Pale Fire Capital Increases Stake in Valuo Technologies

Behind Investments Acquires Semantic Visions from Pale Fire Capital

August 26, 2025

Data & Analytics

Behind Investments has acquired Semantic Visions, a Prague-based provider of open-source data analytics, from Pale Fire Capital. The deal gives Behind Investments full ownership (it had been a minority shareholder since 2022) and positions the buyer to expand capabilities in AI and data analytics for enterprise clients.

Pale Fire Capital Acquires 24.3% Stake in Acond

September 12, 2022

Manufacturing

Pale Fire Capital has invested a nearly one-quarter (24.3%) minority stake in Czech heat pump manufacturer Acond to accelerate the construction of a new production plant and expand the company across Europe. The investment will finance a significant increase in production capacity and support Acond’s growth while founders remain involved in management.

Saunia Founders Acquire Pale Fire Capital's 20% Stake

April 8, 2022

Restaurants & Hospitality

Pale Fire Capital has sold its 20% stake in sauna operator Saunia to the company’s other partners — Michal Drozd, Bohumil Píše, Jan Holeček and Radek Stavinoha. Saunia, which operates 15 sauna worlds in shopping centres across the Czech Republic and Slovakia and plans further openings, was in Pale Fire’s portfolio since 2019; Pale Fire said the investment was no longer suitable for its portfolio.

Pale Fire Capital Acquires 22.4% Stake in Mubi.pl

February 7, 2022

Financial Services

Pale Fire Capital (PFC) has acquired a 22.4% minority stake in Mubi.pl, a Warsaw-based online insurance comparison platform operated by the Digitics Group. The growth investment will fund platform development, marketing and product expansion as Mubi aims to become the market leader in Poland and expand product offerings such as travel insurance.

Pale Fire Capital Acquires Majority Stake in Arpem (Spanish Insurance Comparator)

February 7, 2022

Insurance

Czech investment group Pale Fire Capital has acquired an 83% majority stake in Arpem Networks S.L., the Madrid-based online insurance comparison platform Arpem. The investment positions Pale Fire Capital to expand its portfolio into the Spanish market and support Arpem's IT development, product growth and recruitment to accelerate the platform's development.

Pale Fire Capital Invests €2.3M in Slovak Restaurant Group CF Group

February 7, 2022

Restaurants & Hospitality

Pale Fire Capital invested €2.3 million in Slovak gastro operator CF Group, providing growth capital to scale its restaurant concepts and support international expansion. The transaction included the sale of Pale Fire Capital’s stake in the Banh-mi-Ba chain to CF Group, giving CF Group a majority position in that brand.