Investment policy
Growth equity can be defined as (often minority) investments that help companies accelerate their growth through market expansion, operational improvements, geographic scaling, or strategic acquisitions.
At Mozaik, our mission is to support and scale high-potential companies across Central and Eastern Europe (CEE) by providing growth capital, strategic guidance, and long-term partnership.
We seek to empower ambitious entrepreneurs and management teams to accelerate their growth trajectories and drive sustainable value creation.
Who we work with
The companies we're looking at are relatively mature, founder-owned, and market-leading with little or no prior institutional capital.
These companies have reached an inflection point where they require capital to scale an already sound business model. In some ways, growth equity (or growth / expansion capital) sits between venture capital and private equity buyouts.
These businesses usually have a unique competitive advantage, strong management teams, proven unit economics, positive cash flow, and substantial organic revenue growth (often more than 20% annually).
Lastly, these companies are usually EBITDA positive or expected to be in the next 12 to 18 months.
How we help
In an ideal scenario, the owners, existing management, and our team form a successful partnership combining complementary skills to achieve superior business performance.
We bring strategic support and board-level guidance, assistance in building institutional capabilities (finance, governance, talent etc), support follow-on capital raising, M&A execution, and exit planning. In addition, we have broad network across commercial and financial circles and experience in establishing corporate governance structures in line with international best practices.
We are always an active, value-added investor, typically working with management on key objectives at the board level. Regardless of our ownership stake, we leave day-to-day operations in the hands of the
Founder and the management team.
Our investment terms
We provide growth capital investments typically ranging from €5 million to €8 million per transaction. We are also able to support staged investments, based on milestones, where the initial commitment may be lower. Additionally, we can increase our ticket size through syndication with like-minded growth equity funds or trusted co-investors.
We typically take significant minority stakes, ensuring alignment with founders and existing shareholders while contributing with our strategic expertise at the board level. However, we are also open to majority investments—either independently or in collaboration with our network of co-investors—where we see strong opportunities to drive value creation and support long-term growth.
We adopt a flexible investment horizon of 3 to 7 years, allowing us to align with the natural growth cycles of our portfolio companies.
We are sector-agnostic but have a strong preference for scalable businesses with defensible market positions and proven unit economics. We are particularly interested in sectors with long-term tailwinds, including: digital services, education and edtech, specialised retail, consumer brands with regional scale-up potential and niche industrial and manufacturing businesses with proprietary IP or an innovation edge.
We avoid investments in sectors with significant regulatory, environmental, or reputational risks especially where these are inconsistent with our values and the expectations of our stakeholders.
We typically take significant minority stakes, ensuring alignment with founders and existing shareholders while contributing with our strategic expertise at the board level. However, we are also open to majority investments—either independently or in collaboration with our network of co-investors—where we see strong opportunities to drive value creation and support long-term growth.
We adopt a flexible investment horizon of 3 to 7 years, allowing us to align with the natural growth cycles of our portfolio companies.
We are sector-agnostic but have a strong preference for scalable businesses with defensible market positions and proven unit economics. We are particularly interested in sectors with long-term tailwinds, including: digital services, education and edtech, specialised retail, consumer brands with regional scale-up potential and niche industrial and manufacturing businesses with proprietary IP or an innovation edge.
We avoid investments in sectors with significant regulatory, environmental, or reputational risks especially where these are inconsistent with our values and the expectations of our stakeholders.
Regional focus
Our investment activity is focused exclusively on Central and Eastern Europe, where we have been investing for over 20 years. Here we see significant structural growth opportunities driven by macroeconomic convergence, talent density, and increasing innovation adoption. We cover the region from our 2 offices in Vienna and Bucharest.