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Hedgehog Fund
Hedgehog Fund operates from Warsaw, launched by Managing Partner Marcin Zabielski as an early-stage technology investment firm.
Hedgehog Fund
Hedgehog Fund operates from Warsaw, launched by Managing Partner Marcin Zabielski as an early-stage technology investment firm. Its partner group includes Marcin Misztal, founder of private healthcare network LuxMed and a significant real estate investor, alongside Mirosław Godlewski, a Senior Advisor at BCG. Paweł Leks, co-founder of employment platform Grupa Pracuj, rounds out the partnership as a co-investor. This composition ties the fund to Polish healthcare, recruitment, and professional services wealth. The firm's strategy spans seed, early-stage, and expansion-stage technology investments. It deploys capital through direct equity positions and co-investments alongside its partner network. The geographic focus concentrates on Poland and the broader CEE region, where the partners' deep operational roots provide proprietary access to founder networks. Confirmed investments cluster around enterprise software and fintech, with the partnership also maintaining a parallel real estate portfolio comprising mixed-use assets in Poland and Luxembourg, primarily linked to Marcin Misztal's personal holdings. The core team later founded Market One Capital, a dedicated venture capital firm, effectively institutionalizing the technology investment activity that began inside Hedgehog Fund. This evolution positions Hedgehog Fund as an investment company with hybrid characteristics — blending direct venture exposure with partner-level co-investment rights and a separate real estate sleeve. Misztal's membership in YPO Poland provides an additional proprietary sourcing channel into Central European founder and family-business networks. Hedgehog Fund's architecture is best understood as an investment company with embedded GP capabilities: the firm incubated what became Market One Capital while retaining direct investment capacity across asset classes. This dual posture — part venture platform, part operator syndicate — distinguishes it from a conventional family office or a standalone VC fund. The Misztal connection introduces a healthcare-and-real-estate wealth base uncommon among Polish technology investors.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Poland
City
Warszawa
Corporate office
Warszawa, Poland
Principals
Marcin Zabielski
Founder & Managing Partner
Marcin Misztal
Partner & Angel Investor
Mirosław Godlewski
Partner
Paweł Leks
Co-Investor & Partner
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
How does Hedgehog Fund relate to Market One Capital?
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.
Does Hedgehog Fund invest only in technology companies?
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.
What investment stages does Hedgehog Fund typically target?
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.
What is the geographic focus of Hedgehog Fund's investments?
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.
How does Marcin Misztal's background influence the fund's strategy?
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.
Is Hedgehog Fund open to co-investments alongside external GPs?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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