PFR Ventures has invested 10 million EUR in Polish VC fund Radix Ventures, joining the European Investment Fund (EIF) as part of the so-called first close. This is the sixth investment under the PFR Green Hub FoF program. Radix Ventures will invest in deep-tech companies supporting the green transformation from Poland and other CEE region countries.
Radix Ventures is a fund founded by a group of experienced tech entrepreneurs and investors, led by Pawel Bochniarz, Wojciech Ratymirski, and Michał Urbanowski. They previously managed Valuetech Seed, a fund that supported early-stage deep tech companies. Their portfolio included companies such as Noctiluca, listed on NewConnect, and Lerta Energy, which was acquired by Photon Energy Group in 2022.
PFR Ventures is investing 10 million EUR in Radix Ventures as part of the so-called first close, joining the European Investment Fund, which contributes 25 million EUR. Radix Ventures will primarily invest in the Polish market, though the fund also plans to collaborate with so-called venture partners in Romania, Ukraine, and Hungary. The target capitalisation of the fund is 60 million EUR, designated for 16-20 investments with initial ticket sizes ranging from 1.5 to 3 million EUR.
“Radix Ventures joins our diversified portfolio of green investment funds from Poland and Europe. The fund’s partners have experience in identifying and supporting innovative deep tech companies with great potential that create solutions for the industry. We believe that their industry knowledge and experience in supporting startups from inception to growth will help boost green innovation developments in Poland,” said Małgorzata Walczak, Investment Director at PFR Ventures.
“The investment and trust from the PFR Green Hub team are very significant for us. As the first-of-its-kind fund-of-funds in the European Union focusing on investment in green technologies, PFR Green Hub fits perfectly with our strategy. It will likely be the second-largest investor in Radix Ventures, alongside the European Investment Fund. Collaborating with PFR Green Hub will enable us to offer investment support for the most technologically advanced Polish startups at the late seed stage, where their access to finance has previously been limited,” added Pawel Bochniarz, Managing Partner at Radix Ventures.
The investment in Radix Ventures is made as part of the PFR GreenHub FoF, the first-green fund of funds of its kind in the European Union, established in May 2021. The program aims to support venture capital and growth equity teams interested in financing innovative greentech projects.
Radix Ventures is the fifth investment in a Polish venture capital team that PFR Ventures makes in 2024. All of them were made using funds from the Polish Development Fund, and negotiations with the management teams were conducted over the past 12 months. In the coming months, further recruitments for programs fueled by EU funds (European Funds for the Modern Economy) will also be launched. Using these funds, PFR Ventures plans to make about 40 investments in VC funds.
