The newly formed VC company Giza Polish Ventures has invested in a three-year old audio book portal called Audioteka.pl, which currently markets a range of audio books in Poland. The company’s fund requirement at the moment is to aid their expansion into Bulgaria, Romania and Hungary. Though Giza Polish Ventures was intended to support start-up companies in Poland, this investment is being seen as a solid one that will aid the growth of a company that has proved its mettle in a piracy-filled ocean of intellectual property. EUR 440,000 was invested for a 20 percent stake in the company. The exit will likely be in the form of a sellout to an incumbent global player looking to expand its customer base into Eastern Europe.
Audioteka.pl is a Polish company selling audio books primarily in the local market. Founded in 2008 and headed by Martin Beme, the company’s goal is to become the leading player in the audio book market in Europe, which is currently dominated by the Apple’s iTunes store, which already sells European-language books, as well as Audible, which was founded in 1997 and was bought out by Amazon at a cost of USD 300 mln.