Aquired in


Exited in


Exited 27.5%

of our investment exit through an IPO on the Warsaw Stock Exchange in 2021

Employment growth

from 86 in 2018 to 342 at end-2022


increase in merchants' GMV between 2018 - 2022

Ca 20,000

merchants using Shoper platform


Poland’s largest SAAS e-commerce software platform for on-line merchants.

Established in 2005 by two brothers selling their e-commerce platform on a CD, by 2019 the company had grown into a business with ca. 17 thousand merchants processing a gross merchandise value of some €300m, a leader in the sector in Poland. Using a global business model similar to Shopify, Shoper had integrated services and features appealing specifically to the Polish market.

Already having brought in outside investors in an earlier round, V4C purchased shares from the founders and these investors to help them diversify their exposure but maintain a sizeable upside as e-commerce boomed in Poland. The plans also called for the appointment of an industry experienced CEO and the transition of the founders to a Supervisory Board role.

In 2021, with COVID having propelled Shoper’s performance to revenues over €17.5m and raising tech valuations significantly, the shareholders, including V4C, each sold 27.5% of their holdings in an IPO on the Warsaw Stock Exchange. V4C returned 2.2x its whole investment on the partial sale and continues as the largest shareholder as Shoper pursues further growth and development.