PFR Ventures is launching recruitment for new programs financed from European Funds for the Modern Economy (FENG). The goal is to support 40 venture capital funds with the amount of 2 billion PLN with an additional contribution from private investors amounting to 1.1 billion PLN.
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Fund managers can submit applications from February 12, 2024, under the PFR Starter, Biznest, Open Innovations, KOFFI and CVC programs. Five series of recruitments per year are planned until the end of this year, opening new perspectives for innovative ventures in the dynamic investment market.
The new capital is intended to stimulate various types of investments in startups and respond to the diverse needs of innovative companies: from financing prototypes to capital for international expansion.
– The VC market is the engine of innovation financing. PFR has become the largest institutional investor in PE/VC funds in this part of Europe in recent years. From the beginning, we said that it is crucial for funds to be available at every stage of company development and in the long term. Therefore, it is important that PFR Ventures is launching another large program funded from EU funds under FENG – commented Paweł Borys, President of the Polish Development Fund.
– This is a new measure of the maturity of our market. It will also be significant for the 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 – adds Borys.
As part of FENG, PFR Ventures will launch new editions of the PFR Starter, Biznest, Open Innovations, KOFFI and CVC programs. PFR Starter and PFR Biznest will allow for the implementation of investments in small and medium-sized companies at early stages of development through VC funds. PFR Biznest will also activate private investors – so-called business angels and knowledge transfer from people with extensive market experience.
The aim of PFR KOFFI is to invest through financial intermediaries in small and medium-sized enterprises that are in the growth, development and expansion stage to new markets or implementing new projects.
Jakub Rusak
The first calls for all five programs will start on February 12, 2024, and the second round of calls is planned for the last week of March. It is expected that contracts with management teams will be signed between May and June 2024. In the second and third quarter of 2024, PFR Ventures plans to conduct three more rounds of calls. Funds for the teams will be available until the end of 2025.
– The Polish venture capital market is in a completely different place than just 5 years ago. There has been a huge change in the awareness of market participants, their activity has significantly increased and the appetite for financing innovation has been stimulated – emphasizes Maciej Ćwikiewicz, president of PFR Ventures.
- We will continue the new editions of PFR Ventures programs on the same terms, with minor corrections. By the end of the year, we plan five series of recruitments to the programs, but we anticipate that they will not use all the funds allocated for them - summarizes Ćwikiewicz.
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