The most innovative and forward-looking companies in Poland will soon gain access to a new source of growth capital. The newly launched Innovate Poland program is the first initiative of such scale in the country, combining public capital—from the Polish Development Fund (PFR), Bank Gospodarstwa Krajowego (BGK), and the European Investment Fund (EIF)—with private capital, represented at launch by PZU as the first commercial partner. The program will start with PLN 4 billion, but its total value may eventually reach several tens of billions of zlotys.
“Poland is now the world’s 20th largest economy, but the government is focused primarily on building the foundations of long-term growth. We need more innovative companies and more effective financing mechanisms—from the idea stage all the way to global expansion. This is why Innovate Poland was created. Development capital capable of financing Polish companies efficiently is indispensable,” said Minister of Finance and Economy Andrzej Domański in an interview with Newseria.
The first phase of the program provides PLN 4 billion to be invested—through private equity (PE), venture capital (VC), and private debt (PD) funds—into around 250 innovative companies at various stages of growth: from early-stage start-ups to mature firms seeking capital for further development and expansion. In later phases, investment volumes may rise to several tens of billions of zlotys, driven by additional private capital and the entry of new investors joining Innovate Poland.
The concept of Innovate Poland draws inspiration from France’s “Tibi plan,” which in recent years has significantly strengthened the financing of innovative technology companies. However, the Polish program is adjusted to local market realities and the role of national development institutions. “Innovate Poland is an investment in the future of the Polish economy—in its strength, resilience, and ability to compete globally,” Minister Domański emphasized, noting that the state’s role is to create conditions in which capital, talent, and technology can develop faster than before.
The program is structured around two main paths. The first is Innovate PL Fund of Funds, managed by PFR Ventures, which will make new investments in PE/VC/PD funds and will initially deploy PLN 2.4 billion. The second is Future Tech Poland, managed by the European Investment Fund, which will scale up previously launched VC investments (PLN 1.5 billion). The PE/VC/PD funds receiving capital under Innovate Poland will in turn invest in the most promising, innovative Polish companies across sectors—from deep tech and industrial solutions to innovative services.
A key component of the initiative is the Innovate PL FoF Accreditation—a new quality standard for funds that aims to strengthen the credibility of fund managers, increase market transparency, and reduce investor risk. For funds, it means easier access to capital; for investors, greater safety and clear investment criteria; and for the market, a more coherent innovation-financing ecosystem.
As a result, young innovative companies—from the idea stage onward—will gain access to the capital they need to scale their operations, increase their competitiveness, and ultimately join the ranks of “unicorns,” companies valued at USD 1 billion or more.
PZU, Poland’s largest insurer, is the first commercial investor in the Innovate PL Fund of Funds. As Acting CEO Bogdan Benczak explained, the company’s involvement has several dimensions: business, strategic, and developmental.
“First, we always look for sound business opportunities, and we are convinced that our investment in Innovate Poland will generate attractive returns,” he said. “Second, we actively support the idea of local content—strengthening national capital and domestic entrepreneurs. Expanding our investment portfolio with Polish private equity, venture capital, and private debt funds, which will then invest in Polish innovative companies, aligns perfectly with this approach.”
Benczak also emphasized that investing in Innovate PL FoF aligns with the PZU Group’s long-term strategy, which highlights support for innovative companies whose solutions may later be integrated into PZU’s operations. For several years, PZU has been working closely with young technology firms through its proprietary program, PZU Ready for Startups.
“So far, within partnerships with start-ups from Poland and around the world, we have reviewed more than 8,000 ideas, moved 80 projects to the pilot phase, and implemented 50 of them into our business. Thanks to Innovate Poland, we will also become investors in innovative ventures, and I am convinced we will find strong synergies between these two areas,” Benczak added.
The creators of the program emphasize that Innovate Poland is designed not only to provide capital but also to build an entirely new cooperation ecosystem between the public and private sectors. It will also raise the competencies of institutional and private investors in innovation financing. With shared standards and transparent rules, the program is expected to attract new groups of investors—such as pension funds, additional insurers, and investment funds—who will be able to support innovative companies in a more structured and predictable way.
