Warsaw-based PFR Ventures, Poland’s largest institutional investor, has invested PLN 270M (nearly €63M) in five new venture capital funds, increasing their total capitalisation to PLN 400M (nearly €94M).
PFR Ventures is a public fund-of-funds manager that partners with private investors, business angels, and corporations to invest in VC and private equity funds. It aims to support innovative Polish companies at all development stages.
The firm manages over 80 funds with more than 900 investments, and its programmes are funded by the Polish Development Fund and EU initiatives, including the European Funds for a Modern Economy.
The five new VC funds
The VC funds receiving capital from PFR Ventures are 4growth VC, Aegis Capital, iif VC, Kogito Ventures, and Lowercap.
Mikołaj Raczyński, Vice President of the Polish Development Fund, says, “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.”
PFR Ventures has invested in the VC funds as part of the European Funds for a Modern Economy (FENG) programme, which supports innovation across the EU. The programme will support 40 VC funds with PLN 2B in public funding and PLN 1.1B from private investors.
To date, PLN 500M has been allocated to nine management teams, including five new funds and four early-stage VC funds introduced earlier this year, such as 24Ventures, Digital Ocean Ventures Starter, Hard2beat, and Tar Heel Capital Pathfinder. With private contributions, these teams have over PLN 650M to invest in 150 companies.
How will the new funds allocate the capital?
PFR Ventures contributed PLN 51.3M to 4growth VC, which has a total capitalisation of PLN 86.8M. 4growth VC will invest the capital in growth-stage startups with international potential in fintech, insurtech, and medtech while also considering other “promising” sectors.
The fund plans to invest between PLN 4M and PLN 12M in companies with established products and recurring revenues. Through its previous fund, 4growth VC invested PLN 66.5M in nine companies, including Cashy, Digital First AI, FindAir, Laven, Oxla, Plenti, Saventic Health, Talkie.ai, and Wealthon.
Aegis Capital
PFR Ventures contributed PLN 46M to Aegis Capital, which has a total capitalisation of PLN 57.5M. Aegis Capital focuses on early-stage companies in the healthtech and longevity sectors, aiming to address demographic changes in developed countries.
The team has extensive investment experience and is supported by private investors from healthcare, new technologies, and capital markets.
iif VC
PFR Ventures contributed PLN 70.5M to iif VC, which has a total capitalisation of PLN 113M. iif VC targets tech companies with global potential and strong R&D capabilities, using a co-investment model that allows private investors to invest directly in portfolio companies on a deal-by-deal basis without becoming limited partners.
Kogito Ventures
PFR Ventures contributed PLN 65M to Kogito Ventures, with a total capitalisation of PLN 82M. Kogito Ventures is launching its second fund to invest in around 25 pre-seed and seed-stage companies. The first fund backed 18 companies, including Jutro Medical and Weartech, and exited PsiBufet.
The new fund will focus on the Polish market and Polish founders abroad. It will invest between PLN 0.5M and PLN 5M and reserve half of its capital for follow-on investments.
Lowercap
PFR Ventures contributed PLN 43.7M to Lowercap, which has a total capitalisation of PLN 68.9M. Lowercap will build on the work of DFR Inwestycyjny, the first regional venture capital fund in Lower Silesia.
The fund will focus on tech companies in the late seed and early growth phases with recurring revenues and co-invest with business angels on a deal-by-deal basis.
Maciej Ćwikiewicz, President of PFR Ventures, says, “In less than a year since the first call for PFR Ventures programmes supported by EU funding, we’ve already delivered nearly 25 per cent 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.”
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