Skinwallet debuts on NewConnect

5 minutes
Skinwallet, owner of a platform enabling gamers to trade digital goods, has debuted on the small market of Warsaw Stock Exchange. It is the first company in our portfolio and at the same time the first entity representing the e-sports and digital goods market that floats onto Warsaw's market.

Skinwallet, the first ever company from the Tar Heel Capital Pathfinder portfolio, has debuted on the NewConnect market in Warsaw. The owner of the platform is also the first entity from the e-sports and digital goods market industries to float onto Warsaw’s market. The company’s debut took place on the 2nd of September.  

This year in January the company issued shares as part of a private offer conducted by Dom Maklerski INC, raising PLN 3.4 million and 50 new investors. Another group of investors was acquired as part of a sale of existing shares by one of the shareholders: in the transaction made at the beginning of June, Skinwallet’s valuation was 30% higher than at the beginning of 2020.

The project was created and developed from scratch in the Tar Heel Capital Pathfinder venture building model.

– We are incredibly pleased with Skinwallet’s IPO. It is another innovative business from our portfolio making it big, and these  sensational results are possible thanks to the hard work of a talented team, mixed with good strategy, and consistent implementation of plans – comments Arkadiusz Seńko, managing partner of Tar Heel Capital Pathfinder.

In the second quarter of this year, Skinwallet saw record revenues of more than PLN 4 million – almost 50% more than in q1 of this year and almost 275% more than in the second quarter of 2019. In total, the company recorded more than PLN 6.7 million in revenue in the first half of this year – more than in the whole of last year.

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“Skinwallet’s story is a prime example of how we want to bring projects to fruition using the venture building formula. Since the launch of the project by the current Management Board, the company has generated revenues of hundreds of thousands of zlotys in a matter of a few months and has completed a pre-IPO investment round. After a few subsequent months, revenues exceeded PLN 1 million per month, and the company went public. At the same time, it has been constantly developing its basic product, launching new ones and planning to start further projects. I rate the cooperation of the company’s Management Board with Pathfinder as exemplary – comments Michał Wrzołek, investment director of Tar Heel Capital Pathfinder supporting the development of Skinwallet.

The dynamic growth is the result of the consistent implementation of Skinwallet’s development plans, which also resulted in an increase in the number of active users of the platform: at the end of the first half of 2020, there were 150% more of them than in the whole of 2019. The plans include further efforts to expand Skinwallet’s reach: in the coming months, the company will launch Skinwallet Marketplace, a platform that connects both sides of the transaction – buyers and sellers.

– Skinwallet’s debut on NewConnect is the culmination of our hard work in the company’s development over the last few years. During this period, we have achieved many of our goals, added new functionalities to the platform and entered another foreign markets – as a result, we saw a dynamic increase in the number of active users as well as our financial results. All this would not have been possible without our team, and that is why we want to sincerely thank them today for their contribution and commitment to the development of the company so far. I also thank investors for the trust put at the issue stage and Tar Heel Capital Pathfinder, whose venture-building structure ran our funding process and has empowered us to grow. The debut on NewConnect is not only a key step for us, but also a confirmation that investors believe in our vision of Skinwallet – says Kornel Szwaja, President of Skinwallet.

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– In our portfolio we have approximately a dozen projects in the field of gaming and e-sports industry at different stages of development. They are all doing very well. Soon, we would like to put onto the market two more projects active in these industries. We keep our fingers crossed that they do as well as Skinwallet – adds Arkadiusz Seńko.