Investments by PFR Ventures under the SGOP
Enrollment period
PFR Ventures invested PLN 1.1 billion in VC funds between 2017 and 2023. These funds came from the Smart Growth Operational Programme (SGOP).
In 2017, PFR Ventures, under an agreement with the Ministry of Funds and Regional Policy and Bank Gospodarstwa Krajowego, launched five investment programmes: Starter, Biznest, Open Innovation, KOFFI and NCBR CVC. All of them were based on EU funds (SGOP).
The aim was to stimulate the Polish venture capital market and support the development of innovative enterprises.
PFR Ventures operates under the fund of funds (FoF) formula. This means that the funds it manages first go to venture capital funds, which then invest in innovative companies. Such solution allows, among other things, for the involvement of private investors who entrust funds in parallel to PFR Ventures. In addition, venture capital funds are managed by experienced managers. They are able to properly assess the investment potential of companies and then help them develop in such a way that they increase their value and consequently multiply the invested capital.
Between 2017 and 2023, PFR Ventures invested in 32 VC funds under the Starter, Biznest, Open Innovation, KOFFI and NCBR CVC programmes. The investment horizon of all funds that were injected with PFR capital reached 2023. In the following years, the management teams will focus on the development of companies (including investments in so-called follow-on rounds) and the gradual exit of deals (so-called exits). In parallel, PFR Ventures launched the second edition of the programmes in 2024, which was again based on EU capital.
The first edition of PFR Ventures programmes
Effects of measures under programmes supported by the SGOP
The five PFR Ventures programmes were designed to stimulate different areas of the Polish venture capital ecosystem. Thus, the strategy of the fund managers depended in part on which funds they used.
The strategies of the programmes and their parameters are the result of consultations conducted by PFR Ventures with twin institutions from Europe. These included Bpifrance, KfW and the British Business Bank, among others. The dialogue with experienced partners and international institutions (ILPA, Invest Europe) guaranteed the market-driven nature of our activities.
Below we summarise the overall objectives of the programmes and their effects.
PFR Starter
Geared towards investing in seed projects (e.g. before the first commercial sale). Its structure rewards private investors for the additional risk they incur from investing at a very early stage.
| Budget | PLN 416 m |
| Portfolio | ArkleyBrinc, Accelero, bValue, EEC Magenta, FundingBox, Freya Capital, KnowledgeHub, Movens Capital, RST Ventures for Earth, Satus Starter, Smok VC, Sunfish Partners, TarHeel Capital Pathfinder |
| Number of companies that have raised funds from these funds | 184 |
| Total investment in companies | PLN 471 m |
PFR Biznest
The aim of the programme was to invest in management teams, which will each time engage so-called business angels to fund start-ups.
| Budget | PLN 114 m |
| Portfolio | Black Swan, CofounderZone, Kogito Ventures, NextRoad VC, PomerAngels |
| Number of business angels involved | 416 |
| Number of companies that have raised funds from these funds | 71 |
| Total investment in companies | PLN 179 m |
| Including the angel contribution | PLN 91 m |
PFR Otwarte Innowacje
The funds financed the development of companies that were distinguished by their R&D&I component. The strategy was to also invest in more mature companies and have a higher capital commitment (up to PLN 60 million).
| Budget | 256 mln PLN |
| Portfolio | Aper Ventures, Atmos Ventures, Montis Capital, YouNick, Tangent Line |
| Number of companies that have raised funds from these funds | 40 |
| Total investment in companies | PLN 401 m |
PFR KOFFI
The programme was aimed at investing in more experienced fund managers who planned to set up large-cap funds focused on funding growth-stage companies.
| Budget | 132 mln PLN |
| Portfolio | Avia Capital, Cogito Capital Partners, Finch Capital II; Finch Capital III; White Star Capital |
| Number of companies that have raised funds from these funds | 20 |
| Total investment in companies | PLN 194 m |
PFR NCBR CVC
The aim of the programme was to create corporate venture capital funds. This is a type of fund in which corporations become strategic investors. As part of this programme, we managed to engage Totalizator Sportowy, Tauron and PGE, among others, to finance start-ups. We also invested in an international fund co-founded by 3 foreign corporations: Nouryon, Bühler Group and Royal Cosun.
| Budget | 258 mln PLN |
| Portfolio | Avia Capital, Cogito Capital Partners, EEC Magenta 2, SpeedUp Energy Innovation, ffVC, Icos Capital |
| Number of companies that have raised funds from these funds | 65 |
| Total investment in companies | PLN 388 m |
In this programme, we managed EU POIR funds and additional capital (from the same source) was entrusted to us by the National Centre for Research and Development.
