Black Pearls VC

Black Pearls VC operates from Gdansk with a focus on Baltic and Central and Eastern European enterprise software companies, including telemedicine and health IT businesses addressing communication-heavy workflows in healthcare. The firm sits at the early end of the venture spectrum, writing pre-seed and seed checks into companies that are typically pre-revenue or in their first commercial year. Telemedico is among the portfolio companies that fit this pattern.

The thesis is built around the idea that enterprise software founders in the Baltic states and CEE can build globally relevant businesses but need patient early-stage capital that understands regional dynamics. Healthcare investments are concentrated in health IT software, with a particular interest in companies addressing communication, telehealth, and provider workflow problems. The firm is comfortable with companies that have a strong technical core but limited initial commercial traction, provided the team has credible domain insight and a defensible technical approach.

Black Pearls writes pre-seed and seed checks generally between $250k and $1M, often as a lead or co-lead. Geographically, the firm is most active in Poland, the Baltics, and the broader CEE region, with selective participation in companies operating internationally from a regional base. The check size and stage focus mean Black Pearls is comfortable being the first institutional money in, frequently alongside angels or smaller funds, and is willing to engage on companies that are still working through their initial product-market fit hypothesis.

The partnership runs a small investment team and is structured to engage substantively with each portfolio company rather than spreading capital across a large index of bets. Founders should expect direct partner contact during and after diligence, with decisions made quickly by people who will remain involved post-investment. The team’s CEE roots mean it understands the operational realities of building from the region, including the talent dynamics and the practicalities of selling into both regional and Western markets.

In working with companies, Black Pearls is most useful for early commercial hiring, product strategy in the first eighteen months, and introductions to regional customers and follow-on investors. The firm has working relationships with Series A leads in Warsaw, Berlin, and London that can lead subsequent rounds when traction supports it. For healthcare founders, the firm is most useful when the company is building enterprise software targeting providers or payers, particularly where the product addresses communication or telehealth workflows. Black Pearls is less suited to companies that need deep clinical-regulatory specialism or to consumer-facing digital health businesses with heavy marketing requirements, since its operational expertise sits in B2B software rather than consumer brand-building. Founders considering Black Pearls should plan for a relatively informal but substantive process and should expect a partner who will engage on product detail rather than only on commercial metrics. The fit is strongest for technical founders building enterprise health IT from the Baltic and CEE region.