Spire Capital Partners has successfully completed the final closing of its inaugural investment vehicle at EUR 90 million, marking a significant milestone for technology-focused private equity in Central and Eastern Europe. The Warsaw-based firm, which launched in 2021, targets growth-stage companies across the region’s expanding tech sector.
The fund’s completion comes amid challenging market conditions, with geopolitical tensions and economic uncertainty affecting capital markets globally. Despite these headwinds, the firm attracted investment from a diverse investor base spanning institutional and private wealth sources.
Investor Base Reflects Regional Support
The funding structure demonstrates strong local backing, with Polish family offices and individual investors combining with the Polish Development Fund (PFR) to represent 45% of the total capital raised. International institutional investors rounded out the investor group, including the European Investment Fund and the European Bank for Reconstruction and Development (EBRD).
“Closing our first fund in today’s challenging geopolitical and macroeconomic environment is a strong signal that investors view our strategy as compelling” said Arkadiusz Podziewski, Partner at Spire Capital Partners.
Investment Strategy Targets Market Gap
The firm focuses on medium-sized enterprises within software, e-commerce, and technology-enabled services sectors. Investment sizes typically range from EUR 5 million to EUR 20 million, with the team seeking majority or substantial minority positions in companies demonstrating established market presence and positive cash generation.
According to EBRD Director for Equity Funds Anne Fossemalle, “There is a missing layer of capital available for companies that are profitable, but which require a professional investor to prepare them for the next stage of growth“
This approach addresses a specific funding gap between early-stage venture capital and larger buyout transactions, targeting businesses that have moved beyond startup phases but require professional investment to achieve their next growth phase.
Portfolio Development and Support Model
Spire Capital Partners has already allocated approximately 25% of its fund capital across several investments, including positions in Chocolissimo, Bioseco, Mooveno, and Neo Hospital. The firm’s hands-on approach extends beyond capital provision to include operational and strategic guidance.
“Partnering with Spire means more than just securing capital — it means gaining access to operational and strategic support” explained Łukasz Wierdak, Partner at the firm.
The team works directly with portfolio companies across multiple business functions, including strategic planning, executive recruitment, sales and marketing optimization, and merger and acquisition activities.
Track Record Demonstrated Through Recent Exit
The firm’s investment approach has been validated through its recent exit from Thulium, a Polish software-as-a-service customer service provider. Spire Capital Partners initially invested in the company during May 2022 and subsequently exited to strategic acquirer SALESmanago in July 2025, generating strong returns for investors.
This transaction timeline demonstrates the firm’s ability to identify growth opportunities, support portfolio companies through development phases, and execute successful exits within reasonable timeframes.
Regional Market Opportunity
The three founding partners bring more than four decades of combined private equity experience to their focus on Central and Eastern European technology investments. Partner Krzysztof Konopiński noted the timing of their market entry, stating that “We believe the coming decade will be a unique window of opportunity to create value in the small and mid-cap segment in Central and Eastern Europe“
The region’s technology sector has experienced significant development in recent years, with increasing numbers of companies achieving scale and profitability. This maturation creates opportunities for growth capital providers like Spire Capital Partners to support businesses through their next development phases.
The successful fund closure provides the firm with substantial capital to pursue its investment thesis across the region. With established relationships among local and international investors, plus a proven track record through early investments and exits, Spire Capital Partners appears well-positioned to capitalize on the growing Central and Eastern European technology market.
