MCI Capital CEO Tomasz Czechowicz has announced that a decision on the form of exit for Morele.net will not be made until 2026 at the earliest. Although the company does not rule out an IPO, today it is signalling more of an interest in strategic transactions.
As Czechowicz pointed out in an interview with ISBtech, Morele represents an attractive e-commerce platform – with its own brands, scale of operations and an ‘e-commerce as a service’ model, implemented, for example, at mBank. This is an innovative direction that could drive growth. However, the key foundation remains the development of digital brands – both through organic growth and acquisitions.
The prospect of an IPO is gaining traction as the capital market in Poland and the region seems to be coming out of a slump – valuations are rising, new debuts are appearing and investors are increasingly keen to return to the technology sector. Czechowicz, however, admits that Morele is currently seen as an M&A target rather than set for a quick debut.
This delicate balance between the growth strategy and the choice of exit path fits into the broader context of MCI’s strategy. Among the fund’s other portfolio companies, the following stand out: Netrisk, which paid MCI more than €25 million in buybacks; and Profitroom, acquired in 2024 as a global SaaS software for the hospitality industry.
MCI’s financials show that the portfolio generates around PLN 500 million of EBITDA per year and that the group is planning a strong exit cycle between 2025 and 2027. In this context, the Morele decision will be one of the key elements that could define the next few years of the fund’s strategy.
