Innovate Poland launched – at least PLN 4 billion for investment in growth-oriented Polish companies
Stimulating the development of domestic innovative companies with strong growth potential is the main objective of the Innovate Poland programme – the first initiative in Poland to combine public capital (including that of PFR and BGK) with private capital (PZU) on a large scale. At least PLN 4 billion will be invested through private equity and venture capital funds in approximately 250 enterprises. This is the first stage of an undertaking designed as a platform to which further institutions and investors will be able to join in subsequent phases, with the aim of jointly increasing the scale of investment.
The Innovate Poland concept draws on the experience of the French Tibi Initiative, which in recent years has significantly strengthened the French innovation investment market. The budget of the first phase of Innovate Poland amounts to PLN 4 billion, contributed by development institutions: the Polish Development Fund (PFR), Bank Gospodarstwa Krajowego (BGK), the European Investment Fund (EIF), and Powszechny Zakład Ubezpieczeń (PZU) – the project’s first commercial partner. The programme is implemented under the patronage of the Minister of Finance and Economy. Its structure has been designed to allow additional institutions and investors to join in subsequent phases, thereby systematically increasing the scale of financing and strengthening the programme’s impact on the economy.
„Innovate Poland is an investment in the future of the Polish economy – in its strength, resilience and ability to compete in global markets. It is the duty of the state to create conditions in which capital, talent and technology can grow faster than ever before. This is why we are launching a mechanism that not only provides the market with financing, but also sets a new standard of cooperation. Poland has the potential to become one of Europe’s innovation leaders – and this programme is intended to be one of the foundations of that process” - said Andrzej Domański, Minister of Finance and Economy.
As structured, the programme will provide companies at various stages of development with at least PLN 4 billion, and ultimately potentially several billion zlotys more – driven both by the multiplier effect attracting additional private capital and by the accession of further institutions to the programme, systematically increasing the total volume of financing..
„Innovate Poland is aligned with BGK’s strategy for 2025–2030, which places greater emphasis on a dynamic, innovative and competitive economy. Innovate Poland is the first initiative in Poland to systemically combine public and private capital on a large scale in order to support innovative companies, becoming one of the pillars of the state’s development policy and an important component of the new capital market architecture. In total, at least PLN 4 billion may be invested through private equity and venture capital funds in around 250 enterprise” - emphasised Mirosław Czekaj, President of BGK.
„One of PFR’s strategic objectives is to build a high value-added economy – and this depends directly on strengthening innovation. This is why we are launching Innovate Poland: a unique mechanism through which development funds mobilise commercial capital to increase investment in innovation and accelerate the growth of Polish technology companies, while also fostering market awareness in this field. It is a market-based solution – we expect attractive, measurable rates of return combined with a strong developmental impact. At PFR, we have the resources, experience and know-how to manage this programme effectively together with our partners – and we invite further investors to join us” - said Piotr Matczuk, President of PFR.
How does Innovate Poland work?
The programme is operated by PFR Ventures and the European Investment Fund, which will be responsible for the investment process into private equity and venture capital funds. These funds, acting on market principles and supported by additionally mobilised commercial capital, will invest in the development of innovative companies with high growth potential. The programme also mitigates investor risk by ensuring diversification at the Fund-of-Funds level, managed respectively by PFR Ventures and the EIF.
This model is designed to ensure efficiency, transparency and alignment with market dynamics. The capital has a repayable character – investments are structured to generate returns, after which the funds are returned to investors.
A key component of the programme will be the Innovate PL FoF Accreditation, which introduces a new quality standard for the investment market. For funds, it will mean enhanced credibility and easier access to capital; for investors – a guarantee of professionalism; and for the market as a whole – greater consistency and transparency of operations.
This model is designed to ensure efficiency, transparency and alignment with market dynamics. The capital is repayable – investments are structured to generate returns, with the capital subsequently being returned to investors.
A key component of the programme will be the Innovate PL FoF Accreditation, which introduces a new quality standard to the investment market. For funds, it will mean greater credibility and easier access to capital; for investors, a guarantee of professionalism; and for the market as a whole, increased coherence and transparency.
A new ecosystem of cooperation and investor education
Innovate Poland goes beyond providing capital. The programme also aims to build a new ecosystem of cooperation between the public and private sectors and to facilitate the transfer of knowledge to investors.
Through shared standards, transparent rules and the growing professionalisation of the market, the project is intended to bring new groups of participants into the investment ecosystem – both institutional and private – who will be able to finance innovation in an orderly and secure manner.
As the first partner initiating the Innovate Poland programme, PZU becomes a pioneer of this model of cooperation, paving the way for further investors to participate actively in the development of this new instrument of the Polish capital market.
„As the first and largest commercial partner in this project, PZU will invest in the Innovate PL Fund of Funds primarily because we see it as good business – alongside all the other benefits the initiative will bring to Polish companies, the economy and society. Within such a large and diversified portfolio of private equity, venture capital and private debt funds, we can achieve very attractive rates of return. We are taking this opportunity to broaden our investment portfolio with Polish funds, aligning ourselves with the idea of increasing the share of local content in the domestic economy. At the same time, we are delivering one of the objectives of our strategy, under which we support innovative solutions that can later be used in the operations of the PZU Group – to the benefit of our clients and the organisation itself” - said Bogdan Benczak, Acting President of PZU.
Inspiration from France – the Polish version of the “Tibi Initiative”
The Innovate Poland initiative is inspired by the French Tibi Initiative, which helped trigger a wave of institutional investment in venture capital and growth equity funds. The plan was prepared in 2019 by Professor Philippe Tibi – an economist entrusted by the French government with developing recommendations on increasing the share of institutional capital in financing innovative technology companies. The Polish version has been adapted to local conditions and to the role of development institutions within the national economic system.
As in France, the objective is to mobilise private and institutional capital and to create a sustainable mechanism for financing innovation. In this way, Poland has an opportunity to build a strong, self-sustaining investment market capable of financing the development of companies using its own resources.
A long-term stimulus for the economy
This new initiative is not only an investment programme, but a long-term project for economic development. Its intended outcomes include the emergence of a stronger capital market, a greater number of Polish companies with global reach, new jobs and increased innovation across the economy. The programme is also designed to retain intellectual and financial capital in the country – ensuring that the benefits of technological development remain in Poland.