Below we provide a database of all investments made by funds benefiting from SGOP capital. The database allows you to easily browse them by programme and specific funds.
Do you have additional questions? Write to [email protected]. Please note that we will not be able to provide you with detailed information on the financial parameters of the transactions. If you are interested in data on the Polish venture capital market - see the Research section.
Database manual
The database is available in different layouts ('views'). By switching between them, you can view companies or funds, e.g. by portfolio or by PFR Ventures programme.
If the database embedded below takes up too little screen space, you will find a button in the bottom right-hand corner that allows you to view it in a separate window ("view larger version").
Using the icons on the top panel, you can arrange and filter the content (e.g. by selecting only the companies in which the funds have invested in 2019).
Program archives
Notice of the Call No. 12 for Financial Intermediaries - PFR Starter FIZ
Rules for the Submission and Selection of Tenders Call for Tenders No. 12
Appendix_1_Tender Identification Form
Appendix_2_Verification form for Key Personnel_Team
Appendix_2_Appendix A and B_Statement by the Tenderer's Team Member
Appendix_3_Tenderer’s Investment Strategy
Appendix_3_Appendix_A_Financial Schedule
Appendix_4_List of the Tenderer’s Potential Investment Projects
Appendix_5_Tenderer’s Statement
Appendix_6(i)_Investor’s Statement (Natural Person)
Notice of a Call No. 12 for Tenders for Financial Intermediaries
Rules for the Submission and Selection of Tenders Call of Tenders No. 12
Appendix 2 Tenderers Team Form
Appendix 3 Appendix A Financial Schedule
Appendix 3 Financial Intermediaries Operating Concept
Appendix 4 Business Angels Ecosystems Partner Entities Form
Appendix 5 List of Potential Co-investment Projects
Appendix 1: Tender Identification Form
Appendix 2: Tenderer’s Key Personnel Verification Form
Appendix 4: Model List of the Tenderer’s Potential Investment Projects
Appendix 5: Tenderer’s Statement
Appendix 6: Statement by Member of the Tenderer’s Key Personnel
Appendix 8(i): Investor’s Statement (natural person)
Rules for the submission and selection of Tenders - update
Appendix No 1 - Tender Identification Form
Appendix No 2 - Tenderer’s Key Personnel Verification Form
Appendix No 3 - Tenderer’s Investment Strategy
Appendix No 4 - List of the Tenderer’s Potential Investment Projects
Appendix No 5 - Tenderer’s Statement
Appendix No 6 - Statement by Member of the Tenderer’s Key Personnel
Appendix No 7 - Statement by Team Member Making a Contribution
Appendix No 8(i) - Private Investor’s Statement (Natural Person)
Appendix No 8(ii) - Private Investor’s Statement (Legal Person)
Call Procedure - submission and selection of investment proposals
Call Procedure - submission and selection of investment proposals Track Changes
Appendix 1 – Tender Form Track Changes
Appendix 2 - Verification Form for the Team Members
Appendix 2 - Verification Form for the Team Members Track Changes
Appendix 3A - Declaration by Private Investor other than natural person
Appendix 3A - Declaration by Private Investor other than natural person Track Changes
Appendix 3B - Declaration by Private Investor being a natural person
Appendix 3B - Declaration by Private Investor being a natural person Track Changes
Appendix 4 - Tenderer’s Declaration
Appendix 4 - Tenderer’s Declaration Track Changes
Appendix 5 - Scope of the Investment Strategy
Appendix 5 - Scope of the Investment Strategy Track Changes
Appendix 6 - Declaration of no criminal record and no criminal proceedings pending
Appendix 6 - Declaration of no criminal record and no criminal proceedings pending Track Changes