Vinci, part of the state-owned BGK Group, is significantly increasing the maximum amount it can invest in a single company. Under its new strategy, the limit now rises to PLN 110 million. The firm manages PLN 1.1 billion in capital entrusted by Poland’s largest development bank.
The investment focus is shifting toward Polish growth-stage companies that already generate initial revenues and have ambitious development plans. Vinci will no longer consider early-stage startup projects that are still building their business foundations.
Two new funds—Vinci Venture Capital and Vinci Private Equity—will replace the three existing investment vehicles. With this structural change, Vinci will become the only player on the market offering companies a continuous financing path by combining VC and PE activities under one roof.
A Significantly Higher Ticket Size
Vinci, the BGK Group’s investment company managing PLN 1.1 billion, is unveiling more elements of its new strategy.
“We are significantly increasing the amount we can offer a single company, raising it to PLN 110 million. This greatly expands our investment capabilities,” says Adam Żelezik, Management Board Member responsible for investments.
Previously, the cap for most projects was PLN 40 million, and the average deal size to date was PLN 27 million. The investment horizon for the new Vinci funds will range from five to ten years.
Ensuring Continuity of Financing
Companies selected for investment will be allocated to one of the two newly established funds—Vinci Venture Capital or Vinci Private Equity—each with PLN 550 million at its disposal. These funds will replace the three existing vehicles: HiTech ASI, IQ ASI, and Da Gamma ASI.
“We have become the only entity on the market that, within one organization, will carry out both venture capital and private equity investments. This means we can finance Polish companies at various stages of development, ensuring them continuity of funding and access to successive capital rounds,” explains Adam Żelezik.
Revenue Threshold: PLN 2 Million
According to the new strategy, Vinci’s revised investment offer targets growth-stage companies with ambitious development plans.
“These are entities that have already validated their business model, launched their first products or services, and successfully sell them—generating at least PLN 2 million in annual revenue,” says Bartosz Drabikowski, CEO of Vinci.
Vinci will no longer analyze earlier-stage projects where funding would be used to create a product or launch sales.
Growth Companies in Focus
“We see enormous market demand for capital that supports company growth and scale-up. In Poland, only a handful of such financing rounds occur each year—and some years, none at all. In this area, Vinci will be very active over the next five years,” says Drabikowski.
“There is no need for Vinci to become yet another investor financing early-stage startups. Around 130 funds operate effectively in that space, PFR Ventures is fulfilling its mission successfully, and hundreds of transactions are concluded annually,” he adds.
Only Minority Stakes
Vinci is interested in minority shareholdings and cooperation with other institutional investors.
“We strive to ensure that companies we fund bring together both public and private capital. We pursue this through co-investments, but we also allow the possibility for private funds to join later—once Vinci’s participation adds credibility to the company,” notes Adam Żelezik.
The ‘Polish Mandate’
A key element of the new strategy is the introduction of a new investment criterion.
“We will finance only those companies that have business, research, or engineering centers located and developed in Poland. This does not exclude international expansion—on the contrary, we encourage it. But our strategic goal, aligned with the entire BGK Group, is supporting Poland’s socio-economic development. I am convinced that our efforts will help increase the number of national champions,” emphasizes Drabikowski.
He adds that beyond growth capital, Vinci also offers so-called smart money: credibility, expertise, experience, and assistance in reaching major clients. Access to such resources stems from Vinci’s integration with Poland’s largest banking group, which manages assets worth PLN 740 billion.
New Area: Dual-Use Technologies
Vinci is particularly interested in innovative companies in modern technology fields. Priority sectors within the new strategy include robotics, artificial intelligence, energy transition technologies, optical and space technologies, and solutions related to security, health, food production, and transport.
The strategy also expands the list of eligible sectors to include companies developing dual-use technologies—those that can be used in both civilian and defense applications.
