Wierzbowski Eversheds Sutherland advises EEC Magenta on its investment in TakeTask

• Poland

• Press_Releases

12-09-2019

Wierzbowski Eversheds Sutherland has advised EEC Magenta, the largest corporate venture capital fund on the Polish market, on its investment in TakeTask, an innovative platform for automating processes in corporations. It is the second recent investment by the fund on which the law firm has advised.

In connection with securing round A financing for TakeTask SA, the EEC Magenta fund was advised by Michał Karwacki, the partner heading the law firm’s PE/VC team, and Małgorzata Deruś, Natalia Burchardt and Kamil Ciodyk from the same team. The firm was responsible for conducting due diligence, structuring the transaction in the form of convertible loans and subscription warrants, regulatory issues connected with PFR CVC funds, and drafting of the investment agreement and shareholders’ agreement.

TakeTask specializes in automation of processes in corporations, supporting large retail chains and expanding its offer for industrial clients, the service industry, and restaurants. Using artificial intelligence, it assists clients in increasing their working efficiency and cutting costs. The company will use some of the funds raised from EEC Magenta for expanding the teams of software developers and project managers working on the development of the first platform of such complexity in Poland.

“The capital from the investment will be devoted among other things to TakeTask’s entry into other countries,” said Michał Rumiński, managing partner of EEC Magenta. “We operate in line with the model adopted at EEC Magenta for supporting innovative Polish tech firms in expanding onto foreign markets.” EEC Magenta will support TakeTask in the expansion process not only with capital, but also with knowhow and its network of business relationships.

Wierzbowski Eversheds Sutherland also supported EEC Magenta in negotiations with the founders and Simpact, a Bridge Alfa fund which funded the company in 2018, as well as other key persons. Among other sources, TakeTask previously raised financing through the crowdfunding platform Beesfund.

The investment in TakeTask is the second one EEC Magenta has finalized after the first one which was announced last month. Previously, the Fund reported taking up shares in Reliability Solutions, a predictive analytics company based in Krakow. EEC Magenta is the largest Polish CVC fund created by EEC Ventures in conjunction with PFR Ventures, the National Centre for Research and Development, and Tauron Polska Energia as part of the PFR NCBR CVC program.

The EEC Ventures Group manages venture capital funds with a total capitalization of PLN 210 million. EEC Magenta specializes in funding the digitalization of energy, industry, and the circular economy. The fund is managed by Michał Rumiński, Rafał Małecki, Voytek Siewierski and Konrad Sitnik. The partners have a wealth of experience on the Polish, European, and American venture capital and private equity markets. The team have been working together for over 12 years and have completed numerous successful transactions.

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