This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Jutro Medical has secured PLN 101 million (about EUR 23 million) in an extended funding round, with equity accounting for 85 percent of the total. It is the largest round in the company’s history. Since 2024, the business has more than tripled in size and is now preparing for its next phase of expansion – acquiring outpatient clinics and rolling out technologies that support physicians’ work, Adam Janczewski, the company’s chief executive, told XYZ.pl.
Jutro Medical can be described as a blend of traditional medical clinics and modern technology. The company builds its own facilities and acquires existing ones, implementing, among other things, a proprietary system that supports doctors’ work and patient services.
The solution has been under development since 2019. The company was founded by Adam Janczewski. By mid-2025, Jutro Medical had raised more than PLN 83 million (EUR 19.3 million) from investors – a figure that has now been significantly increased.
Big money for Jutro Medical
Jutro Medical has just raised PLN 101 million (around EUR 23 million) in an extension of its Series A round. As Adam Janczewski explains, the financing structure consists of roughly 85 percent equity – in exchange for shares – and 15 percent debt financing. Earlier this spring, the company raised PLN 50 million (about EUR 11.5 million).
The round attracted a broad group of investors. The lead investor is Warsaw Equity Group, with significant participation from Vinci, part of the capital group of Bank Gospodarstwa Krajowego (BGK). Additional capital was provided by the funds naturalX Health Ventures, Fluent Ventures, Aternus, KAYA VC, and Inovo VC. The round also includes debt financing supplied by Orbit Capital and mBank.
Good to know
BGK
Bank Gospodarstwa Krajowego (BGK) is Poland’s state development bank and one of the government’s key financial levers for long-term economic policy. Established to support strategic investments, BGK operates outside the commercial banking sector, directing capital toward infrastructure, innovation and projects deemed essential for national development.
In recent years it has become an increasingly prominent co-investor alongside EU programmes, channelling public funds into venture capital, regional development and SME support. BGK often partners with institutions such as PFR Ventures to mobilise private capital, strengthen the domestic financial ecosystem and reduce investment gaps in areas where market financing remains scarce.
“A symbolic stake was added by a group of business angels from the international healthcare sector,” Janczewski explains.
While the company has not disclosed its valuation, Janczewski stresses that its growth rate has been impressive.
“We are not a unicorn yet, but a rational valuation will make it easier to meet investors’ expectations in the years ahead,” the chief executive adds.
Seven acquisitions in a year, 20 clinics and 120,000 patients
The closing of the funding round caps a breakthrough year for Jutro Medical. The company is not only opening its own clinics but is increasingly acquiring existing practices from doctors who are retiring.
“This is a very interesting moment in the market. Doctors who took over municipal outpatient clinics in the 1990s are now in their 60s or 70s and want to hand over their businesses. Large players are not interested in small centers – we are,” Adam Janczewski explains.
In 2025, Jutro Medical completed seven acquisition transactions, which translated into nine new locations. In two cases, the acquired companies operated two independent clinics each. In total, the company now runs 20 outpatient clinics and provides care to 120,000 patients under Poland’s National Health Fund (NFZ).
Goos to know
NFZ (National Health Fund)
In practical terms, NFZ is the public payer that signs contracts with clinics and hospitals and then reimburses them for treating insured patients. Regional NFZ branches run tenders where healthcare providers submit offers that must meet specific requirements (staff, equipment, profile of services), and then the NFZ and the selected providers sign contracts for defined “packages” of services (e.g. primary care, cardiology, surgery). These contracts set prices and limits.
From the provider’s point of view, this means that any clinic or hospital with an NFZ contract can treat insured patients free at the point of use, and then bill the NFZ according to the contract rules. However, contracts usually cap the volume of services the NFZ will fully pay for; when a facility treats more patients than the contracted limit, it often has to wait many months to be paid for “over‑limit” services or receives only partial reimbursement, which creates financial pressure and sometimes debt.
“Our strategy benefits both sides. Doctors gain a smooth path into retirement, while we build a scalable operating model,” the chief executive says.
Investor's perspective
Why WEG chose to invest in Jutro Medical
Jutro Medical combines high-quality medical practice with technology that streamlines how clinics operate. At the same time, it treats the history of the acquired clinics with respect. This was confirmed by the conversations we held with their current owners before deciding to invest in Jutro Medical.
Revenues: 270% year-on-year growth
In 2024, Jutro Medical reported revenues of PLN 17.7 million (EUR 4.1 million). By 2025, the scale is entirely different.
