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PFR Ventures to fund 40 new VC's. Recruitment starts from February

From February 12, 2024, VC funds will be able to apply for investment programs funded by the EU's the FENG program. PLN 2 billion that will come from the program and PLN 1.1 billion from private investors is expected to be allocated by PFR Ventures to approximately 40 funds.

PFR Ventures announced the recruitment for the first batch of it's new VC programs funded by the European Funds for Modern Economy (FENG). Fund managers will be able to apply for the new editions of PFR Starter, Biznest, Otwarte Innowacje, KOFFI, and CVC programs starting from February 12, 2024. Five recruitment series are planned by the end of the year.

More funds, larger investment tickets, and coverage of diverse needs of innovative companies: from funding prototypes to capital for international expansion, are expected to be delivered by new VC funds managed by PFR Ventures. The new program will support around 40 venture capital funds, with a public contribution of PLN 2 billion and an additional PLN 1.1 billion from private investors.

- The VC market is the engine of innovation financing. In recent years, PFR has become the largest institutional investor in PE/VC funds in this part of Europe. From the beginning, we have said that it is crucial for funds to be available at every stage of a company's development and in the long term. That's why it's important that PFR Ventures is launching another major program funded by EU funds under FENG. We plan to invest around PLN 2 billion in 40 managing teams. Among them, there will once again be so-called first-time teams, but capital will also go to existing management teams that will launch their next funds. This is a new measure of maturity for our market. It will also be significant for startups themselves, which will be able to work with more experienced investors. I hope that a Polish unicorn will emerge from our venture capital funds in the coming years! - says Paweł Borys, President of the Polish Development Fund.

5 programs for different market levels

Under FENG, PFR Ventures will launch new editions of the PFR Starter, Biznest, Otwarte Innowacje, KOFFI, and CVC programs.

  • PFR Starter and PFR Biznest will allow investments in small and medium-sized companies at early stages of development through VC funds.
  • PFR Biznest will additionally activate private investors (business angels) and knowledge transfer from individuals with extensive market experience.
  • PFR Otwarte Innowacje aims to make investments in small and medium-sized companies with R&D components at both early and later stages of development.
  • The goal of PFR KOFFI is to invest in small and medium-sized companies at the growth, development, expansion, or new project implementation stages, as well as those entering new markets or adopting new solutions through financial intermediaries.
  • PFR CVC will enable the provision of capital to innovative companies through Corporate Venture Capital funds, along with funds from corporate investors.

The first batch of recruitment for all 5 programs will start on February 12, 2024. The second round is planned for the last week of March. The expected date for signing agreements with management teams is May-June 2024. In the second and third quarters of 2024, PFR Ventures plans to conduct about three more rounds of recruitments. The funds for the teams will be available until the end of 2025.

- The Polish venture capital market is in a completely different place than it was just 5 years ago. There has been a significant change in the awareness of market participants, their activity has increased significantly, and there is a stimulated appetite for financing innovation. EU funds played a significant role in this, allowing the foundation of our ecosystem. The number of new investment teams and transactions completed by the end of 2023 attest to the success of previous programs. We will continue the new editions of PFR Ventures programs on the same principles, with slight improvements. By the end of the year, we plan 5 series of recruitments for programs, but we anticipate that they will not use all the funds allocated to them - says Maciej Ćwikiewicz, President of PFR Ventures.

More information and program documentation can be found on the PFR Ventures website.

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