This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Bank Gospodarstwa Krajowego (BGK) and the European Investment Fund (EIF) have officially inaugurated the Future Tech Poland fund. The fund is part of Innovate Poland, a program announced in November 2025 to stimulate the growth of domestic innovative companies with high growth potential. The initiative aims to combine private and public capital while encouraging private equity and venture capital firms to invest in Polish companies.
Explainer
BGK
Bank Gospodarstwa Krajowego (BGK) is Poland’s state development bank and one of the government’s key financial levers for long-term economic policy. Established to support strategic investments, BGK operates outside the commercial banking sector, directing capital toward infrastructure, innovation and projects deemed essential for national development.
In recent years it has become an increasingly prominent co-investor alongside EU programmes, channelling public funds into venture capital, regional development and SME support. BGK often partners with institutions such as PFR Ventures to mobilise private capital, strengthen the domestic financial ecosystem and reduce investment gaps in areas where market financing remains scarce
“At the heart of Innovate Poland, the agreement between BGK and EIF establishes the Future Tech Poland fund, valued at PLN 1.5 billion (EUR 325 million). The goal of this project is not only to increase investment volume but also to strengthen the VC ecosystem and Poland’s role as a hub for innovation,” said BGK President Mirosław Czekaj at the fund’s launch.
He added that the bank acts as both an investor and a catalyst for investment in Poland, but does not operate solely through loans or bank-managed funds.
“We also invest through equity participation and, jointly, via consortia of public institutions. Our technology-focused mission is to support venture capital and private equity funds, enhance Poland’s competitiveness, and prevent talent from leaving the country,” Mr. Czekaj explained.
“Today, we are building a bridge between Poland’s strategic ambitions and the scale of Europe. Poland is ready to take the next leap. Over the past decade, we have seen Polish companies such as Brainly, Booksy, Iceye, and ElevenLabs make their mark on global markets. But to turn this potential into leadership, we need larger funds and more institutional management of high-quality investment vehicles,” said Patric Gresko, Head of Division for Institutional Relationships in CEE, Baltics & Nordics at EIF.
Future Tech Poland launches with PLN 1.5 billion from BGK and EIF
Future Tech Poland (FTP) is one of the two main pillars of Innovate Poland. The fund is set to provide PLN 1.5 billion (EUR 325 million) in financing to the venture capital (VC) sector for investments in young technology companies. Two-thirds of this capital comes from BGK, with the remaining PLN 0.5 billion (EUR 108 million) provided by the European Investment Fund.
FTP will invest in portfolio venture capital funds and, on a smaller scale, venture debt funds targeting companies at the seed, start-up, later-stage venture, and growth capital phases, operating across Central and Eastern Europe. BGK estimates that the pool of resources generated through scaling these funds could reach PLN 5 billion (EUR 1.08 billion), with investments expected to reach approximately 150–200 technology companies.
The fund aims to start investing in January 2026, with allocations to portfolio funds scheduled to continue until the end of 2027. FTP’s strategy covers funds investing in seed and start-up companies, as well as later-stage ventures and growth capital. BGK anticipates that 10–15 funds will receive support.
Regarding the geographic focus, FTP is seeking management teams primarily based in Poland, with a focus on investments in Central and Eastern Europe. Investments in pan-European funds are also possible. All capital deployed by FTP is intended to finance Polish companies.
Poland’s economy needs innovation – and innovation needs capital
Future Tech Poland has been tasked with several objectives. First and foremost, it is intended to attract capital into Poland’s venture capital ecosystem and provide an additional boost to the start-up market. This inflow of capital is, naturally, meant to support Polish technology companies and strengthen their competitiveness in international markets. Ultimately, the launch of FTP is also expected to benefit venture capital funds operating in the domestic market.
As representatives of BGK emphasize, both the Future Tech Poland fund and the second component of the Innovate Poland program – Innovate PL FoF – are designed to attract private capital. Without such investment, Poland’s economy may struggle to sustain its current pace of growth.
“Economists point out that the drivers of economic growth linked to foreign investment, as well as the factors that have long characterized the Polish economy – namely low costs – are being exhausted. The Polish economy needs new impulses and the involvement of new capital – not only credit and public-sector funding, but private capital as well,” said Mirosław Czekaj, President of BGK, at the conference.
Marcin Prusak, Managing Director for Equity Investments at BGK, noted in turn that the supply of capital offered by investment funds in Poland and across Central and Eastern Europe remains relatively limited.
“The number of institutional investors willing to invest in such projects is fairly small, and the market itself is still at a relatively early stage of development. As a result, the scale of venture capital investment in Poland is several times lower than in Europe,” Mr. Prusak said.
At the same time, he stressed that Poland needs a new development model, as the one based on cheap labor is running out of steam.
