This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Marcin Grzymkowski is getting closer to repeating his eObuwie success. From the outset, his ambition was to build Sportano into a “billion-plus” business. The European Bank for Reconstruction and Development (EBRD) has now backed its push to accelerate expansion – though not at the first attempt, XYZ has learned.
Poland is the EBRD’s third-largest market by volume of business. In 2025, it came close to setting a record, investing EUR 1.36bn (PLN 5.8bn) across 44 projects.
The EBRD is largely a partner to investment funds and banks, while also financing major infrastructure projects, including in energy. Increasingly, however, it is providing direct support to companies across a range of sectors. This year, among other transactions, it extended a PLN 400m (EUR 94m) loan to Tele-Fonika Kable and invested PLN 204m (EUR 48m) in Robyg shares as part of the developer’s stock-market listing.
Interactive chart In September, the EBRD became a shareholder in another Polish company. It invested EUR 15m (about PLN 65m) in Sportano; the precise terms of the transaction were not disclosed. Sportano is an online sporting-goods retailer founded in December 2021 by Marcin Grzymkowski, the entrepreneur behind eObuwie and Modivo.
“An IPO [initial public offering – ed.] remains one of the possible scenarios, but we are not working toward a specific listing date. Our goal is to build as large, profitable and fast-growing a European company as possible. Consistently delivering on that plan will give us several attractive options in the future. The EBRD’s investment is undoubtedly another step in Sportano’s institutionalization, following the investment by bValue. We are evolving from a local startup into a significant European player,” says Marcin Grzymkowski, founder of Sportano.
EBRD doubles Sportano’s valuation
Sportano required more than PLN 100m (EUR 23.5m) of investment in its first few years alone, including spending on logistics. Marcin Grzymkowski provided most of the capital. In July 2024, he was joined by bValue Growth, which injected further capital into the company a year later.
In total, the fund invested more than PLN 60m (EUR 14.1m), valuing the company at over PLN 300m (EUR 70.6m). According to XYZ’s unofficial information, the EBRD investment values Sportano at twice that level just two years later – at more than PLN 600m (EUR 141m).
Valuations of online retailers have come under heavy pressure in recent years. The market capitalization of Germany’s Zalando and Poland’s Answear.com is, in fact, slightly lower than it was two years ago.
“I would not look at Sportano solely through the lens of traditional e-commerce. We are building a specialist European sports platform that already operates in more than a dozen markets, with its own logistics and technology, as well as a growing share of private-label and exclusive brands,” says Marcin Grzymkowski.
“Sportano is a very good example of the kind of company we want to invest in. It is an ambitious, founder-led business that has built a strong position in its home market and is ready to go further. The company has combined very strong execution with a clear vision for its next stage of growth,” adds Tamas Nagy, co-head of private equity at the EBRD.
Interactive chart A carefully chosen partner matters more than capital
The entrepreneur stresses that in recent years he had received a range of investment proposals, including from private investors. None of them, however, proved particularly compelling.
“At this stage, we were not looking for capital alone. We wanted a partner that, in addition to financing, would bring institutional credibility, experience in scaling companies across multiple markets and a very strong international brand. In that respect, the EBRD is a unique investor,” says Marcin Grzymkowski.
“At a time when access to growth capital is constrained, our investment demonstrates confidence in Sportano’s strategy. At the same time, it reinforces our conviction in the strength of Poland’s private sector and growth-equity market [capital for profitable companies in the growth phase – ed.]. Supporting Polish companies in their international expansion and developing the equity-investment ecosystem are among our priorities. This investment advances both objectives,” adds Andreea Moraru, the EBRD’s regional director for Poland and the Baltic states.
Marcin Grzymkowski acknowledges that he had already been in talks with the EBRD about a transaction almost two years ago. At the time, however, his company was still at too early a stage of development.
“In the meantime, together with bValue, we consistently delivered on our growth plans and expanded the scale of the business. More recently, we were able to return to talks with the EBRD as a much larger, more mature company operating across multiple markets,” says Sportano’s founder.
Expert's perspective
An exceptional investor in more ways than one
As an M&A adviser [mergers and acquisitions – ed.], we are seeing the EBRD become more active in Poland. In 2025 alone, it invested about EUR 1.35bn in the country across 44 projects, making Poland its third-largest market globally by volume of business. This confirms that the EBRD continues to see significant growth potential in Poland. It plays an important role in financing innovative companies, supporting the energy transition, developing capital markets and mobilizing additional private capital.
The EBRD is among the most demanding and highly regarded institutional investors. Its investment process includes detailed scrutiny of financial, legal, ownership, reputational and ESG issues. Every investment must meet not only economic criteria, but also demonstrate a positive impact on the broader economic and social environment.
That is why the EBRD’s decision to make a direct equity investment in Sportano, a transaction on which we acted as M&A adviser, is an important reference point for the market. It confirms that the company successfully passed a rigorous due-diligence process, including an assessment of both its business model and its growth prospects.
