Eversheds Sutherland Wierzbowski advised EEC Magenta on PLN 12 MLN investment in CashDirector

The EEC Magenta fund invested in CashDirector, a financial platform supporting small and medium-sized enterprises in liquidity management. PLN 12 million will allow the Warsaw-based company to develop the product, expand distribution channels and expand into Western European markets. In legal matters EEC Magenta fund was advised by VC lawyers of Eversheds Sutherland Poland consisting of Michał Karwacki (partner), Natalia Burchardt (Senior Associate), Małgorzata Deruś (Associate), Kamil Ciodyk (Associate) and Anna Wesołowska (Lawyer). The team was supported by Paweł Lasota (Senior Associate, Employment) and Agnieszka Sagan-Jeżowska (Senior Associate, Data Protection).

The CashDirector platform automates accounting processes in small and medium-sized enterprises and facilitates financial management. The website replaces traditional accounting services and makes it easier for owners to make optimal financial decisions without the need to hire a finance specialist, which small entrepreneurs usually cannot afford. The platform is integrated with the bank account and is available as a subpage in the bank's transaction service. CashDirector makes automatic postings, fills out tax refund applications, allows to keep a record of costs and with a few clicks it allows to pay and issue invoices and track the status of receivables. In the case of more complicated matters, the user has quick access to consultations with an expert.

„CashDirector is a mature company, ready to scale-up in Europe – Voytek Siewierski, EEC Magenta Partner said. – They offer top-notch, refined product well-tested on the Polish market. It is a great start, but for the international success it is crucial to move fast, iterate the service to meet the client and the customer needs and build-up the scale with new partnership. I have full trust that Rafał Strzelecki and Luke Bystrzynski are the guys to do that - he adds.

CashDirector has an established position on the Polish market and has been providing the system for four years, including over 100,000 mBank customers as part of the mKsięgowość package. Cooperation with mBank is tightening, and new agreements have been signed with BNP Paribas, Nest Bank, Bank Millennium and TAURON Group. Cooperation was also established with the first banks in Belgium and Austria. The main banking partners in the planned expansion in Europe will be the innovative banks Vodeno and Aion, created by Wojciech Sobieraj, founder and former president of Alior. Banks are not the only recipients of CashDirector. Along with the new investment, the company will start testing new distribution channels: the B2C model in the form of platforms signed with its own brand and cooperation with energy companies.

„We are glad that the largest CVC fund in Poland has trusted us and invested in further development.” - says Rafał Strzelecki, founder of Cash Director. „The COVID pandemic is a difficult period for small businesses. We are glad that thanks to the investment we can more effectively support Polish entrepreneurs in the field of effective financial management.” – he adds.

EEC Magenta is the largest Polish CVC investment fund and has been created by EEC Ventures in partnership with PFR Ventures, NCBR (The National Centre for Research and Development) and Tauron Polska Energia within the framework of the PFR NCBR CVC program. The EEC Ventures group manages venture capital funds of a total capitalization of PLN 210 million. EEC Magenta is focused on the financing of digitalization in the energy sector, industry 4.0 and the circular economy. The fund is managed by Rafał Małecki, Voytek Siewierski and Konrad Sitnik. The partners together have considerable experience on the Polish, European and American venture capital and private equity markets. They have been working together for over 12 years and have concluded a range of successful transactions