Poland's Development Financial Institution, PFR Ventures, has announced to AIN its investment in four Polish early-stage venture capital funds: 24Ventures, Digital Ocean Ventures Starter, Hard2beat, and Tar Heel Capital Pathfinder, with a total value of the investment exceeding PLN 250 million (€47 million). The investment is part of the European Funds for a Modern Economy program.

About the funds

  • Managed by experienced managers, 24Ventures focuses on young companies developing products addressing long-term trends like digital transformation, climate, and social changes.

  • Digital Ocean Ventures Starter finances companies in FinTech and AI-supported digital transformation.

  • Hard2beat, created by serial entrepreneurs and technology investors, focuses on early-stage investments in DeepTech companies.

  • Tar Heel Capital Pathfinder invests in globally scalable technology businesses in areas like AI, SaaS, Marketplace, CleanTech, EdTech, MedTech, and Cybersecurity. The fund offers start-ups technological, business, marketing expertise, and access to potential business partners.

“Since the launch of our first investments programme in 2018, our goal has been to facilitate access to capital for Poland's innovative enterprises in an indirect manner. This is achieved by partnering with the best local and global management teams, including emerging managers.. The first four funds to receive new EU capital are led by people with experience in venture capital investments and developing tech startups. They were chosen from nearly 100 offers from management teams. We also expect to announce more funds that will receive our funding later this year,” says Maciej Ćwikiewicz, President of the Board at PFR Ventures.

The European Funds for a Modern Economy program plans to support 40 venture capital funds, with public contributions totaling PLN 2 billion and private investors contributing PLN 1.1 billion. It follows the Smart Growth Operational Program, where PFR Ventures allocated PLN 1.5 billion to nearly 400 projects. FENG's programs stimulate investments in start-ups and tech companies, focusing on early-stage projects and growth phases, contributing to their further development.