National Capital Fund (KFK)
Enrollment period
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.
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.
2007
First capital
Obtaining PLN 53.4 million from the state budget (then Ministry of Economy) for investments in Venture Capital funds.
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”.
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.
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.
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
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.