Shoper S.A.

Established: 2005

Country: Poland

Region: CEE

Investors: Value4Capital

Headquartered in Krakow, Poland, Shoper is a leading provider of software and add-on services for e-commerce, focusing on serving Polish small-and-mid-sized merchants and enterprise clients. It operates primarily in a software-as-a service (“SaaS”) model. It was established in 2005 as a founder-run business and has grown to a turnover of over EUR 46m in 2024, processing omnichannel gross merchant value (GMV) of some EUR 3.4b.

During V4C’s ownership, the company completed four add-on acquisitions and rapidly scaled its business to respond to the explosion of e-commerce during the pandemic. From 2018 to 2024, it grew its revenues at a CAGR of 45% and EBITDA at a CAGR of 48% in local currency terms.

Marcin Kuszmierz

CEO - Shoper

V4C inspired and drove us throughout our journey and the explosive growth of the COVID period. They supported the company’s strategic vision and helped us realise our tactical success.

€3.4bn

Omnichannel Gross Merchandise Value (GMV) through the platform

4.7x

growth in employment entry to exit

revenue growth entry to exit

Key achievements

Transformation from a founder led company to a sizeable, publicly traded leader in e-commerce services in Poland.
Diversification of the revenue base through acquisitions and organic development to increase the share of value-added services in the revenue mix.
Development of an experienced and complete professional management team.

Funding history

V4C acquired a 35% stake from existing shareholders in May 2019 to become the largest shareholder and implement a plan to transform the company from a founder led businesses into a dynamic, growth-oriented company.
Following the explosion of e-commerce during the pandemic period, Shoper was floated on the Warsaw Stock Exchange in June 2021 with V4C retaining a 25% stake in the company and realising proceeds to return 2.5x its entire investment.
In late 2024, V4C and the other shareholders agreed to sell 49% of the company to the Polish strategic investor, cyber_Folks in a stock exchange transaction that closed in January 2025. An accelerated book building in December 2024 placed the rest of V4C’s shares to public market investors, leaving Shoper as a leading listed e-commerce and technology company on the Warsaw market.
V4C realised a total return of 6.1x and an IRR of 61% on the investment.