PFR Ventures Commits €44.5M to Strengthen Poland’s VC Ecosystem
Investment, Venture Capital
💎 Public Capital as a Catalyst for Private Investment in Polish Startups
Poland’s innovation ecosystem received a significant boost as PFR Ventures announced new commitments totaling PLN 196 million (≈ €44.5 million) to four domestic venture capital funds under the European Funds for a Modern Economy (FENG) program. With additional private capital alongside public funding, the four funds will manage a combined pool of nearly PLN 260 million (≈ €59 million), aimed at accelerating the growth of Polish startups across early and growth stages.
The newly supported funds are betacluster Ventures, Cofounder VC, Stelo Ventures, and VO2 Ventures. Together, they are expected to finance dozens of technology companies, strengthening Poland’s position as a leading startup hub in Central and Eastern Europe.
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Public–Private Leverage at Scale
The FENG program is designed to mobilize private capital by using public funds as a risk-sharing mechanism. According to Karolina Mitraszewska, CEO of PFR Ventures, every €2 of EU-backed capital has attracted approximately €1 of private investment, helping to lower entry barriers for new VC teams and first-time private investors. To date, PFR Ventures has signed 15 agreements, allocating 43% of the total FENG pool, with an additional PLN 500 million (≈ €114 million) already reserved for advanced investment processes.
Looking ahead, PFR Ventures plans to open four new calls for proposals in January 2026, one for each of its core investment programs, as the investment horizon under EU funding frameworks tightens.
Targeting Data, AI, and Global-Scale Markets
Each of the four funds brings a distinct investment thesis:
betacluster Ventures (≈ €10.5M from FENG) focuses on early-stage startups in data and AI-driven businesses, supporting founders building globally competitive products in the smart data economy.
Cofounder VC (≈ €6.6M) targets companies at the early growth stage, investing in ventures with validated products and rising revenues, typically building a concentrated portfolio of around eight companies.
Stelo Ventures (≈ €12.6M) is the second fund by a team with 18 prior investments, aiming to back up to 20 seed-stage startups capable of exceeding PLN 100 million (≈ €22.7M) in revenues, particularly across Poland and the CEE region.
VO2 Ventures (≈ €14.8M) concentrates on startups addressing global markets valued at over €1.8 billion, offering founders operational support and access to international growth-stage investors.
Building a Durable Capital Market
Mikołaj Raczyński, Vice President of the Polish Development Fund (PFR), emphasized that the initiative demonstrates how European funds can simultaneously fuel company growth and professionalize the VC market by creating new investment teams and activating private capital. Over time, the objective is to reverse the balance between public and private funding, making private capital the dominant force in Poland’s innovation economy.
Currently, PFR Ventures oversees more than 90 funds, which have completed over 950 investments in Polish startups. The latest commitments reinforce its role as a cornerstone institution in financing innovation, entrepreneurship, and technological competitiveness.
As Poland accelerates its transition toward an AI- and data-driven economy, initiatives like FENG and the expanding network of VC funds suggest a maturing ecosystem—one increasingly capable of supporting startups from idea to global scale.
Tags: Venture capital, innovation
