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Media presence and investment projects

ARIA NEWS: “Warsaw sharks are getting richer”

“Zygmunt Solorz-Żak is still in the lead with a huge gap separating him from the rest of Polish billionaires. Some of the parquet’s legends fell off the table, but new ones were quick to jump in their place,” reports Monday’s Parkiet. The article includes a commentary by Dariusz Lewandowski, President of ARIA Fund.

Parkiet reports that Ryszard Krauze has long fallen out of the list. There’s also point in looking for Zbigniew Jakubas. They were overtaken by LPP shareholders: Marek Piechocki and Jerzy Lubianiec. The stock market portfolio of Michał Sołowow is melting as well. If Sołowow falls from the list, his place will be taken by Tomasz Biernacki, the main shareholder of Dino. In addition to such well-known names as Leszek Czarnecki or Roman Karkosik, the list includes also Tomasz Domagała and Dariusz Miłek.

“The shift of names among major shareholders of the largest listed enterprises does not signify anything particularly meaningful,” says Dariusz Lewandowski, President of ARIA Fund. He adds that an entrepreneur’s goal is to build the company’s value using funds provided by banks, private equity funds, and finally through the stock exchange.

“By taking stock trends and business cycles to their advantage an entrepreneur seeks to maximise the value of held assets. And it is precisely the way one should look at the name shift among the largest investors. There are cases of multiple listings and delistings of the same companies in order to build value,” says Lewandowski. He adds that he would not be the least surprised if the until recently largest stock investors returned to the stock market in the future. Likewise, thriving companies of the new stock exchanges magnates may be withdrawn from it, especially when the dominating shareholders find – during a downturn – that their valuation does not allow for further development (the availability of financing in the bear market), or simply agree on a low valuation for the investment opportunity.

ARIA PORTFOLIO: Survicate keeps growing each month

PLN 3.6 million worth of investments, triple the number of employees and a monthly income of roughly 30k dollars. That’s only a few stunning achievements of an extremely intensive year for Survicate, ARIA Fund’s portfolio company, as summed up by


Raised funds – with ARIA New Technologies Fund as the chief investor – help Survicate develop its product faster, test new channels of customer reach and ensure the highest quality of support.    

The result of hard work Survicate and ARIA Fund experts put into the project was quick to come. Having users from over 2k cities around the world, the company has significantly increased their revenue (from 12k to almost 30k dollar income), employment.

“Product development along with growing customer base are increasingly being recognised in major industry rankings by G2Crowd, Capterra and GetApp. We’ve received several awards this year, taking 5th place for the most user-friendly survey tools according to Capterra,” concludes Lucjan Kierczak, Head of Marketing at Survicate.

In 2018, Survicate plans to introduce new functionalities – “ starting with the possibility of collecting user feedback in mobile apps, an additional tool for managing customer feedback, integration with subsequent marketing automation tools and transferring infrastructure to Amazon Web Services in order to provide users with maximum efficiency and stability,” says Kierczak.

All this to maintain at least 10% monthly growth rate, which is essential to ARIA Fund investors.

More at

ARIA NEWS: “The economy rushes on, leaving companies out of breath”

“The last quarter of the year looks as promising as the previous one, with Polish GDP increasing by 4.7%. year after year over the last five years,” reports Tuesday’s Rzeczpospolita. The article quotes Dariusz Lewandowski, President of ARIA Fund.


In its article Rzeczpospolita informs that all of the economy levers are working perfectly: consumption, investment and exports. In October, construction and assembly output increased by 20.3% year to year.  Industrial production increased by 12.3% and retail sales by 7.1%.

“These figures contrast with some of the measures of business condition. According to Euler Hermes, over 250 companies declared insolvency in the third quarter of the year – that’s the highest in five years. There is also a steady increase in payment backlogs,” Rzeczpospolita observes. Among various reasons of such a state of affairs, experts mention changes in the tax regulation system, tensions affiliated with performance of contracts as well as increase in production costs and fierce competition for skilled workforce.

Better economic climate enables consumers to select products and services while having a higher budget. “The rise in demand means shifting attention to more expensive products, often of better quality or better advertised. These are largely offered by large corporations and companies at the top of the business hierarchy,” summarizes Dariusz Lewandowski, president of ARIA Fund.

Full text in Polish available here: Rzeczpospolita

ARIA PORTFOLIO: Livespace development strategy implementation

Team reinforcement and product development on the company’s agenda

Livespace, a new portfolio company of ARIA New Technology Fund, will focus on product development coupled with intensified marketing and sales activities with one objective in mind – fivefold growth over two years, largely through foreign expansion.

Only last week did ARIA Fund management sign an investment contract with Livespace (company offering new generation CRM software) and team immediately reached for strategy implementation.

People are essential to Livespace, hence the company has currently several ongoing recruitment processes for specialised positions in sales and marketing. Among the candidates sought are: developers, testers, business developers, inbound and growth marketers.

