PFR Ventures, Poland’s largest institutional investor, which provides capital to venture capital and private equity funds, has invested €63 million (PLN 270 million) in 5 new VC funds, bringing their total capitalization to approx. €94 million (PLN 400 million).
The new venture capital funds receiving capital from PFR Ventures are 4growth VC, Aegis Capital, iif VC, Kogito Ventures, and Lowercap. Most are managed by teams with prior experience in the local venture capital market.
These investments are part of the European Funds for a Modern Economy (FENG) program, the largest national initiative supporting innovation in the European Union. It will support approximately 40 venture capital funds.
“The new funds backed by PFR Ventures are not just about injecting capital—they’re about igniting the innovation ecosystem. By engaging private investors, business angels, and forward-thinking enterprises, we’re bringing not only funding but also invaluable expertise to help startups thrive. This is how we’re reshaping not just venture capital but the entire landscape of innovation in Poland,” says Mikołaj Raczyński, Vice President of the Polish Development Fund.
PFR Ventures accelerates investment, targets 25% VC Fund investments in 2024
PFR Ventures is a public fund-of-funds manager and part of the Polish Development Fund (PFR). Together with private investors, business angels, and corporations, it invests in venture capital and private equity vehicles.
PFR Ventures currently manages a portfolio of more than 80 funds that have made over 900 investments. Its investment programs are fueled by the Polish Development Fund’s budget and EU funding, including capital from the European Funds for a Modern Economy.
“In less than a year since the first call for PFR Ventures programs supported by EU funding, we’ve already delivered nearly 25% of our planned investments in VC funds. And we’re just getting started. In 2025, we’ll double down, scouting for top-tier management teams with the skills and vision to fuel Poland’s most innovative companies. By the first quarter of 2025, the seed funding market will feel the pulse of this fresh wave of capital and energy,” says Maciej Ćwikiewicz, President of PFR Ventures.
The VC funds securing capital from PFR Ventures
4growth VC will invest in growth-stage startups with international potential in the FinTech, InsurTech, and MedTech sectors, while also remaining open to promising companies in other industries. The fund plans to invest between PLN 4 million and PLN 12 million in companies with ready products and recurring revenues. Through its previous fund, 4growth VC allocated PLN 66.5 million to nine rapidly growing companies: Cashy, Digital First AI, FindAir, Laven, Oxla, Plenti, Saventic Health, Talkie.ai, and Wealthon.
Aegis Capital will focus on early-stage companies developing technologies in the HealthTech and Longevity sectors. It aims to foster innovations that address demographic changes in developed countries. The management team has extensive investment experience in this field and is supported by private investors from the healthcare, new technologies, and capital market industries.
iif VC will target tech companies with global potential and strong R&D capabilities. It operates under a co-investment model, where private investors are selected on a deal-by-deal basis to invest directly in portfolio companies without becoming limited partners (LPs) in the fund.
Kogito Ventures is launching its second fund, aiming to invest in approximately 25 pre-seed and seed-stage companies. Its first fund invested in 18 companies, including Jutro Medical, ZEME, Surveily, Juo, Simpl.rent, Linker Cloud, and Weartech, and has already exited PsiBufet, sold to London-based Butternut Box. The new fund will maintain a generalist approach, focusing on the Polish market and Polish founders abroad. It plans to invest between PLN 0.5 million and PLN 5 million, reserving nearly half of its capital for follow-on investments.
Lowercap will continue the work initiated by DFR Inwestycyjny, the first regional venture capital fund established in 2017 in Lower Silesia. It will target tech companies in the late seed and early growth phases with recurring revenues. Lowercap will co-invest with prominent business angels on a deal-by-deal basis.
