PFR Ventures has announced its continued support for the Polish ecosystem, investing in 5 new Polish VC funds: 4growth VC, Aegis Capital, iif VC, Kogito Ventures, and Lowercap. PFR Ventures invested a total of €63 million, bringing their total capitalization to €94 million, as the firm shared with AIN.

  • These investments are part of the European Funds for a Modern Economy (FENG) program, which aims to support approximately 40 venture capital funds, with public contributions totaling close to €467 million and an additional €257 million from private investors.

  • About €117 million has already been allocated to nine management teams, including the five new funds and four early-stage VC funds funded by PFR Ventures earlier this year: 24Ventures, Digital Ocean Ventures Starter, Hard2beat, and Tar Heel Capital Pathfinder.

  • With contributions from private investors, these teams now have over €152 million to finance 150 innovative companies.

“In less than a year since the first call for PFR Ventures programs supported by EU funding, we’ve already delivered nearly 25% of our planned investments in VC funds. And we’re just getting started. In 2025, we’ll double down, scouting for top-tier management teams with the skills and vision to fuel Poland’s most innovative companies. By the first quarter of 2025, the seed funding market will feel the pulse of this fresh wave of capital and energy,” says Maciej Ćwikiewicz, President of PFR Ventures.

About the 5 Polish VC funds

4growth VC received a total of around €12 million from PFR Ventures and FENG contributors. The fund will invest in growth-stage startups with international potential in the fintech, insurtech, and medtech sectors, with Saventic Health joining its portfolio earlier this month. The fund plans to invest between €935,000 and €2.8 million in companies with ready products and recurring revenues.

Aegis Capital secured €10.7 million from contributors. It will focus on early-stage companies developing technologies in the HealthTech and Longevity sectors. It aims to foster innovations that address demographic changes in developed countries.

iif VC raised around €16.4 million to target tech companies with global potential and strong R&D capabilities. It operates under a co-investment model, where private investors are selected on a deal-by-deal basis to invest directly in portfolio companies without becoming limited partners (LPs) in the fund.

Kogito Ventures secured €15.2 million to launch its second fund, aiming to invest in approximately 25 pre-seed and seed-stage companies. The new fund will maintain a generalist approach, focusing on the Polish market and Polish founders abroad. It plans to invest between €117,000 and €1.16 million, reserving nearly half of its capital for follow-on investments.

Lowercap managed to receive €10.2 million from PFR Venture and program contributors to continue the work initiated by DFR Inwestycyjny, the first regional venture capital fund established in 2017 in Lower Silesia. It will target tech companies in the late seed and early growth phases with recurring revenues.