“We’re hiring a dream team. By the end of the year we hope to recruit the best marketing, sales and tech specialists the market has to offer, and thus prepare for global expansion,” says Michał Skurkowski, CEO of Livespace. “We’re also about to introduce major changes to the product itself. These changes will allow our customers to improve control over company’s managing and sales optimisation processes,” explains Skurkowski.

The complete team will continue working on system functionalities for reporting, integration, as well as machine learning and artificial intelligence. Machine learning is a field of computer science that gives computers the ability to learn without being explicitly programmed – self improvement due to automated processes of data acquisition and analysis. These innovations simplify and enhance both team management and sales processes, excluding arduous and repetitive activities.

Later this year, Livespace plans to expand its sales to English and Russian-speaking markets. Dynamic growth of the company is expected to take place in the first quarter of 2018.

“Livespace authors have a realistic vision for development,” says Dariusz Lewandowski, ARIA Fund S.A. President. “Livespace already stands out in the market for automation of sales processes, contact management, machine learning and user interface friendliness. The capital raised as well as the support offered by our experts guarantees dynamic growth. It’s a sound investment, from our perspective,” concludes Lewandowski.


ARIA NEWS: ARIA Fund at WebSummit 2017

Marta Walendzewicz, Kacper Bujalski & Dariusz Lewandowski at WebSummit 2017, Lisbon, Portugal.


60k specialists, 20k companies and 3k journalists from over 170 countries, including our team members – that’s WebSummit in numbers. The largest and most important event combining the world of new technologies with that of business and finance has just come to and end in Lisbon, Portugal. Survicate, one of our portfolio projects, proved a great attraction among the attendees.

There is a sound reason why WebSummit attracts the biggest business sharks, hosting companies such as Amazon, Adobe and Tinder. Over the years, the event has helped to identify some of the most recognisable entrepreneurial gems in the world; one of them being Uber. “This small company” from San Francisco, after WebSummit 2011, has raised $37 million in record funding and become the industry behemoth it is today, operating in over 600 cities all over the world.

This year’s exhibitors included our portfolio brand, Survicate. The company developed an all-in-one customer feedback tool focused on SMB, which offers 5 solutions: targeted website surveys, user-initiated feedback widgets, one-click email surveys, NPS email surveys and questionnaires. Survicate founders showcased an improved version of their SDK survey system. Over 300 people signed up for the SDK test; long before the conference began.

“Survicate enjoyed a great deal of interest,” reports Dariusz Lewandowski, President of ARIA Fund S.A. “It only proves we did well by investing in the company. They offer a product for which there is a high demand and a clearly defined development strategy.”

ARIA’s team, including Dariusz Lewandowski (CEO), Kacper Bujalski (Venture Partner) and Marta Walendzewicz (Investment Analyst), took part in WebSummit’s Office and Mentor Hours, a series of short prescheduled meetings that facilitate interaction between investors and startups. They were also selected to participate in an exclusive meeting held by the Prime Minister of Portugal, on an old naval ship. The team took the opportunity to talk about potential cooperation with funds representing Silicon Valley (USA).

Will ARIA Fund’s visit to WebSummit 2017 result in new investments? We’ll be answering the question soon.

ARIA PORTFOLIO: ARIA New Technology Fund invests in Livespace

Livespace plans to expand globally, quintuple business growth over 2 years’ span, and use artificial intelligence in the sales process.

A special purpose vehicle of ARIA New Technology Non-Public Assets Closed-End Fund (CEF) signed an investment agreement with Livespace yesterday. The company has developed a Customer Relationship Management (CRM) software that automates sales process and tells managers what steps to take to improve the results, and thus speeds up their workflow up to ten times.

The capital will allow Livespace to fund further development of their sales automation technology, focusing on advanced reporting and integration systems, as well as machine learning and artificial intelligence. The latter undeniably is the future of the IT industry – alongside the Internet of things, virtual and augmented reality. According to Gartner, by 2020, the global artificial intelligence market will reach $ 5 billion.

“We’ve been following market trends closely and hence took interest in Livespace,” says Dariusz Lewandowski, ARIA Fund president. “Livespace offers software solution which not only improves communication with customers, but also analyses sales processes and suggests what actions to take in order to achieve best results. The vision of AI based product development is a bull’s eye,” Lewandowski adds.

“Funding aside, Livespace will also receive full support from our experts in law, finance and marketing. Together with Livespace team they will continue to grow the buisness on all a/b levels,” says Lewandowski.

“We want every company to achieve predictable and scalable revenue. That’s why we’ve created a CRM software that enables our sales teams to streamline and automate sales process, and with artificial intelligence they will achieve much better results,” says Michał Skurowski, CEO of Livespace. “Funding provided by ARIA New Technology Fund will enable us to create world’s best B2B sales management tool for small and medium-sized businesses. This, in turn, will strengthen our position as the leader in the CRM market in Poland and accelerate foreign expansion,” emphasises Skurowski.


