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B2RLaw advises on USD 80 million venture capital transaction involving Polish Unicorn

30/12/2020

B2RLaw has advised US VC fund Learn Capital on its USD 80 million Series D investment in Polish founded online learning platform Brainly.

To date, Krakow originating Brainly has raised USD 150 million in total, more than any other Polish start-up.

Brainly is the world’s largest online learning platform that helps students and parents learn remotely. In this Series D round, the company was supported by its existing investors Learn Capital as lead investor, and VC funds Prosus Ventures, Runa Capital, General Catalyst Partners and MantaRay owned by Sebastian Kulczyk. Funds raised by the transaction would be allocated to the development of new products and its global expansion with a growing presence in Brazil and Indonesia, among others.

Brainly is an example of a tech company whose growth has accelerated during the COVID-19 pandemic, with its user base having grown 75% since April 2020.

Learn Capital is a venture capital fund concentrating exclusively on the global education technology sector. The fund invests in innovative learning content, platforms, and services.

B2RLaw advised on Polish aspects of the transaction working closely with US counsel Gunderson Dettmer. Orrick Herrington & Sutcliffe advised Brainly.

B2RLaw’s team included M&A/PE/VC Partners Agnieszka Hajos – Iwańska and George Havaris, Counsel Paulina Wyrostek, Partner Marcin Huczkowski and Junior Associate Tomasz Michalczyk advising on IP and Data Protection aspects, with the team overseen by Partner Roman Iwański who also provided Commercial Law advice.

B2RLaw Partner George Havaris, advises, “This transaction cements B2RLaw as the go-to law firm for VC transactions involving Poland and the wider CEE region. This deal is the second largest ever VC fundraising achieved by a Polish founded company, meaning that our team of lawyers has advised on the two largest ever VC transactions involving Polish founded technology companies. As a firm that strongly supports Polish technology companies, its especially pleasing to see Polish companies reaching the heights of international tech peers. We congratulate Brainly, Learn Capital and all other parties involved.”

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