1. Investment Profile & Criteria

At what stage should startups approach you?

We invest at the pre-seed and seed stages. The ideal time to reach out is when:

• You have a working MVP or an early-stage product.
• You are already talking to your first customers (or have acquired some).
• You understand the problem you are solving — and can demonstrate that it exists.

What level of market or technological validation do you expect from a startup?

We do not require revenue, but we need to see evidence that the problem is real and worth solving.

Which projects or industries fall outside your investment focus?

We do not invest in:

• Businesses without the potential for national or global scalability (e.g., restaurants, local services, traditional retail).
• Real estate and property development projects.
• Companies without a technological component or intellectual property (IP).
• Pure crypto projects or financial speculation without a genuine product layer.

We are also subject to restrictions imposed by the PFR Starter program and therefore cannot invest in certain regulated or excluded sectors, including defense, tobacco, and gambling.

What is your typical investment ticket size?

Our initial investment is typically up to PLN 3 million, with the possibility of follow-on investments bringing the total commitment up to PLN 8 million.

2. Process & Decision-Making

How and where should we submit our pitch deck?

The best way is to send it by email to: aegis@aegiscap.vc

What does your decision-making process look like, and how long does it usually take?

From the first email to a signed term sheet, the process typically takes 6–8 weeks. We have completed investments in as little as 3 weeks, and some have taken up to 12 weeks.

We do not intentionally prolong the process — if we are interested, we move forward without unnecessary delays.

What does the process look like from first contact to closing the round?

Application → Initial Response → Introductory Call → Partner Meeting → Preliminary Due Diligence → Term Sheet → Legal Documentation / Investment Committee

3. Round Structure & Co-Investments

Does Aegis Capital always act as the lead investor?

In most rounds, we act as the lead investor — negotiating terms and coordinating the round.

In selected cases, we may participate as a co-lead or smaller investor, particularly when there is a strong lead investor whom we know and trust.

Do you participate in follow-on rounds?

Yes.

Do you co-invest with angel investors?

Yes.

Do you invest exclusively in Polish companies, or do you also consider international structures?

Our primary focus is on companies with a Polish core — either incorporated in Poland or operating with a main team based in Poland.

We assess international structures on a case-by-case basis.

4. Founder Support & Exit Strategy

What support can founders expect beyond capital?

We are a hands-on fund when it matters, but we do not interfere unnecessarily. We get involved where we can genuinely add value:

Fundraising

• Introductions to Series A investors in Poland and internationally.
• Relationships with funds across CEE and Western Europe.
• Support with fundraising narratives and investor materials.

Network Access

• Introductions to potential customers, strategic partners, and industry experts through our portfolio and investor network.

Operational Support

• Guidance on finance, legal matters, and go-to-market strategy, either directly or through trusted partners.

PFR Ecosystem

• As a portfolio company of a PFR Starter-backed fund, founders gain access to the broader PFR ecosystem, initiatives, and support programs.

We are not consultants — but when you call, we answer.

What is your approach to exit strategy?

Our fund horizon is typically 4–8 years, but we think about exit opportunities from day one.

We do not favor a single exit path. Realistic scenarios include:

• Strategic Acquisition — sale to a larger industry player (the most common outcome within our investment profile).
• Secondary Sale — sale of shares to a growth-stage investor during a later financing round.
• IPO — in exceptional cases involving mature, high-growth companies.

Exit-related provisions such as drag-along rights, tag-along rights, and pre-emption rights are discussed openly at the term sheet stage — with no surprises later in the process.

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