First profit, with revenue heading toward PLN 600m
Thanks to heavy investment, the company is growing at an unusually rapid pace. Revenue rose from about PLN 52m (EUR 12.2m) in 2022 to PLN 184m (EUR 43.3m) in 2023, PLN 336m (EUR 79.1m) in 2024 and more than PLN 480m (EUR 113m) in 2025. This year, sales are growing by more than 30%. If that pace is sustained, revenue will exceed PLN 600m (EUR 141m).
“I do not want to commit to a specific figure, but that level is consistent with the direction we are heading in. We are pleased with the pace of growth and, with the new financing, we want to maintain it in the coming years. As the business gets larger, it will be difficult to keep repeating growth rates of 30-40%. But we operate in a huge European market, and in many countries our market share is still small. We could grow even faster, but we do not want to do so at the expense of profitability,” says Marcin Grzymkowski.
In 2025, Sportano was already close to posting positive EBITDA. Its net loss, meanwhile, narrowed from PLN 43m (EUR 10.1m) to PLN 14m (EUR 3.3m). The first half of 2026 already produced a net profit.
“We have proved that rapid growth and profitability can go hand in hand. Our goal is not to post a positive result in a single quarter or half-year. The direction is clear: as we scale, we expect further improvements in operating efficiency and margins,” says Marcin Grzymkowski.
Founder retains controlling stake
The EBRD’s capital will provide significant support in pursuing these goals. The size of the transaction was not arbitrary. Sportano raised exactly as much capital as it believes it can deploy effectively at its current stage of development.
“We did not want to raise capital simply to have more cash on the balance sheet. We have very specific areas where additional funding can translate into further growth. These include increasing product availability, expanding abroad, investing in technology and AI, further automating logistics, and developing our private-label and exclusive brands,” says Marcin Grzymkowski.
Retaining a majority, controlling stake was also important. The founder’s family foundation remains the largest shareholder, with a stake of close to 75%.
“That best reflects my approach to this project. I see very significant potential for further growth. For now, the priority is to keep building Sportano’s value and executing its long-term strategy,” says Marcin Grzymkowski.
Growth in Poland and key European markets
The timing of the EBRD investment was no coincidence either. Sportano has now validated its business model across 13 European countries. International sales account for more than 50% of revenue.
“We do not want to develop every market at the same pace. We are increasingly focused on the efficiency of the capital we deploy. We concentrate investment where we see the best combination of market size, our own growth momentum and consumers’ purchasing power. In the coming years, the CEE region will remain particularly important to us, alongside selected other European markets where we are already present and see further growth potential,” says Marcin Grzymkowski.
Poland, where the company also operates a large bricks-and-mortar store that is innovative in several respects, remains a very important market.
“We do not, however, assume that Poland’s sporting-goods market will grow by 30%. We want our sales to grow faster than those of our competitors, allowing us to gain market share. That growth is being driven by stronger brand recognition, an expanding specialist assortment, better product availability and a growing number of returning customers,” says Sportano’s founder.
Expert's perspective
Poles are ready to spend more on sport and quality
In apparel and footwear, we have moved away from purely recreational clothing toward technical athleisure and products designed to support specific performance goals. More than half of footwear customers now choose models developed for particular disciplines, from trail running to strength training.
Although apparel and footwear remain the steady core of sales volumes, advanced equipment is recording the fastest growth in value terms. Poles no longer treat physical activity as purely a hobby. Demand is rising for high-end outdoor gear, home-training setups and professional sports supplements.
We see enormous potential in the Polish market. The main driver of change is growing consumer awareness, including among members of Generation Z. They see sport as part of their lifestyle and are more willing to invest in premium brands. Polish consumers are no longer looking for equipment “for one season,” but for reliable products that will last for years.
Sportano is an excellent example of a company responding to these needs. It has become a key partner for us in providing customers in Poland and across the region with top-quality products. Our shared journey and Sportano’s rapid growth were aptly summed up by the company receiving the “Champion of International Expansion” award at the recent Allegro Open event.
Efficient logistics: the foundation of profitability
One of the company’s competitive advantages – and a key foundation of its profitability – is its highly automated logistics operation. Its warehouse space totals about 50,000 sq m, while the number of robots stands at around 200. Both figures are steadily increasing.
“Logistics is one of the absolutely critical elements of our model. At our scale, and with such a broad product range, the advantage is not simply having a product listed. It has to be physically available and delivered to the customer quickly, predictably and efficiently,” explains Marcin Grzymkowski.
Sportano offers specialist products for more than 60 sporting disciplines. That makes logistics more complex, because the differences in weight and dimensions are considerable – from small accessories to bicycles and fitness equipment.
Direct partnership with Nike is paying off
A key development for Sportano’s product offering came last year, when the company signed a direct agreement with Nike, becoming one of only a handful of companies in the region to do so. At launch, the partnership covered more than 2,000 products across a dozen key disciplines, including football, tennis, running and fitness.
