[Germany/Poland] Team Europe Ventures, the Berlin-based VC firm focused on early stage Internet companies, has made a minority investment in Infakt. The Polish startup provides web-based accounting and invoicing solutions for small companies locally.
Alongside Team Ventures, angel Christoph Janz also brings new investment, with the combined funding amounting to a 30% stake in Infakt. Polish business angel Krzysztof Nowinski (formerly with the VC firm BMP) is an existing investor.
Based in Cracow, Infakt was founded in 2008 by Wiktor Sarota und Sebastian Bobrowski, two students at Cracow University of Science and Technology. It started life by offering invoicing and billing web-based software (SaaS) but has since expanded its offering to become a more complete accounting solution.
Infakt currently claims over 50,000 registered users which the company says makes it the largest provider of its kind in Poland.
Commenting on the new investment, Wiktor Sarota, co-founder of Infakt, says: “We have achieved a lot without much external support and financing and prove[d] ourselves and the business model. We are happy to be able to benefit from the expertise and network of Team Europe Ventures in our mission to deliver the best and most popular accounting software for small companies in Poland.”
And as is usual in the Internet VC world, Pawel Chudzinski, Partner at Team Europe, attributes the firm’s decision to invest in Infakt in large part due to the people behind the startup: “Infakt is run by a team of talented, hard working and focused entrepreneurs – exactly the kind of people that we look for and want to support, no matter in which European country they operate.”
On that note, Team Europe Ventures recently announced a new €6 million fund for early stage Internet companies targeting Germany and Europe, and also the USA.