MCI Capital Exits answear.com with 3x Return
MCI Capital Exits Answear.com with Nearly 3x Return, Validating CEE Fashion E-Commerce Playbook
Polish fund MCI.TechVentures successfully sells entire stake in Answear.com, reinforcing market confidence in premium e-commerce growth
MCI Capital has announced the successful exit of its investment in Answear.com, one of Central and Eastern Europe’s (CEE) leading online fashion platforms. Through an accelerated bookbuild (ABB) transaction, MCI.TechVentures sold its full holding of 3,666,355 shares, representing a 19.32% stake in the company, achieving a nearly 3x cash-on-cash return.
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The investment marked a multi-year collaboration between MCI and Answear’s founder and CEO, Krzysztof Bajołek, during which the company expanded aggressively across Europe. Key pillars of Answear’s transformation included international expansion, broadening of its premium brand portfolio, and the acquisition and integration of complementary assets such as PRM — a luxury-focused online fashion retailer.
Answear’s success reflects not only on the company’s strong operating model, but also on MCI’s strategy to invest in technology-enabled consumer platforms and realize value through strategic exits of mature assets. “Answear is a remarkable growth story. The company is outpacing competitors with 15–20% annual revenue growth. This transaction received significant interest from leading Polish institutional investors, underlining both market trust in Answear’s future and in MCI’s long-term investment strategy,” said Paweł Borys, Managing Partner at MCI Capital and a supervisory board member at Answear.
A Rising Force in Premium Fashion Tech
Founded in Kraków, Answear.com has grown into a regional leader operating in over 10 CEE markets. Its product strategy focuses on branded fashion for men, women, and children, as well as accessories and lifestyle categories. In 2024, the company generated over PLN 1.5 billion in revenue, a 19.8% year-over-year increase.
Momentum continued into Q1 2025, with revenue reaching PLN 352.5 million (+22.2% y/y), and EBITDA tripling year-over-year to PLN 9.9 million. The results were supported by improvements in gross margin, disciplined marketing spend, and a 5.6% increase in average order value.
Other key operational metrics in Q1 2025:
2.53 million active customers (+22% y/y)
82.2 million website visits (+8% y/y)
Conversion rate increased to 1.68%
The integration of PRM and Answear’s growing private label portfolio have positioned the group to benefit from rising consumer interest in affordable luxury and curated experiences—a growing trend in the CEE fashion landscape.
Long-Term Targets and Confidence in Leadership
Answear’s management has outlined ambitious goals under its ESOP (Employee Stock Ownership Plan), including:
EBITDA targets of PLN 80M in 2025, PLN 100M in 2026, and PLN 120M in 2027
Share price milestones of PLN 40, 50, and 60
While MCI has exited its position, it remains supportive of the company’s future, committing to a 9-month lock-up period on certain residual holdings, signaling continued confidence in Answear’s leadership team and strategic roadmap.
This exit adds to MCI’s track record of successfully scaling digital consumer platforms in the region and reflects a broader trend: Central Europe is no longer just a low-cost operations hub—it is now home to scalable, brand-driven, tech-enabled businesses capable of competing at a pan-European level. Read more. https://answear.com/
