PFR Ventures, Poland's Development Financial Institution, has announced a significant investment in four new early-stage venture capital (VC) funds. The institution, which provides capital to venture capital and private equity funds, has invested approximately €47 million in 24Ventures, Digital Ocean VenturesStarter, Hard2beat, and Tar Heel Capital Pathfinder.

A Boost to Polish Startups

The investment is part of the European Funds for a Modern Economy (FENG) program, the largest national initiative supporting innovation in the European Union. The program aims to support Polish innovative companies at various stages of development, with a focus on early-stage companies. According to Maciej Wikiewicz, President of the Board at PFR Ventures, "Since the launch of our first investments program in 2018, our goal has been to facilitate access to capital for Poland's innovative enterprises indirectly."

The Four New VC funds

The Four New VC funds will invest in companies until the end of 2029, with an additional four-year divestment period. Each fund has a specific focus:

• 24Ventures will invest in young companies developing products that address long-term trends such as digital transformation, climate, and social changes.

• Digital Ocean Ventures Starter will finance companies in the FinTech sector and Al-supported digital transformation.

• Hard2Beat specializes in early-stage investments in DeepTech companies developing software-based solutions.

• Tar Heel Capital Pathfinder invests in globally scalable technology businesses in areas such as Al, SaaS, Marketplace, CleanTech, EdTech, Med Tech, and Cybersecurity.

PFR Ventures' Commitment to the Polish Ecosystem

PFR Ventures is a public manager of funds of funds, a part of the Polish Development Fund (PFR). It invests in venture capital and private equity vehicles, supporting Polish innovative companies at various stages of development. As the biggest institutional fund in Central and Eastern Europe, PFR Ventures currently holds a portfolio of more than 80 funds that have made over 900 investments.

The investment by PFR Ventures in the four new VC funds is a significant boost to the Polish startup ecosystem. With this investment, PFR Ventures reaffirms its commitment to supporting innovative companies in Poland and promoting the growth of the country's venture capital and private equity market.