Skip to main content

From Pivot to IPO: ECC Games' Remarkable Journey to the Warsaw Stock Exchange.

ECC Games S.A.
PE/VC investor
Inovo VC
Investment period






In October 2014, Inovo invested in ECC Games with the hypothesis that the company could achieve significant traction in the mobile gaming industry. The thriving gaming industry in Poland presented an opportunity for ECC Games to become a key player in indie games. With experienced founders, supported programmers, and a proven sales strategy, ECC Games seemed poised for success.
However, between 2014 and 2016, ECC Games faced challenges in generating revenue traction as larger players with substantial marketing budgets dominated the market. Despite these difficulties, Inovo remained committed to supporting ECC Games and its founders.
In 2016, Inovo an ECC Games made a strategic decision to pivot to a more promising market segment. After analyzing various gaming markets, including PC, PlayStation, mobile, and free-to-play, ECC Games shifted its focus from mobile games to PC games.
The move In December 2016, ECC Games secured funding through a successful down round with Playway, a strategic player in the industry. Inovo actively supported the management during discussions and negotiations, showcasing their strong commitment despite the down round.
Continuing their partnership, Inovo and ECC Games embarked on a pre-IPO round to further fuel the company's growth. The round proved highly successful, resulting in a remarkable 1.7x return on Inovo's initial investment.

What changed in the company after PE/VC investment

  • convincing the Company to pivot into the most promising market segment where they could succeed, transitioning from freemium mobile gaming to PC Games.
  • providing market analysis, meting with foreign competition, and monitoring recent market trends to develop the optimal strategy.
  • assisting in key hires, incl. the appointment of a CFO, ensuring the right leadership team for the pivot.
  • finding a strategic investor and facilitaling a partnership with Playway which created synergies between the two businesses.
  • supporting the management in writing the Information Memorandum, preparing for the roadshow, and assisting during the IPO at the Warsaw Stock Exchange.

We had exceptional investors throughout our journey. Their unwavering support and expert guidance were invaluable, particularly during challenging moments that demanded decisive actions. Thanks to them, our Company has experienced rapid development, and even complex processes like the public offering on the Warsaw Stock Exchange have been executed seamlessly.

Piotr Wątrucki

CEO of ECC Games