Warsaw-based PFR Ventures, Poland’s Development Financial Institution, which provides capital to venture capital and private equity funds, announced on Monday that it has invested in 4 new early-stage VC funds.
The funds include — 24Ventures, Digital Ocean Ventures Starter, Hard2beat, and Tar Heel Capital Pathfinder.
The total capitalization of new funds exceeds PLN 250M (approximately €58.4M), and the contribution of PFR Ventures is approximately PLN 200 million (€46.7M).
Investment in new VC funds is carried out under the European Funds for a Modern Economy (FENG) program, the largest national program supporting innovations in the European Union.
“Since launching our first investment program in 2018, our goal has been to facilitate access to capital for innovative Polish businesses indirectly. This is achieved by partnering with the best local and global management teams, including emerging managers. The first four funds to receive new EU capital are led by people with experience in venture capital investments and developing tech startups. They were selected from nearly 100 offers from management teams.” said Maciej Ćwikiewicz, President of the Board at PFR Ventures.
“We always set a high bar, even for new teams, with a strong focus on reputational aspects. We also expect to announce more funds that will receive our funding in the latter part of this year,” added Ćwikiewicz.
Who invests in what?
24 Adventures will invest in young companies that develop products that respond to long-term trends such as the digital transformation of businesses, climate, and social changes. The fund plans to invest in 18 globally scalable projects over four years.
Digital Ocean Ventures Starter finance companies in the FinTech sector and digital transformation supported by AI. The fund was founded by a team previously associated with the banking, VC, and technology sectors, with experience in venture development.
Hard2Beat specializes in early-stage investments in DeepTech companies that develop software-based solutions. VC’s mission is to support ambitious entrepreneurs committed to achieving long-term goals.
Tar Heel Capital Pathfinder invests in globally scalable technology businesses in areas such as AI, SaaS, Marketplace, CleanTech, EdTech, MedTech, and Cybersecurity.
In addition to funding, it offers startups technological, business, and marketing expertise, and access to a network of potential business partners to accelerate their growth and outperform competitors.
Its portfolio includes companies such as Selmo, Wellbee, Teleradius, and Multilango, and it has exited the company Primetric, which was acquired by American industry leader BigTime.
The four funds will invest in the companies until the end of 2029, with an additional four-year divestment period. The program provides capital for venture capital funds with an investment ticket of up to PLN 5M (approximately €1.16M).
PFR Ventures: Polish Development Finance Institution
PFR Ventures is a public fund of funds manager, a 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 aims to use this capital to support innovative Polish companies at various stages of development.
As the largest institutional fund in CEE, PFR Ventures currently holds a portfolio of more than 80 funds that have made over 900 investments. Investment programs are supported by the budget of the Polish Development Fund and capital from European Union funds, including the European Funds for a Modern Economy.
New funds from the European Funds for a Modern Economy program will support around 40 venture capital funds, with public contributions totaling PLN 2B and an additional PLN 1.1B from private investors.
Funds from PFR Starter and PFR Biznest are available for early-stage companies. The PFR Open Innovation, PFR KOFFI, and PFR CVC programs support companies in the growth phase and international expansion, focusing on innovative solutions and new market entry.
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