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National Capital Fund (KFK)

The National Capital Fund is a fund of funds, which invested in Venture Capital funds actively between 2007 and 2017. Since the end of 2019, it has been operating as part of PFR Ventures. All the funds established as part of KFK are currently in the disinvestment phase.

National Capital Fund (KFK)

The National Capital Fund is a fund of funds, which invested in Venture Capital funds actively between 2007 and 2017. Since the end of 2019, it has been operating as part of PFR Ventures. All the funds established as part of KFK are currently in the disinvestment phase.


18

VC funds

500+ PLN m

KFK invested

200+

supported companies

18

VC funds

500+ PLN m

KFK invested

200+

supported companies

The National Capital Fund was established pursuant to the Act of 4 March 2005. The institution has obtained funds from i.a. the Innovative Economy Operational Program, the Swiss-Polish Cooperation Program, and the Ministry of Economy. In total, KFK has allocated more than PLN 500 million to Polish teams managing venture capital funds. At the end of 2019, pursuant to the Act of 4 July 2019 on the Development Institution System, KFK was incorporated into PFR Ventures.

The funds invested by KFK were provided to 16 teams managing Venture Capital funds. These were i.a. bValue, Experior Venture Fund, GPV, Helix Ventures Partners, Innovation Nest, META-Ventures, or SpeedUp. All of the above-mentioned companies still operate. A good track record enabled some of them to obtain capital from institutions such as the European Investment Fund (EIF). 

KFK funds provided capital to such start-ups as: Audioteka, Booksy, Brainly, Brand24, Frisco.pl, iTaxi, Legimi, Listonic, Sidly, Synerise, Tylko, UX Pin, Vivid Games, or ZenCard. We are pleased to see such companies grow and expand. 

Read successful stories of companies supported by KFK.

Maciej Ćwikiewicz, CEO at PFR Ventures

The National Capital Fund was a key provider of the capital to Polish VC funds when this market only started to develop in Poland. KFK made it possible to establish first professional teams whose track record allows them to reach for funds of foreign public investors, such as the EIF.

HISTORY OF THE NATIONAL CAPITAL FUND

July 2005

Establishing Krajowy Fundusz Kapitałowy S.A.

See the content of the Act
2007

First capital

Obtaining PLN 53.4 million from the state budget (then Ministry of Economy) for investments in Venture Capital funds.

Signing first agreements
December 2007

Signing first agreements

Two funds – BBI Seed Fund and Helix Ventures Partners – with the total capitalization of PLN 100 million were established on the basis of the capital from the Ministry of Economy and private investors. The latter one will invest the capital in Frisco.pl soon.

March 2009

+ EUR 180 million from POIG

Obtaining EUR 180 million for investments in VC funds on the basis of an agreement for co-financing of the “Supporting venture capital funds” projects under Priority Axis 3. “Capital for Innovations” of the Innovative Economy Operational Program

January 2010

+ CHF 53 million from the Swiss-Polish Cooperation Program

The Government of Switzerland provides KFK with CHF 53 million from the Swiss-Polish Cooperation Program as part of the implementation of the project “Improvement of the business environment and access to funds for small and medium-sized enterprises by supporting venture capital funds” in the area “Improvement of the business environment and access to funds for small and medium-sized enterprises”

Signing agreements with VC funds
2010 - 2017

Signing agreements with VC funds

Over 7 consecutive years, the National Capital Fund signed agreements with a total of 18 management teams. They invested approx. PLN 0.5 billion in over 200 companies. Such companies included recognizable start-ups such as Audioteka, Booksy, Brand24, Frisco.pl, Infermedica, or Synerise.

More about our portfolio companies
August 2018

PFR purchases KFK from Bank Gospodarstwa Krajowego

On 3 August, Polski Fundusz Rozwoju S.A. (Polish Development Fund) purchased 100% of shares in Krajowy Fundusz Kapitałowy S.A. from Bank Gospodarstwa Krajowego. The transaction aimed at consolidating competencies in the area of the fund of Venture Capital funds and taking advantage of benefits arising from operating on a larger scale.

Read the press release
December 2019

KFK is incorporated in PFR Ventures

Pursuant to the provisions of the Act on the Development Institution System, starting from 2020, KFK operations will be continued as part of PFR Ventures. Therefore, PFR KFK program was established.

Check the companies which were financed by KFK funds

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Since 2007, as many as 213 companies have received support from KFK funds. In total, 18 investment teams have invested over PLN 0.5 billion in Polish innovative companies. Such companies include projects such as Audioteka, Booksy, Brand24, Frisco.pl, Infermedica, or Synerise.

Our funds portfolio