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PFR Ventures invests in Accelero Ventures

PFR Ventures
PFR Ventures invests in Accelero Ventures

PFR Ventures has invested PLN 28 million in the Accelero Ventures fund. An additional 7 million PLN came from private investors. This was the final investment in the first edition of the PFR Starter programme financed under the Operational Programme “Smart Growth”.

Accelero Ventures is the final team to receive funding under PFR Starter within the current EU framework (OP Smart Growth). The contract was signed at the end of December 2021, and in May 2022 the fund launched its investment activities.

Accelero Ventures’ capitalisation stands at PLN 35 million. The fund can invest up to PLN 4 million in a single company. The fund’s managers plan to focus on investments in clean technologies (cleantech), innovative solutions for green energy production or renewable energy sources, as well as projects combining biotechnology and clean energy (especially the use of biomethane and biohydrogen) and related to IT/ICT and FMCG sectors.

Accelero Ventures is managed by Marcin Matysik, Agata Pękalska, Jacek Musiał and Krzysztof Berdzik. The team intends to finance projects with high growth potential that provide innovative solutions for the industry, e.g., by contributing to becoming less dependent on hydrocarbons, improving energy efficiency, and having a positive impact on the Polish economy and society. The fund’s strategy envisages support for entrepreneurs in the form of industry know-how, investment experience in acquiring subsequent funding rounds, as well as assistance in planning further expansion opportunities for businesses.

Summary of PFR Starter investments

PFR Starter is a programme designed to stimulate venture capital (VC) investments at the very early stage of company development (pre-seed/seed). The 14 VC funds launched have a total of PLN 637 million to invest. The capital came not only from public funds – 130 private investors were also involved, contributing approximately PLN 150 million. The funds operating under the PFR Starter programme have already provided approximately PLN 250 million to 147 companies.

Our experience with the National Capital Fund showed us that we needed funds in our ecosystem willing to take above-average risks when investing in start-ups and to identify the best projects at the right time. We knew that public capital would play an essential role here, but we also created incentives to attract private investors. One of the things that helped was the profit asymmetry mechanism, which provides more protection for private capital. One could say that we persuaded 130 people to invest about PLN 1 million each in Polish start-ups. Looking at how our market was structured when we launched in 2018, I consider it a big success

– says Maciej Ćwikiewicz, CEO of PFR Ventures.

The fourteen funds operating under the PFR Starter umbrella were selected from 200 submitted proposals. Among the portfolio companies of the funds, we already see investments that, with the support provided at the very beginning of the activity, could grow further, and raise sizeable rounds from foreign investors.

Development trends of companies financed under PFR Starter

Company

PFR Starter funds that provided seed funding

Value of the seed round

Foreign funds that joined in subsequent rounds

Value of subsequent rounds

VueStorefront

Movens Capital, Smok Ventures

PLN 6m

Creandum, Earlybird Venture Capital, Paua Ventures

PLN ~70m 

SunRoof

KnowledgeHub, Smok Ventures

PLN 4m FD Growth Capital

PLN ~30m 

MoleculeOne

Sunfish Partners

PLN 1m

Cherubic Ventures, AME Cloud Ventures, Inventures, Atmos Ventures, Outsized Ventures

PLN ~20m


 

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