3
Companies in the portfolio
Communications and CX platforms · Telecom operators
Patient capital for the technology everything else runs on.
Boxwood is a private investment platform. We invest our own capital in digital infrastructure, telecom operators, communications platforms and B2B software across Europe and Central Asia — with no fund life and no predetermined exit date. Our partners built and ran businesses like these before they invested in them.
Slow-growing. Deep-rooted. Evergreen.
3
Countries of operation
No fund life, no exit date
01 · What we invest in
Four things we understand from the inside
Digital infrastructure
Fibre, transport networks, data centres and the physical layer that everything digital depends on.
Telecom operators
Fixed, mobile and converged operators in markets where consolidation is not finished.
Communications and CX platforms
Voice, messaging, CPaaS and the automation layer between companies and their customers.
B2B software
Software with real customers, recurring revenue and a clearly defined role in their customers’ operations.
03 · Why founders work with us
What changes when the capital is our own
- No fund life
- We are not required to sell your business by a particular year, because there is no fund to wind up. In practice that means we can underwrite a six-year plan instead of forcing a three-year one, reinvest cash flow instead of extracting it, and support a second round in a difficult year rather than writing the position down.
- Operators before investors
- Our partners ran fixed-line and mobile operators, built backbone fibre networks and deployed VoIP and CPaaS platforms. When we ask about your interconnect economics, churn cohorts or network build schedule, it is because we have owned those problems ourselves.
- A board seat, and the work that comes with it
- We take significant positions and we take board seats. We are involved in hiring key people, opening new markets and buying adjacent businesses — and we are not involved in your day-to-day product decisions. Both parts of that are deliberate.
04 · Southeast Europe
We invest from Belgrade — a choice about where we build, not simply where we are registered.
Serbia’s ICT services exports reached a record level in 2025 — roughly ten times the 2012 figure, and now the country’s largest net exporting industry. Around 115,000 people work in the sector across more than 4,000 companies. A large share of the long-term ownership sits outside the country. We are building the opposite: a local, permanent owner of businesses in the region.
€4.55bn
Serbian ICT services exports, 2025
115,000
people in the sector
10×
growth since 2012
05 · People
Who you will actually be working with
06 · Insights
What we are thinking and what our companies are doing
07 · Contact
Start a conversation
If you are a founder
Tell us what your business does, what it earns and what you are trying to build. We reply to every enquiry within three business days.
founders@boxwood.groupIf you are an adviser or intermediary
Send us the teaser. We will tell you quickly whether it fits — and if it does not, we will tell you that too.
deals@boxwood.groupCara Lazara 5–7, 11000 Belgrade, Serbia