Movens Capital exits Fenige
We are pleased to share a success story that illustrates Movens Capital’s capabilities to back top tech companies in CEE from their very first days. Our recent exit from Fenige, an early pre-seed investment, has realized a sound 4.5x cash-on-cash return, proving the substantial potential that technology investments offer to VC investors and the broader investment community. It’s 6th successful exit of Movens Capital partners from tech investments.
Fenige: A Distinctive Fintech Achievement
At the heart of this achievement stands Fenige, a licensed National Payment Institution, one of the fastest-growing Central European fintechs. As a principal acquiring member of both Visa and Mastercard, Fenige is renowned for its robust payment solutions, exemplifying security and efficiency. The company’s transaction processing of over 3m transactions worth over PLN 2.4 billion (€545m) in 2022, coupled with a remarkable year-on-year growth rate of over 70%, signifies Fenige’s steadfast commitment to its offerings including Card payouts, Card-2-Card payments, e-commerce acquiring and proprietary in-house processing solutions.
Backing the company from the early days
Our investment in Fenige started during its nascent pre-seed phase, reflecting our confidence in the company’s innovative solution and the exceptional leadership of key founders, Krzysztof Drzyzga and Marcin Kopys. „Back in 2017 when Movens invested in Fenige, the company was a small team of fintech enthusiasts with a strong product vision dedicated to carve out its position in the B2B payment market. Revenue and profits came much later.” — comments Radosław Rejman, a partner at Movens Capital involved in the investment since the early days.
This early stage investment, an illustration to our interest in the fintech sector, has translated into a remarkable success story, reinforcing our status as architects of sound investment strategies. The ascent of Fenige in the fintech domain is compelling proof of the inherent potential in technology investments.
“Fenige revenues from transactions in 2022 significantly exceeded PLN 50m (€11m) which is stellar growth over the last 5 years. The road was bumpy but the team excelled and managed to successfully navigate all headwinds. Moreover current development proves the company still reaching very good results and assuming future plans upward trends of business outlook will be achieved in long run. We are very pleased with this investment and keep our fingers crossed for Fenige and its team in the future”- comments Łukasz Pawłowski, a partner at Movens Capital who sourced the transaction and managed the investment.
Six exits — The Weighted Return 9x
Fenige has moved with Movens Capital from a pre-product phase to a fast-growing scale-up. As a result, the fund achieved a 4.5x return from this investment, confirming that investments in technology companies have real high return potential for investors. It’s crucial to note that this exit marks the 6th successful exit of Movens Capital partners from tech investments, contributing to a weighted return of over 9x.
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Based on the rapid growth of the Movens Fund 1 portfolio, our ability to invest in the most ambitious founders in the region, and our previous investment activity (27 investments, 6 exits with a weighted CoC return of 9x), we have decided to build Movens Fund 2.
It will be a multi-stage fund (pre-seed, seed, Series A+). First Closing is planned for EUR 35–40M (EUR 60M is our target). We will invest in over 30 top technology startups in CEE (mainly from Poland, the Baltic States, the Czech Republic, Ukraine and Romania). For more information you might reach out to: Artur Banach, Radosław Rejman or Łukasz Pawłowski.
