Venture Capital & Venture Debt

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LSW has an internationally renowned Venture Capital Practice. Our clients include pioneering start-ups, investment funds, managers, and business angels. We guide them through various aspects of the venture capital and growth equity market, covering both equity and venture debt financing.

Influence on the Venture Capital Market

Our services span from initial seed investments and bridge financings to Series A rounds and large-scale growth equity investments and exits. We take pride in serving some of Europe’s most promising emerging technology companies and the investment funds that support them. Notably, we have supported Polish unicorns that have made it to the Forbes list of top 100 companies in Poland. Additionally, partner Adam Piwakowski, is recognized as one of the top 20 most influential personalities in Poland’s tech and startup market according to MyCompany Polska Magazine.

In-Depth Knowledge of Specific Sectors

Our team’s proficiency is amplified by dedicated sector expertise in healthcare, life sciences, technology, and financial services. We collaborate with colleagues across our European network, including experts in incentives, regulatory compliance, commercial matters, intellectual property, privacy, tax, and employment. Our cross-practice teams assist clients in navigating complex regulatory and commercial issues, facilitating transactions, talent acquisition and retention, and protecting and monetizing their intellectual property and data assets.

Complex Support for VC Players

We assist leading investment funds, including EIS and VCT funds, with their deal flow and capital deployment. Our expertise covers all forms of venture financing, from SAFEs and Advanced Subscriptions to convertible loan notes and priced equity rounds. We also provide secondary liquidity solutions for founders and early investors.

Venture Debt Pioneers

Our venture debt practice caters to some of the most renowned providers in the market while supporting our high-growth company clients with their venture debt facilities, security, and subordination arrangements. Members of our team advised on venture debt transactions before many in Poland had even heard about this financing method. Additionally, they were among the first to share their knowledge through Polish economic media outlets and business events.


[ 01 ]
Complex Advisory on Venture Capital Transactions, including:
  • Preparing legal, tax, and financial due diligence reports to identify risks.
  • Advising on cooperation agreements between business angels and investors (including co-investment agreements).
  • Providing guidance on the preparation and negotiation of transaction documents, such as term sheets and investment agreements.
[ 02 ]
Advisory on Venture Debt Transactions, covering
  • Term loans
  • Revolving lines of credit
  • Recapitalizations and complex workout situations
  • Cash-flow transactions
  • Asset-based financing transactions
  • Term B loans
  • Leveraged loans
  • Mezzanine loans
  • Convertible debt financing
[ 03 ]
Fund Formation and More:
  • Structuring
  • Risk management
  • Ongoing legal and tax support
  • Regulatory compliance (including SEC regulations and fund registration)
[ 04 ]
Assisting Portfolio Companies:
  • Providing daily legal and tax support
  • Assisting with financing, mergers, acquisitions, and joint ventures
  • Representing clients in complex matters related to conflicts and ownership disputes
  • Conducting proceedings before administrative bodies
  • Establishing governance frameworks
  • Advising on incentive plans (such as ESOPs).
4Growth VC
Comprehensive support for managers and investors in negotiating investment agreements and preparing all necessary documentation regarding the creation of 6 venture capital funds managed by 4Growth VC sp. z o. o.
Talkin’ Things
Advising Talkin’ Things on an investment round led by Polish PE/VC fund TDJ, and co-investors Spanish Prosegur and Piotr Debicki.
Considered to be the very first Polish founded company to receive venture debt from international providers. Partner Filip Badziak advised DocPlanner on all aspects of venture debt received.
Learn Capital
Advisory for Learn Capital in the investment in Brainly.
USD 80 million
Kennet Partners and Digital+ Partners
Advising Kennet Partners and Digital+ Partners in connection with a $30 million capital investment in eStoreMedia, which provides an e-commerce automation package that helps Fortune 500 brands accelerate online sales.

Venture Capital & Venture Debt Team


''Venture capital funds make up a large proportion of LSW Bieńkowski, Laskowski, Leśnodorski, Melzacki and Partners sp.k.‘s client base; the firm is particularly well regarded for its strength this space. Recently, the team has also been developing a reputation for its work in the field of establishing and operating alternative investment companies. ''

Legal 500
Investment funds category
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Melzacki and Partners sp.k.

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