PFR Ventures has signed the first four agreements with venture capital fund management teams under the European Funds for the Modern Economy (FENG) program. The new funds will have capital totaling over PLN 250 million, of which PFR Ventures’ contribution will approximately be PLN 200 million. This money will be used to invest in innovative Polish startups.
The first venture capital funds to receive capital under the FENG program are 24Ventures, Digital Ocean Ventures Starter, Hard2beat, and Tar Heel Capital Pathfinder. All four will benefit from the PFR Starter program, aimed at management teams that want to support innovative enterprises at the earliest stages of development. The program stands for investments in venture capital funds with an investment ticket of up to PLN 5 million. The investments will be made until the end of 2029. Then, the funds will start their so-called divestment period, which will last another 4 years.
24Ventures is managed by experienced managers previously associated with Satus Starter. They will invest in young companies building products that respond to long-term trends such as digital transformation, climate change, and societal shifts. Over four years, the fund plans to invest in 18 globally viable projects.
Digital Ocean Ventures Starter will finance companies in the fintech sector and digital transformation supported by AI. The fund was established by a team with previous experience in the banking, VC, and tech sectors. Given their understanding of the financial sector and digital transformation processes, the team will be able to quickly assess startup ideas while simultaneously supporting their scaling.
Hard2beat is a fund established by serial tech entrepreneurs and investors, planning to invest at an early stage in deep tech companies working on software-based solutions. Hard2beat’s mission is to support ambitious and determined entrepreneurs who understand that building a business is a marathon, not a sprint, and are focused on achieving long-term goals.
Tar Heel Capital Pathfinder invests in globally scalable tech businesses from areas such as AI, SaaS, Marketplace, CleanTech, EdTech, Medtech, and Cybersecurity. Besides financing, it offers startups technical skills, business acumen, and marketing resources. The fund already has investments in companies like Selmo, Wellbee, Teleradius and Multilango.
The new funds from the FENG program will allow about 40 venture capital funds to be financed, with public input of PLN 2.1 billion, and private investors adding another PLN 1.1 billion.
This is a continuation of activities carried out under the Intelligent Development Operational Program, under which PFR Ventures allocated PLN 1.5 billion to venture capital funds. Nearly 400 projects have been financed from these funds.
The programs funded by FENG are managed by PFR Ventures in partnership with the Bank Gospodarstwa Krajowego. They aim to stimulate all kinds of investments in start-ups and tech companies. Some of them focus on providing funding for the youngest projects, others facilitate developing projects with partners such as corporations or business angels.
For the earliest stage companies, investors have available funds using the PFR Starter and PFR Biznest programs. The PFR Open Innovations, PFR KOFFI, and PFR CVC programs are tailored for funds looking to support companies in the growth and international expansion.
“Instruments of capital are an important part of the European Funds for the Modern Economy 2021-2027 program. Their main goal is to support the creation and development of startups. These early-stage businesses are a key element of advanced economies. If Poland is to become a place for creating innovations, we need to support the establishment and development of tech companies.” said the Director of the Department of Support Innovation and Development Programs, Grzegorz Orawciec.
Source: https://ceo.com.pl/pfr-ventures-podpisalo-pierwsze-umowy-z-funduszami-w-ramach-programu-feng-63344
