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Warsaw edtech Coding Giants raised up to €6M in venture debt from Orbit Capital to push its STEM courses into the US, Mexico and Spain without new equity.
Key Takeaways
- Coding Giants secured up to €6M in venture debt from Orbit Capital on October 14, 2026.
- The Warsaw company reports about $15M in annual recurring revenue and 130,000+ students.
- Funds target the US, Mexico and Spain through organic growth and acquisitions. Valuation is undisclosed.
Lead
Coding Giants, a Warsaw-based provider of coding, artificial intelligence and mathematics classes for children aged 6 to 19, has secured up to €6 million in venture debt from Orbit Capital, announced on October 14, 2026. The Central and Eastern European growth investor manages more than €200 million across its venture debt and growth equity vehicles. The company plans to spend the money on expansion in the United States and Mexico, and on faster growth in Spain.
The facility is debt, not equity, so no valuation was disclosed and none is implied. The "up to" wording signals a facility that may be drawn in tranches rather than a single €6 million transfer.
What Does Coding Giants Actually Sell?
Coding Giants sells instructor-led courses, online and onsite, in programming, AI and mathematics to students between 6 and 19. The company was founded in 2018 by Radosław Kulesza, Dawid Leśniakiewicz, Piotr Pełka and Sebastian Langa. It says more than 130,000 students have taken its classes.
The product combines live teachers with AI tools that adjust learning materials to each student's progress. That sets it against school-based computing programmes and self-paced apps, and against local coding academies in each market it enters. The company operates in 13 markets across Europe and the Americas, including the US, Mexico, Spain, Italy, Germany and several Balkan countries.
Why Did Coding Giants Choose Venture Debt?
Coding Giants chose venture debt because it has recurring revenue to service the loan and a founding team that has already sold equity once. The company reports roughly $15 million in ARR. Its most recent equity round was €8.5 million in December 2024, led by True Global Ventures, which brought total funding to about $13 million.
A debt facility roughly 70 percent the size of that last equity round is a notable addition. It points to a business whose lenders see predictable subscription-style cash flows, not a pre-revenue bet. Founders also avoid selling more shares at a time when education technology valuations remain well below their 2021 peaks.
The trade-off is plain. Debt carries repayment schedules and covenants, and expansion into new countries consumes cash before it returns any. If new markets ramp slower than planned, the interest bill arrives on schedule regardless.
Wiktor Namysł, partner at Orbit Capital, said venture debt is effective at the stage Coding Giants has reached: "a proven business model," meaningful revenue and a record of operating internationally. Jakub Kaczmarek of Orbit Capital cited the company's scalable model, rising demand and the team's international expansion experience as the main drivers of the investment.
How Will the Money Be Used?
The money will go mainly toward the US and Mexico, with Spain the third priority. Kulesza said the company intends to grow through both organic expansion and acquisitions. Acquisitions in this sector usually mean local coding schools or tutoring chains, which bring students, teachers and a physical presence at lower cost than building from scratch.
The buyer's logic here is distribution. A small local academy has classrooms, parent relationships and instructors; Coding Giants brings curriculum, software and a billing system. No targets, deal sizes or timelines have been disclosed, so the acquisition language remains an intention.
What Does This Mean for the European Edtech Market?
The deal shows that revenue-generating European edtech companies can raise growth capital without a priced equity round. Venture debt has become a common tool for software and subscription businesses with visible ARR, and Orbit Capital's involvement extends that pattern to a Polish education company expanding outside Europe.
The US is the harder test. It is the largest market for children's coding education, and it is crowded with well-funded online platforms and after-school franchises. Coding Giants' bet is that a blend of live instruction and adaptive software can win parents who want accountability that pure apps rarely deliver. Mexico and Spain offer a different proposition: Spanish-language demand and fewer scaled competitors.
Scenarios vary. If the company converts the facility into acquisitions that add ARR quickly, a larger equity round on better terms becomes plausible. If integration problems or slow enrolment arise, the debt narrows its options.
Outlook
Coding Giants now has up to €6 million in non-dilutive capital, about $15 million in ARR and a clear geographic priority list. The next measurable signals are the first acquisition, US enrolment growth and any follow-on equity raise. Valuation, repayment terms and profitability have not been disclosed.