“The only possible leap forward is a leap into innovation. And the best way to finance that leap is through investment funds, which makes strengthening this market essential. Until we do so, Polish companies will continue to depend on foreign capital,” Mr. Prusak concluded.
Good to know
Poland’s VC market needs more private capital
Over the first three quarters of 2025, Polish start-ups raised a total of PLN 2.2 billion (EUR 480 million) from domestic and international investors, according to the report “VC Transactions on the Polish Market, Q3 2025” prepared by PFR Ventures and Inovo.vc. This level is broadly in line with the annual size of Poland’s venture capital market in both 2024 and 2023. Overall, the value of VC investment in Poland relative to GDP is around four to eight times lower than the EU average, according to Bank Gospodarstwa Krajowego.
BGK estimates the overall venture capital investment gap in Poland at PLN 12–16.8 billion (EUR 2.6–3.7 billion), while the gap in growth-stage investment is put at PLN 12.5–17.5 billion (EUR 2.7–3.8 billion). Combined, this translates into a funding shortfall of PLN 24.5–34.3 billion (EUR 5.3–7.5 billion).
A key weakness of Poland’s VC market is its heavy reliance on public funding, primarily from EU sources. In the third quarter of 2025, just over one-third (35%) of the PLN 464 million (EUR 101 million) invested in technology start-ups came from foreign private investors. Domestic investors accounted for only 5% of that financing.
Another systemic challenge is the insufficient funding available to companies at later stages of development, as the bulk of investment continues to flow to less mature firms. Yet the expansion phase – particularly international growth – requires substantial capital outlays.
FTP is part of a broader plan. Innovate Poland follows the French example
The launch of the Innovate Poland program was announced in late 2025 by Andrzej Domański, Minister of Finance and the Economy. The concept draws on the experience of France’s Tibi Plan – a start-up support mechanism developed by economist Philippe Tibi. In France, the program has proven to be a catalyst for the development of the private equity and venture capital markets. Under the initiative launched in 2019, investors have so far committed EUR 13 billion to investments in French companies, with a target allocation of EUR 15 billion by the end of 2026.
As part of Innovate Poland, private equity and venture capital funds are expected to invest at least PLN 4 billion (EUR 870 million) in around 250 Polish companies. The initiative is the first in Poland to combine private and public capital on such a large scale. It is also designed as a response to the financing gap faced by start-ups and small and medium-sized enterprises.
The budget for the first phase of Innovate Poland amounts to PLN 4 billion (EUR 870 million) and comes from development institutions: BGK, the European Investment Fund (EIF), as well as the Polish Development Fund (PFR) and Powszechny Zakład Ubezpieczeń (PZU - the biggest Polish insurer, state-owned), the project’s first commercial partner.
Explainer
PFR Ventures
PFR Ventures – a fund management company that, together with private investors and business partners, supports Polish startups and innovative enterprises through investments in venture capital and private equity funds at various development stages.
The mission of the Polish Development Fund (PFR) is to support Poland's sustainable economic development. They work for entrepreneurs, local governments, and other entities, offering comprehensive financial and advisory solutions. Their activities are based on several key areas that combine into a single, coherent strategy to support entrepreneurship, investment, and innovation
Additional institutions and investors are expected to join the initiative in subsequent stages. Ultimately, Polish companies at various stages of development could receive as much as several tens of billions of zlotys (several billion euros). The program’s architects aim to reach this level both through a multiplier effect that mobilizes additional private capital and through the gradual inclusion of new participants, steadily increasing the overall scale of funding.
The program is operated by PFR Ventures and the European Investment Fund, which will be responsible for the investment process in private equity and venture capital funds. The underlying assumption is that funds – operating on market principles and supported by additionally mobilized commercial capital – will invest in the development of innovative companies with high growth potential. The program is intended to reduce investor risk, while the adopted model is designed to ensure efficiency, transparency, and alignment with market logic. Capital invested by participants will be returnable in nature: investments are structured to generate returns, after which capital will be returned to investors, as envisaged under Innovate Poland.
Key Takeaways
- Both FTP and the broader Innovate Poland program are intended to address the structural shortage of private capital in Poland’s venture capital and private equity markets – a key barrier to the growth of Polish companies. The program draws inspiration from France’s Tibi Plan, which successfully helped stimulate the private equity and venture capital sectors in France.
- Bank Gospodarstwa Krajowego (BGK) and the European Investment Fund (EIF) have officially launched the Future Tech Poland (FTP) fund. The initiative forms part of the Innovate Poland program, designed to stimulate investment in innovative Polish companies with high growth potential.
- BGK and EIF are committing a total of PLN 1.5 billion (EUR 325 million) to FTP. The objective is to attract private-sector capital and generate total investment of around PLN 5 billion (EUR 1.1 billion) for 150–200 companies.