# Hedgehog Fund

Hedgehog Fund is an Asset Manager based in Warszawa, Poland.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Warszawa, Poland
- **Region:** Europe
- **Address:** Warszawa, Poland
- **Assets under management:** Undisclosed
- **Website:** www.hedgehogfund.pl
- **LinkedIn:** https://www.linkedin.com/company/hedgehog-fund

## Regulatory record

- **Reports private funds:** No

## About

Hedgehog Fund is a Polish seed fund investing in projects with European potential. It has made six investments. Hedgehog Fund invested in LokalnyRolnik.pl as part of its Seed VC - II on June 14, 2016.

## Sectors

- Enterprise Software
- FinTech
- PropTech

## People

- Marcin Zabielski — Founder & Managing Partner
- Marcin Misztal — Partner & Angel Investor
- Mirosław Godlewski — Partner
- Paweł Leks — Co-Investor & Partner

## 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.

## Related profiles

- [HedgeFund Securities](https://altss.com/profile/hedgefund-securities)
- [Hedosophia](https://altss.com/profile/hedosophia)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/hedgehog-fund

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology