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Building regional champion from pre-seed to exit

PE/VC investor
Black Pearls VC
Investment period



(in Millions)



(MOIC Total)


IRR Pre-seed

(Follow on I, Follow on II)


Revenue growth

(in 2.5 years)

Telemedi is a telehealth provider and one of the biggest telemedical platforms in Central and Eastern Europe. The company currently helps over 3,000,000 patients by processing around half a million medical inquiries every year. Telemedi is trusted by insurance companies and the public sector, helping them to operate their health insurance products.

Black Pearls VC led the pre-seed round, becoming the first VC investor to join Telemedi in 2019. Since then, the fund supported the team all the way from pre-seed, through a follow-on investment, and the €5.5M Series A round. In December 2023, Mavie, an Austrian based healthcare provider acquired a majority stake in Telemedi. Through Black Pearls VC’s value creation playbook and high-conviction investment strategy, the fund achieved an overall return of 3,5x and 42% IRR (including follow- on investments). At the exit, the fund had ownership of 9.16% shares in the company.

Main objectives
of funding

  • Transform Telemedi into a leading hybrid health provider in Poland and beyond, with both online and offline presence.
  • Scale the product into a plug-and-play digital health platform capable of supporting over 3,000,000 patients, allowing them to consult with doctors through chat, video and telephone in 10 languages.
  • Invest in further product development and R&D projects, including the launch of AI-triaging and developing AI for mass analysis of teleconsultations with patients.
  • Scale to new markets and prepare for further fundraising.

What changed in the company after PE/VC investment

Black Pearls VC supported Telemedi’s team in key strategic decisions as well as day-to- day challenges, focused on delivering value to all shareholders and clients. Some of the major changes since the involvement include:

  • Telemedi built a reputation as a market-leading hybrid health platform in the region and a #1 telemedicine provider in Poland.
  • The company introduced two new major business lines while diversifying its client base from the core product offering (B2B fee for service).
  • Telemedi’s revenue grew since the initial investment to exit by + 2465%.
  • The company went through a transformation from a founder-led company to a well-functioning organization with a professional board comprising recognized investors.
  • The company was able to raise a EUR 5.5 Series A round with the participation of international investors.
  • The number of patients supported grew from 40,000 to over 3,000,000 yearly

ESG related initiatives and accomplishments

  • The proportion of female representation whithin Telemedi’s leadership team (C-level) increased to 33% during the period of investment.
  • Telemedi and Docplanner jointly launched "Doctors for Ukraine", providing free medical assistance to refugees who fled to Poland as a result of the Russian invasion of Ukraine.


I want to thank my investors for helping me build Telemedi to what it is today. Whenever I needed a new perspective or had to challenge an idea, Aleksander Dobrzyniecki and the team of Black Pearls VC were always there for me. Moreover, I always felt their trust in my decisions, which is very important for a founder.

Paweł Sieczkiewicz

CEO Telemedi