidFinance aligns perfectly with our investment strategy. The company has developed a solution that not only digitizes but also significantly improves the efficiency of existing debt portfolio sales processes. Moreover, it has been positively validated by the market. We believe that this technology, combined with an ambitious team, gives the company the opportunity to become an international category leader,” says Tomasz Biłous, Managing Partner at 4growth VC.

The European market for unsecured debt trading has enormous potential, with annual transaction volumes estimated at EUR 70-80 billion for banks and an additional EUR 15-20 billion for non-banking institutions. In Poland alone, the market is valued at approximately PLN 12.6 billion, with PLN 9 billion attributed to banks and credit unions and PLN 1 billion to loan companies. Despite this significant scale, the market still faces challenges related to low process standardization and limited digitization.

“The company’s past performance validates the auction platform’s assumptions for debt portfolios in the Polish market. BidFinance’s solution has been very well received by both sellers and buyers. The company is now entering the next phase of development in international markets. We strongly believe in and support BidFinance’s ambition to become a regional champion” says Tomasz Mazuryk, Managing Partner at FundingBox Deep Tech Fund.

BidFinance, through its innovative auction model, perfectly aligns with the global trend of digitizing sales processes and meets the growing demand for effective solutions in this area.

About BidFinance

Founded in 2022, BidFinance is led by Eugene (Zenia) Karastoyanov, an entrepreneur and manager with extensive experience in the financial industry at companies such as Deloitte Poland, Corviglia Capital, and MCI Capital. The company’s initial investor was Digital Ocean Ventures, a venture builder owned by the WP2 Investment fund. Subsequent investors include FundingBox Deep Tech Fund, a group of business angels, and 4growth VC.

4growth VC Forms Partnership with NCBR Investment Fund

22 December 2021

Co-Investments in Innovative Tech Projects in Finance and Insurance Sectors – the Main Goal of the New Partnership Between NIF and 4growth VC

Co-investments in innovative technological projects in the financial and insurance sectors are the main objective of the new collaboration initiated between NCBR Investment Fund ASI S.A. (NIF) and 4growth VC. The two parties have signed a partnership agreement and plan to pursue joint investments.

“We are continuously expanding our network of strategic Investment Partners to leverage shared experiences and reach new, promising and future-oriented areas of the economy. The partnership with 4growth VC opens excellent investment opportunities in the financial and insurance sectors, both of which hold tremendous potential for growth through new technologies and the digitalization of services,” said Krzysztof Szubert, CEO of NIF.

“The combination of private capital, represented by a fund like 4growth VC, and the resources of NCBR Investment Fund as a co-investor, will undoubtedly accelerate the development of many Polish startups. Diversifying funding sources increases our investment potential as a VC fund and thereby contributes to the further development of the fintech and insurtech sectors in Poland,” said Marcin Jaszczuk, Managing Partner at 4growth VC.

In the past year, NIF has signed numerous important agreements with both Polish and international Investment Partners, including: Enea Innowacje, BrigdeOne, PGE Ventures, Change Ventures, Aria, Vinci Capital, Fidiasz, EIT InnoEnergy, and Akesto Investment Holding. Now, 4growth VC joins this group. In the near future, NIF and its Investment Partners will focus primarily on joint investments in companies that are in the growth or expansion stage.

NIF is a co-investment venture capital fund established by the National Centre for Research and Development (NCBR). The fund specializes in investing in small and medium-sized enterprises (SMEs) that are in the growth or expansion phase and are commercializing the results of R&D&I activities. The fund’s investment budget is PLN 700 million. The value of a single investment from NIF ranges from PLN 3 million to PLN 64 million.

4growth VC has invested PLN 2M in Fintech Cashy

28 July 2021

Cashy has raised PLN 2 million in funding to accelerate the commercialization of its platform, which enables large companies to generate profits through supply chain financing (known as dynamic discounting). The financing round was led by 4growth VC, a fund established by financial sector veterans Krzysztof Bachta, Tomasz Biłous, Marcin Jaszczuk, and Marek Szcześniak.

“We’re thrilled to have the backing of managers with such extensive experience, along with a wide network of private investors. We count on their know-how and support in reaching clients and partners. This funding will allow us to further develop our platform and expand our service offering. We’ve set ambitious goals: by the end of this year, we aim to accelerate invoice settlements for our clients in the amount of at least PLN 30 million,” said Jakub Wrede, co-founder and CEO of Cashy.

“Working with new investors will help us build business relationships and speed up the commercialization of our platform. In the near term, we’ll be strengthening our sales team, which will certainly help us acquire more clients,” added Edyta Musielak, co-founder of Cashy.

Cashy offers a B2B solution that streamlines financial relationships with suppliers. Large companies can monetize their financial surpluses or unused credit limits by offering their suppliers faster invoice payments in exchange for a small discount fee.

Cashy’s solution addresses the needs of businesses seeking attractive ways to utilize idle funds, while also supporting smaller companies with liquidity management by providing them with access to additional financing from their customers. The accelerated invoice payments are funded either through surplus cash or unused credit limits, which often have interest rates up to 10 times lower than the financing costs typically available to small and medium-sized suppliers. Cashy’s clients are medium and large companies with a dispersed network of suppliers.

“Our model is based on a win-win principle: the buyer pays earlier, so they pay less, and suppliers gain access to a new, attractive source of financing without the formalities that usually come with services like factoring. What’s more, thanks to our proprietary process, everything happens online, with just a few clicks in the app and no need for corrective invoices,” explained Jakub Wrede.

“Fintech startups like Cashy are a natural investment direction for us. Thanks to our years of experience in the banking and insurance sectors, we can offer more than just financing—we provide strategic value by sharing our know-how and supporting the company in building business relationships and commercializing the product. We plan to continue investing in promising growth-stage startups,” said Krzysztof Bachta, Managing Partner at 4growth VC.

Cashy was founded in 2018 by Jakub Wrede, Edyta Musielak, and Kamil Pachuta, who previously gained experience in trade finance at institutions like ING Bank Śląski. Early investment in the company came from the SPINAKER alfa fund, which remains a shareholder.

4growth VC was established by seasoned managers with 20 years of experience in banking, insurance, and investment: Krzysztof Bachta, Tomasz Biłous, Marcin Jaszczuk, and Marek Szcześniak. They previously held executive positions at Alior Bank, where they oversaw CVC investments in fintechs like PayPo and Autenti, as well as innovation initiatives. They also held top management roles at institutions such as PZU, ING Bank Śląski, PKO BP, mBank, EY, and BCG.

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