ARIA NEWS: “Global bull market overlooks small companies; Are they fast becoming a takeover target?”

“Valuations in the global fusion market have never been this high, and the upswing is not over yet. In contrast, valuations on the Warsaw Stock Exchange are still relatively low – especially those of small and medium-sized enterprises,” reports Tuesday’s Parkiet. The article quotes ARIA Fund’s Financial Analyst, Seweryn Żołyniak.


Parkiet points out that majority of this year’s 31 calls involved small and medium-sized companies. The trend will also continue in the forthcoming months.

Seweryn Żołyniak, ARIA’s Financial Analyst, says that despite months of positive economic climate, valuations of companies on the Polish market have not yet reached records broken in 2007, both in terms of value and fundamental indicators. “When analyzing indicators for the Polish market, it can be assumed that it is undervalued compared to mature global markets. It’s particularly evident in the segment of small and medium-sized companies, whose WiG80 indice has sustained downward trend for over six months now,” explains Żołyniak. The expert also draws our attention to the large difference between this year’s number of delisted companies (17) and market debuts (9).

Will the valuations improve? “ There are significant indications that further increases both in Polish and global markets are at risk. If the US market experiences decline we cannot hope for a bull market on the Polish stock exchange,” warns Żołyniak.

Full article (in Polish) available here: Parkiet

ARIA NEWS: “The Halloween effect will help sustain global bull markets”

“It is scientifically proven that in the autumn-winter period return rates are significantly higher than in the summer. Therefore, it’s theoretically worth buying stocks now. Yet, there are some serious objections,” reports Parkiet. The article quotes Marta Walendzewicz, ARIA Fund’s Investment Analyst.


“WIG broad market index has recorded an increase of almost 30 percent from November 2016 until the end of April; and dropped significantly in May to only a few percent above the line. These data fit perfectly into the concept of an investment strategy called Halloween effect, described first by Sven Bouman and Ben Jacobsen. They found that all stock market sectors and industries perform better during winter months on as many as 36 out of the 37 markets examined. They also said that better results were achieved by selling shares at the end of April and buying them off at the end of October rather than keeping them in the portfolio throughout the period,” reports Parkiet.

Marta Walendzewicz, ARIA Fund’s Investment Analyst, explains: “The so-called Halloween effect refers to seasonal tendency for a significantly stronger stock market growth that runs from November to May. This phenomenon in the US market has been scientifically confirmed through long-term observations.
With minor exceptions, the effect has persisted for the past 20 years, occurring about four times every five-year interval. Is Polish market any different? It turns out that the event occurs on the Warsaw Stock Exchange with similar frequency it does on the New York Stock Exchange – of course not without exceptions. For example, the event didn’t happen between 2012-2014, which was probably an aftermath of the fiscal crisis in Europe. But in the last three years there again was correlation with the US market as the effect was present on both stock exchanges at the same time. Unless the positive climate on the Warsaw Stock Exchange ends, there is a good chance that the Halloween effect will continue to be visible in the months to come.”
Full article (in Polish) available here:Parkiet

ARIA PORTFOLIO: 3E System at MEC and BEX Asia – video

We are about to sign a contract with 3E Poland to build the first house in 3E block in New Zealand.

I think that the System is wonderful and its disruptive technology will bring value to the construction industry.

In September ARIA presented for the second time this year the 3E System at the construction fair. After “World of Concrete” in Las Vegas, it was time fot BEX (Build Eco Expo) and MCE (Mostra Convegno Expocomfort) Asia in Singapore. Industry experts from the Eastern Hemisphere discovered the secrets of the 3E System, appreciating its technology, declaring their willingness to cooperate and sign contracts. Go to the video.

ARIA in Berlin


“It was fruitful two days, during which we met with interesting companies looking for an investor like ARIA. We talked with LeAD about the way the German startup scene works and the future cooperation. We are back inspired yet convinced that there is a lot going on in Poland ” – Dariusz Lewandowski, CEO of ARIA.


The leAD accelerator (Legacy of Adi Dassler) entered the final stage. 16 companies selected in July arrived in Berlin and started an intensive training program. Only the best ones, which we will be revealed in December, will receive a grant.

“As a part of a partnership with LeAD, we have participated in an expert-investor round to advise and mentor the companies. We have encountered several innovative projects, three of which we think have tremendous potential. In addition, we have had the opportunity to visit Future of Food conference, where we have met many interesting businessmen and got know the latest trends “- Kacper Bujalski, ARIA Venture Partner.

“It was fruitful two days during which we met with interesting companies looking for an investor like ARIA. We talked with LeAD about the way the German startup scene works and the future cooperation. We are back inspired yet convinced that there is a lot going on in Poland. ” – concluded Dariusz Lewandowski.