Hedgehog Fund

Marcin Zabielski, as Founder and Managing Partner, leads investment decisions. The partnership includes Marcin Misztal, founder of LuxMed and a major real estate investor, Mirosław Godlewski, a Senior Advisor at BCG, and Paweł Leks, co-founder of Grupa Pracuj. This group operates as a tight-knit investment committee, drawing on their combined operational experience across Polish healthcare, recruitment, and professional services.

Market One Capital was founded by the core team of Hedgehog Fund, effectively spinning out the technology venture activity into a dedicated institutional fund. This makes Hedgehog Fund the incubator and origin point for Market One Capital. The two entities share key principals, but Market One Capital operates as a standalone venture capital firm with a focused European technology mandate.

No. While technology is a primary focus, the partnership also maintains substantial real estate holdings. Marcin Misztal's personal and co-investment portfolio includes mixed-use property in Poland and Luxembourg. This gives Hedgehog Fund a hybrid profile — venture capital exposures alongside direct real estate assets.

The firm invests across seed, early-stage, and expansion-stage rounds. Its partnership's operational backgrounds allow it to enter at formation with founding teams and follow through later funding rounds. This stage flexibility is a function of the partner group's own liquidity and long-term investment horizon.

The primary focus is Poland and the broader Central and Eastern European region. The partners have deep domestic networks in Warsaw and across CEE, which gives them proprietary sourcing advantages in markets where international venture capital presence is thinner. The Luxembourg real estate holdings indicate a secondary European footprint.

Misztal founded LuxMed, now one of Poland's largest private healthcare providers, and is a significant real estate investor. His presence brings healthcare-sector expertise, access to Warsaw real estate deal flow, and a network of CEE entrepreneurs. Through his YPO Poland membership, the fund gains exposure to curated founder and family-business networks across the region.

The partnership's structure — with named co-investors like Paweł Leks participating alongside the core team — suggests a firm comfortable with co-investment arrangements. However, no public record details a formal LP platform or third-party co-investment program. Co-investments appear to be relationship-driven rather than institutionalized.