The Polish space technology sector has received a strong signal of confidence from institutional capital. TFI PZU, one of the largest players in the market, has acquired a stake in Wrocław-based Scanway, investing PLN 15.3 million in the company. The transaction not only secures funding for the new development strategy for 2026-2028, but also sets a new valuation base for the company as it prepares to move to the main floor of the WSE.
The key aspect of the transaction is the purchase price of the shares. TFI PZU acquired 100,000 shares, representing 6.45% of the share capital, paying PLN 153.00 apiece. Although this amount represents a 9 per cent discount to the market average over the last month, it is more than double the valuation of the financing round carried out only in June this year. Such an increase in a short period of time reflects the dynamic changes in the company’s fundamentals, which has increased the scale of its operations by leaps and bounds in recent quarters.
The operation was carried out with the participation of the main shareholder, the Jedrzej Kowalewski Family Foundation. The mechanism was to sell the existing shares to the fund and then for the Foundation to subscribe to a new series H issue at the same price. In this way, the capital would go directly to the company and the institutional investor could immediately take possession of the liquid shares. Both CEO Kowalewski and TFI PZU have agreed to a lock-up until the end of 2025, which stabilises the shareholding during a key growth period.
The cash injection has a specific strategic objective: to transform Scanway into one of Europe’s leading optical cargo integrators. The funds will allow the company to implement its plan to transfer its listing from NewConnect to the WSE Main Market without the need for another share issue, which is good news for existing shareholders worried about capital dilution.
TFI PZU’s decision to exceed the 5% threshold in the shareholding of a technology company is part of a broader trend of seeking value in innovative sectors, especially in the context of growing investment in European security and Earth observation systems. Grounds for optimism are provided by the order book (backlog), which stood at PLN 58.3 million as at mid-November, growing by 254% year-on-year. It consists, among others, of a record contract worth EUR 9 million for a client from Asia and participation in the Polish CAMILA satellite constellation project. With revenues of PLN 16 million after three quarters of 2025 and positive EBITDA, Scanway is proving that deep tech can still be profitable while still scaling dynamically.
