IWC Targets Poland with €100M Deeptech Fund
BGK Invests €25M in Eiffel Transition Infrastructure Fund to Boost Early-Stage Renewable Energy Projects in Poland
In a significant move aimed at accelerating Poland’s energy transition, Bank Gospodarstwa Krajowego (BGK) has announced a €25 million investment in the Eiffel Transition Infrastructure Fund — a pan-European vehicle supporting renewable energy infrastructure. The investment underscores Poland’s growing commitment to sustainable development and aligns with broader EU climate goals.
The funds will be directed specifically toward early-stage renewable energy projects located in Poland. According to a BGK statement, the investment “will be allocated to the development of projects in Poland, at an early stage of their implementation,” reinforcing BGK’s strategy of using catalytic capital to strengthen the local green economy.
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Baltic VC Iron Wolf Capital Launches €100M Deeptech Fund, with Strategic Push into Poland’s AI and Innovation Ecosystem
In a major signal of confidence in Central and Eastern Europe’s deeptech potential, Iron Wolf Capital, a Vilnius-based venture capital fund, has launched its second investment fund—a €100 million vehicle dedicated to early-stage startups across artificial intelligence, robotics, photonics, and space tech. While the fund maintains a pan-Baltic core, the most notable expansion this time is its strategic entry into Poland, marking the first time Iron Wolf Capital (IWC) will invest directly in Polish startups. The move reflects a recognition of Poland’s growing reputation as a regional hub for AI talent and deeptech commercialization, and a step toward integrating the Polish ecosystem more deeply into the Baltic investment corridor.
Backed by Europe’s Innovators
IWC Fund II is the largest fund of its kind in the Baltics, drawing more than 40 private investors and family offices across Europe. The Lithuanian national development bank (ILTE)—acting as a fund-of-funds—remains a cornerstone backer. Impressively, over 90% of Fund I’s investors re-upped for this new fund, with private commitments tripling, according to the firm.
Since 2017, Iron Wolf Capital has earned a reputation as a low-volume, high-conviction investor, backing 6–8 standout startups per year. Portfolio highlights from Fund I include:
Turing College (YC-21) – an AI-powered education platform
Litilit – a robotics company producing ultrashort-pulse lasers exported globally
eAgronom – an agtech startup supported by the European Space Agency, now active in Poland
Eyevi Technologies – developers of autonomous mapping systems
RedTrack – an AI-driven adtech performance platform
Poland in Focus: A Deeptech Bridge
The fund’s expansion into Poland will be led by Vanda Alwast, a Warsaw-based venture professional and former edtech founder. Alwast’s previous work includes bridging Lithuanian startups into the Polish market and establishing partnerships at a Berlin-based scale-up. Her new role includes deal sourcing, building a local pipeline, and forging relationships with Poland’s tech hubs and research institutions.
“Poland stands out in terms of talent quality, depth of the market, and speed of ecosystem development,” said Kasparas Jurgelionis, Managing Partner at IWC. “There’s an incredibly strong scientific and engineering base here, but the early-stage VC infrastructure is still catching up. That’s where we see our role—not just to invest, but to bridge local innovation with global capital and execution expertise.”
This is not IWC’s first interaction with Poland. In Fund I, it co-invested with Polish funds and helped portfolio companies like eAgronom and Roq.ad establish operations in the country. Roq.ad’s Polish CTO and engineering team exemplify the cross-border synergy IWC now seeks to formalize and scale.
What Is Iron Wolf Capital?
Founded by entrepreneurs and finance veterans, Iron Wolf Capital stands out among European funds for its deep operational background. Unlike many VC firms in Europe—where less than 10% of partners have startup founding experience—all IWC partners are ex-founders or operators.
Viktoras Jucikas is a robotics engineer and former CTO of YPlan, a London-based startup backed by Ashton Kutcher and Pharrell Williams.
Žygimantas Susnys brings 20+ years of investment banking experience, including stints at Dresdner Kleinwort and Deutsche Bank.
Kasparas Jurgelionis, IWC’s Managing Partner, previously ran a €1 billion portfolio at Achema Group and studied at the London School of Economics.
This operational credibility has attracted ambitious founders and enabled IWC to support companies not just financially but strategically—especially in markets that require long commercialization cycles, like deeptech and AI.
A Regional Catalyst with Global Reach
The announcement also included the promotion of Kadi-Ingrid Lilles to Partner, making her one of the few women in Estonia’s VC leadership. Lilles, previously with Plug & Play Ventures and Fraunhofer HHI, now leads IWC’s Estonian platform and diaspora strategy. The fund’s geographic footprint—with team members in London, Warsaw, Vilnius, and Tallinn—allows it to operate as a true regional catalyst, channeling knowledge, capital, and cross-border networks into underfunded but high-potential tech ecosystems.
Why It Matters
With European tech funding down nearly 45% in the past 12 months, Iron Wolf Capital’s bold second fund is both a contrarian bet and a sign of conviction in the region’s long-term potential. For Poland, it represents another step toward becoming Central Europe’s AI and deeptech powerhouse. By combining Lithuanian institutional capital, pan-European private wealth, and a Warsaw-based deployment strategy, Iron Wolf Capital is positioning itself as one of the most important regional investors in early-stage innovation—and one to watch closely in the coming years.
