Carpathian Partners

Overview

Carpathian Partners is a London-based venture capital firm investing in technology-driven companies from Central and Eastern Europe targeting global markets. The firm focuses on providing expansion capital to early-growth technology companies, particularly those with a Central European footprint and global expansion potential. Their investment strategy emphasizes scalability, intellectual property differentiation, recurring revenue models, and strong unit economics, with a preference for mission-critical B2B solutions deeply embedded in clients' operations. The firm's investment criteria include visionary founding and management teams with global ambitions, IP-centric, scalable, product-led software and software-enabled businesses, and a minimum of €2 million in annual recurring revenue growing at 40% or more per annum. Carpathian Partners seeks both significant minority and majority positions, typically investing between €5 million and €15 million per company, with the ability to fund more for the right targets. Their geographical focus includes Poland, Czechia, Slovakia, Slovenia, Lithuania, Latvia, Estonia, Romania, Hungary, Bulgaria, Croatia, Serbia, Montenegro, Bosnia and Herzegovina, Albania, the United Kingdom, Western Europe, Europe, and the MENA region. Carpathian Partners' portfolio includes investments in companies such as Synerise, a Krakow-based deep-tech company delivering AI and big data technology solutions through cloud-based software for customer relationship management, analytics, campaigns, automation, prediction, messaging, and collaboration. The firm is led by founder and managing partner Łukasz Gawlik, who has over 15 years of experience in M&A and direct investments with prominent platforms including Morgan Stanley, Providence Equity Partners, Mid Europa Partners, and Warburg Pincus. The team comprises investment professionals with over 30 years of combined experience and a passion for technology, seeking to finance the growth acceleration of product-led companies at or around the Series B stage.

Investment Focus

• Visionary founding and management teams with global ambitions
• IP-centric, scalable, product-led software and software-enabled businesses
• Minimum of €2 million in annual recurring revenue growing at 40% or more per annum
• Strong product and modern software architecture, preference for cloud-native platforms
• Large and growing international addressable market
• Existing client base, strong client value proposition, and good client retention
• Solid unit economics (gross margin, revenue retention, good customer LTV/customer acquisition cost ratio, short payback periods)

Portfolio Companies