The Polish Development Fund and the National Centre for Research and Development have invested in the third fund within the framework of the PFR NCBR CVC Funds’ Fund managed by PFR Ventures provisioned by the National Centre for Research and Development (NCBR). The money will go to the management team of Cogito Capital Partners, in which PFR KOFFI - a programme focused on investments in international funds, invested previously.
Almost a quarter of a billion zlotys for investments in innovative enterprises will go to the Cogito Capital Partners’ fund. The capital comes from programmes managed by PFR Ventures (PFR KOFFI and PFR NCBR CVC), which have funds at their disposal under the Smart Growth Operational Programme 2014-2020.
“This is the first agreement in the framework of the PFR NCBR CVC programme, the partner of which is the European Investment Fund. We are happy that from the level of a national player we are able to invest side by side with an international organisation. The combined funds go to a team with experience in global investments, which will start investing in Poland this year,” comments Maciej Ćwikiewicz, President of PFR Ventures.
“The launch of the Fund of Funds by us has given the foundations for the system of commercialisation of technological projects with the use of financial instruments. When supporting innovations we cooperate with the best, as exemplified by our other VC fund, co-created by one of the best management teams worldwide. I am glad that an international team joined the PFR NCBR CVC programme as this will allow us to import global practices in the field of Venture Capital investments into our market,” says Prof. Aleksander Nawrat, Deputy Director of the NCBR.
“Finalisation of the so-called First closure of the Cogito fund at EUR 55 million allows us to implement investments that we have been working on for several months. In accordance with our strategy, we focus on companies operating in Poland and in Europe that have international potential or have already been pursuing their global expansion, especially on the US market. The Fund's Team located in Warsaw and New York will work closely with the teams of our portfolio companies and use a network of their international contacts. We are planning to invest in at least 2-3 enterprises by the end of the year,” said Sylwester Janik, Managing Partner of the Cogito Capital fund.
The newly created fund is planning to invest in technology-related endeavours from the B2B services sector, Fintech&InsurTech, as well as offering modern solutions in the area of, among others, medical devices, the Internet of Things, and robotics. As part of a single investment, a company in its growth phase can obtain from the Cogito Fund financing amounting from PLN 10 to 40 million. The Team is planning to start investments in 2019 and run them for 5 years.
NCBR CVC Fund of Funds can ultimately invest approx. EUR 40 million with the simultaneous contribution of private investors in a 50/50 proportion. By signing the third agreement, PFR NCBR CVC allocated approximately 20% of its funds. The plan is to sign further investment agreements still in 2019.
PFR Ventures is a Fund of Funds, which together with private investors, business angels and corporations will invest over PLN 4 billion in Venture Capital funds. Their goal will be to drive with this capital Polish innovative enterprises at their early stages of growth. The PLN 2.7 billion available to PFR Ventures comes from the Smart Growth Operational Programme 2014-2020.