“We are closing November with an annualized run-rate revenue of PLN 75 million (EUR 17.5 million). That represents around 270 percent growth year on year,” Adam Janczewski notes.
The team today numbers about 700 staff across clinics and 65 at headquarters, including 25 software engineers.
Although Jutro Medical began as a startup, it now defines itself differently.
“We are a medical operator with very strong technological DNA. We are no longer a startup – we have a scalable model and are EBITDA-profitable,” the chief executive emphasizes.
The company invests heavily in modernizing acquired facilities, improving the quality of visits, and expanding teams. It also maintains a key quality metric: 97–98 percent of appointments are scheduled no later than the next day after a patient’s request. This remains a central benchmark of service quality for Jutro Medical.
What’s next for Jutro Medical
The company’s target for 2026 remains ambitious – around 16 new clinics per year – although, as Adam Janczewski notes, the actual number will depend on the size of the acquired practices.
“We want to create a high-quality Polish medical network. To build a standard that surpasses private clinics in quality. This is my life’s project for the next 20–30 years,” Janczewski says.
The CEO also states that Jutro Medical ultimately aims to remove keyboards entirely from consultation rooms, allowing doctors to focus fully on patient conversations and health assessments.
“We apply this approach to network development as well. We have experience managing acquisitions and can guide owners safely through the entire process. After an acquisition, we take responsibility for running and developing the clinic, building on what already works well. Our goal is for Jutro Medical to signify the highest quality of care, delivered consistently and predictably,” Adam Janczewski explains.
Investor's perspective
Vinci is looking for ideas
Jutro Medical already demonstrates that, through advanced technology, it is possible to build a modern network of clinics that delivers high-quality medical care while increasing accessibility – and all at standard NFZ rates.
We are pleased to contribute to developing a model that strengthens Poland’s healthcare system and has the potential to be implemented in other European countries as well.
Investments planned in Jutro Medical technology
A portion of the funds from the funding round will go toward developing technology, which has been a distinguishing feature of Jutro Medical from the start. The company is already testing solutions designed to genuinely reduce doctors’ administrative burden – for example, artificial intelligence capable of generating visit notes in real time.
“The system listens to the consultation and prepares the notes so the doctor doesn’t have to write. I dream of clinics where desks and keyboards disappear, and the doctor can simply sit beside the patient,” Janczewski explains.
Jutro Medical is also developing an intelligent medical intake system.
“An AI agent collects information from patients before the visit, but it does not replace the diagnosis. Its greatest value is asking the right questions and providing the doctor with context that is often missing today due to time constraints,” the CEO adds.
The company is not working on automatic diagnoses – its focus is on technology that removes barriers and allows doctors to spend more time on clinical decision-making.
“At Jutro Medical, we create conditions where doctors can focus entirely on the patient and their diagnosis. An organized workflow, modern tools such as our proprietary electronic medical records system, diagnostic equipment, and the ability to consult complex cases with the medical team give doctors more time and a fuller clinical picture. This allows us to deliver extremely high-quality care, which is reflected in patient evaluations,” says Dr. Konrad Michalski, Medical Director at Jutro Medical.
Key Takeaways
- Integrated model and expansion strategy. Jutro Medical combines the traditional outpatient clinic model with modern technology, leveraging favorable market conditions for rapid expansion. The company closed the largest funding round in its history, raising PLN 101 million (around EUR 23.5 million), with the vast majority in equity. The funds will be allocated to acquiring additional clinics and developing technology that supports physicians’ work. Its operational model -acquiring local clinics from doctors approaching retirement – enables the company to scale rapidly.
- Financial and operational growth. Jutro Medical’s financial and operational performance validates its strategy. In 2025, the company reached an annualized revenue of PLN 75 million (approximately EUR 17.5 million), a 270% year-on-year increase. It now operates 20 clinics and serves 120,000 patients under Poland’s National Health Fund (NFZ), while 97–98% of appointments are scheduled for the next day at the latest. The team exceeds 700 employees. With EBITDA profitability, Jutro Medical distinguishes itself from typical startups, positioning itself as a stable medical operator with long-term growth ambitions.
- Technology as a differentiator. A key differentiator for Jutro Medical is technology designed to support – not replace – doctors. The company is developing proprietary AI-based tools, including visit note generation and an intelligent medical intake system that prepares contextual information ahead of patient appointments. These solutions reduce administrative burden and increase physician availability for patients. Investors and management alike emphasize that Jutro Medical’s success relies on combining high-quality care, respect for the tradition of local clinics, and technology that streamlines the daily work of medical teams.