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Sources of financing for PFR Ventures programs

PFR Ventures manages seven funds of funds. Most assets come from programs implemented by the European Union and the Swiss Fund. Below, you will find detailed information on the sources of financing.

Share of funds sources in our programs

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PFR Ventures manages funds from the above-mentioned sources, having regard to the best practices established by international organizations and associations, such as Invest Europe or ILPA.

Maciej Ćwikiewicz, CEO at PFR Ventures


More about sources of our funds:

Smart Growth Operational Program (POIR) 2014-2020
Amount: PLN 1,888,993,599

POIR is a program to finance research, development, and innovations. Funds from POIR constitute 100% of the capitalization of PFR Starter, PFR Biznest, PFR Otwarte Innowacje, PFR KOFFI, and PFR NCBR CVC programs. All these projects have a common objective, that is to boost the domestic venture capital market and channel funds to innovative SMEs, which takes place through teams managing VC funds. The programs also aim at activating private investors who have to contribute to each of the funds we invest in. This way, we want to activate not only private persons, but also so called business angels, companies and corporations.


Innovative Economy Operational Program 2007-2013
Amount: PLN 315,950,838

POIG program was supposed to encourage companies to conduct research and development activities, transfer solutions from science to business sector, implement the results of research and development works and contribute to make it easier for innovative SMEs to access funds with the participation of venture capital funds.

Having funds of POIG at its disposal, PFR KFK supported venture capital funds. (alternative investments).


Swiss-Polish Cooperation Program
Amount: PLN 126,314,700

The Swiss-Polish Cooperation Program (SPCP) is a form of non-repayable financial aid granted by Switzerland to Poland and 11 other Member States of the European Union which joined the EU after 1 May 2004.

The main objective of the funds of PFR KFK from the SPCP was to improve access to capital for SMEs and stimulate private sector to invest actively.


Funds of the Ministry of Economy (currently Ministry of Development)
Amount: PLN 50,000,000

Funds of the Ministry of Economy were provided to PFR KFK as part of a specific grant in 2007. It was a pilot program aimed at establishing two capital funds.

More about the programs

Program Opis
As part of PFR Starter, we provide measures to funds and managing partners who want to support innovative companies at the earliest development stage (incubation, early stage). The objective of the program is to ensure capital at the riskiest moment of the company’s development.

Investments in innovative start-ups – Starter (sub-measure 3.1.1)
PFR Biznest program is dedicated to fund managers who have an extensive network among business angels wishing to support start-ups. The objective of the program is to boost this co-investment model in Poland.

Business angels’ group investments in SMEs – Biznest (sub-measure 3.1.2)
Otwarte Innowacje (Open Innovations) program stimulates the co-investment model where companies can also become investors. They provide companies not also with capital, but also with a possibility of developing an idea within their structure and on the basis of their resources.

Otwarte Innowacje – support for technology transfer (measure 2.2)
PFR KOFFFI is a program which allocates its funds among larger funds investing at a later stage of companies’ development.

KOFFI – Competitive Nationwide Fund of Innovative Funds (sub-measure 3.1.4)
PFR NCBR CVC is a program co-created by PFR Ventures and the National Center for Research and Development. Its unique formula involves encouraging the largest corporations to invest in CVC funds. Fund managers pursue a corporation’s strategy, while remaining independent of it at the same time.

Public and private support for conducting research and development activities with the participation of capital funds BRIdge VC (sub-measure 1.3.2)
PFR PE is the first fund of funds in Poland which is dedicated to Private Equity. It is based on funds of the Polish Development Fund and operates on market terms as an institutional investor.
PFR KFK is a program established after the National Capital Fund was acquired by PFR Ventures. Previously, KFK operated based on the Act of 4 March 2005. Provisions on establishing an institution were changed when the Act on the Development Institution System of 4 July 2019 entered into force.




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