“It confirmed the position we had built in a relatively short period of time. We view the results of the partnership positively and see scope to expand it further. What matters particularly to us is access to many of the leading products and categories, as well as jointly organized events and campaigns promoting new product groups,” says Marcin Grzymkowski.
Sportano has maintained a broadly similar merchandise mix: 80% third-party brands and about 20% private-label products and exclusive offerings. Rather than simply increasing the number of products, the priority is now to select the right products, in the right quantities, for the right country and at the right point in the season.
“We want to be the first-choice destination for sports customers, from beginners to highly advanced athletes. That is why, in our key disciplines, we will continue to broaden the assortment, deepen cooperation with the best brands and complement it with our own products,” says Marcin Grzymkowski.
Influx of cheap Asian products poses a challenge
Sportano’s main strategic goal today is to move from being a large regional player to becoming one of Europe’s significant specialist sporting-goods retailers. That will not be easy.
“Consumer and market trends are positive, but the biggest challenge remains exceptionally intense competition and the economics of the industry as a whole. It operates on relatively low margins while facing high marketing and logistics costs, as well as the expense of maintaining broad product availability. Additional pressure comes from the growing influx of very cheap, often low-quality products from Asia. Our response is a carefully curated range of high-quality products from the best and most recognizable brands in their respective categories,” says Marcin Grzymkowski.
He stresses that the company must also respond very quickly to rapidly changing trends and product innovation across a wide range of categories.
Hunger for another international success after eObuwie
Marcin Grzymkowski is hungry for another international business success. Over the years, CCC paid him a total of about PLN 1bn (EUR 235m) for eObuwie, while the company’s valuation peaked at PLN 6bn (EUR 1.41bn).
“From the outset, we wanted to build Sportano into a ‘billion-plus’ company with significant international scale. That ambition has not changed. We have positioned ourselves very well for long-term trends. Sporting-goods categories are among the faster-growing segments today, while consumers are investing more in physical activity, health and high-quality sports equipment,” says Marcin Grzymkowski.
He does not want to compare the stories of his two businesses directly, given the different business models, market conditions and periods in which they developed. Above all, his experience with eObuwie taught Marcin Grzymkowski that a company built in Poland can compete successfully on the global stage.
“With Sportano, the ambition is very high. We have already managed to build a business of significant scale, operating across multiple markets and growing profitably. But we still see substantial room for further expansion in Europe,” the entrepreneur concludes.
Investor's perspective
Rising spending on healthy lifestyles attracts investment
That investment prepared Sportano for the arrival of an investor of the EBRD’s caliber. A key contribution was laying the foundations for corporate governance and a professional financial-reporting system. These are prerequisites for working with institutions of this kind. The EBRD’s involvement confirms both the company’s success to date and its further potential.
Central and Eastern Europe still suffers from a shortage of capital for ambitious entrepreneurs who want to grow without giving up control of their businesses. Our fund successfully fills that gap. We position ourselves as the first-choice partner for ambitious founders.
Sportano fits perfectly with our investment thesis around rising spending on healthy, active lifestyles. We look at this trend far more broadly than through the lens of a single company. We have also invested in Xtreme Brands, a franchise group bringing together three brands in this area: Xtreme Fitness, a chain of fitness clubs; Xtreme Kids, sports-oriented play centers for children; and, more recently, Strong Pilates, a Pilates-club concept.
The strong performance of both companies confirms the strength of the trend. For now, we are not planning further investments in sports apparel and equipment retail, because we believe we have backed the best horse in this race. We are, however, still looking for opportunities across the broader healthy-lifestyle segment, in both services and products.
Key Takeaways
- From startup to a valuation in the hundreds of millions within a few years. The European Bank for Reconstruction and Development (EBRD) has become Sportano’s second investor. The online sporting-goods retailer was founded in December 2021 by Marcin Grzymkowski, the entrepreneur behind eObuwie and Modivo. In 2024, it secured backing from bValue, which has invested more than PLN 60m (EUR 14.1m) in total. The EBRD has invested a similar amount: EUR 15m. The company is now valued in the hundreds of millions of zlotys. According to XYZ’s findings, its valuation has already exceeded PLN 600m (EUR 141m).
- A second approach to the EBRD. Marcin Grzymkowski has previously turned down numerous offers from private investors. He wanted a partner that would bring not only capital, but also institutional credibility, experience in scaling companies across multiple markets and a very strong international brand. That led him to work with the EBRD, with which he had already held talks two years earlier. At the time, however, Sportano was still at too early a stage of development.
- Rapid growth and big ambitions. In 2025, Sportano increased revenue by more than 40% to over PLN 480m (EUR 113m). It came close to achieving positive EBITDA. In the first half of 2026, the company posted a net profit and intends to remain profitable. It also wants to grow faster than the market, which is under pressure from an influx of cheap sporting goods from China. Sportano already operates in 13 countries and aims to become a significant European player.