Future Tech Poland: Mobilizing billions for the nation’s tech champions

Future Tech Poland is a special-purpose fund launched at the start of the year, designed to give a substantial boost to the Polish startup ecosystem. It is part of Innovate Poland, the innovation and modern-business support program unveiled in November 2025.

Under the Future Tech Poland framework, BGK and the European Investment Fund will pool PLN 1.5 billion (EUR 330 million) to invest in startups. Beyond providing capital to individual companies, the primary goal is to significantly increase the average size of venture capital funds in Poland. The recently released strategy also outlines how this process will work in practice.

Future Tech Poland and billions for companies

At a press conference, representatives of BGK and the European Investment Fund outlined the details of the fund’s investment strategy.

“We are contributing to building economic resilience, bridging the investment gap in the Polish economy, and supporting Polish entrepreneurs. Today’s initiative, presenting the investment strategy of Future Tech Poland, is important because it demonstrates the commitment of a public institution and European investment to achieving these goals,” said Mirosław Czekaj, CEO of BGK.

According to the strategy, the capital will flow to investment funds, which will then provide both financial and operational support to startups. In this way, Future Tech Poland will function as a fund of funds.

In practice, BGK and the EIF will invest in a dozen or so venture capital (VC) and growth capital funds. While these funds will have a European reach, their primary focus will be Poland and the Central European region.

Each funded vehicle is expected to invest in around 15 projects. As BGK’s CEO confirmed, the first investments will be announced within the coming weeks.

Details of the new fund: Who can expect support?

As an investor, Future Tech Poland will not hold more than 50% of the shares in portfolio funds. This means that fund managers will need to raise the majority of capital from external sources. Institutional investors are welcome, but private investors must account for at least 30% of the fund.

BGK and the EIF also set requirements regarding fund size: it must exceed EUR 60 million. The fund must have ties to Poland, either through operations or its registered office. Polish nationals should be well represented in the management team. Investments in venture debt funds are also possible, though these may account for no more than 20% of FTC’s maximum capitalization.

Under Future Tech Poland, the maximum amount a team can receive is €40 million. In addition to capital from the fund vehicle, the European Investment Fund may also participate through co-investments from its own resources or other funds and programs it manages. The EIF will act as fund manager for FTC, and the selection process for management teams will follow standard European institutional procedures.

“The process typically takes around nine months. It may take longer, especially for teams without prior project experience,” said Michal Košina, Manager, Institutional Mandate Relationships, Nordics, Baltics & CEE, EIF.

The first four to five funds will be signed in the initial phase by the end of 2026, receiving at least 40% of the fund’s capitalization. Additional funds will join the program in 2027.

As an example of a similar project, Mr. Košina cited a program in Germany that has been running since 2004. The EIF initially invested EUR 500 million, but the program is now valued at over EUR 10.5 billion.

The goals of Future Tech Poland

At the press conference, Mirosław Czekaj, CEO of BGK, stated that the strategy of the new Future Tech Poland fund aligns with BGK’s broader business strategy, which includes investing in cutting-edge technologies.

“We aim to stimulate the development of Polish innovation and technology, including dual-use technologies. By 2027, BGK plans to reach approximately PLN 13.5 billion (EUR 2.9 billion) in capital investments. The investment strategy of Future Tech Poland fits within BGK’s business strategy, which focuses on modern technology investments. The bank acts as a public partner, actively mobilizing private capital by combining domestic funds with investments from international institutions. This approach paves the way for supporting Polish tech companies and building local champions capable of competing effectively on international markets,” said Mirosław Czekaj.

The project is set to launch soon. According to the CEO, the first investment decisions are expected to be approved in the first quarter of this year. Allocation of capital to portfolio funds is planned through the end of 2027. Future Tech Poland is designed to operate for 19 years.

“Future Tech Poland, as part of the Innovate Poland program, will strengthen the Polish VC ecosystem. FTP will channel capital to funds investing in growing Polish technology companies. Our goal is not only to increase the scale of investments in expanding tech firms but also to reinforce the local VC ecosystem and Poland’s role as a key hub for the development of advanced technologies,” commented Jarosław Dąbrowski, member of BGK’s management board.

Expert's perspective

The Future of Innovate Poland

Innovate Poland is a program built on collaboration. It represents, in effect, the first approach of combining public and private capital in this way. While it will be centralized at the fund-of-funds level, it remains highly flexible in accommodating the preferences of individual investors.

Both InnovatePL and Future Tech Poland intersect at the growth stage. There may be funds in which we act as a co-investor, and I hope such situations will become more frequent.

Rozalia Urbanek

member of the management board of PFR Ventures

European-scale ambitions

BGK representatives emphasize that their goal is to support funds at a European level, focusing not only on size but also on the quality of management.

“We estimate that the pool of capital generated by scaling up the funds - around PLN 5 billion (EUR 1.1 billion) – will reach 150–200 technology companies, with a significant portion directed to Polish projects. FTP is a long-term initiative that, we hope, will strengthen the innovativeness of the Polish economy for years to come,” added Jarosław Dąbrowski.

Expert's perspective

Polish technological talent worth supporting

From the beginning, as OTB Ventures, we focused on something that eight years ago was far from obvious: deep tech – truly advanced technologies. At the time, people questioned what it really was and whether it was worth investing in. But Poland’s strength lies in its technological talent – ambitious people. That’s why we sought companies that could create breakthrough technologies. Looking at what OTB has achieved, we were right. We invested very early in both deep tech and space tech. For example, our fourth-ever investment was in Iceye. Alongside the EIF, we are the company’s largest investor, and we are proud of the role Iceye played during Russia’s invasion of Ukraine.

I have great respect for all the development programs Poland has implemented—they make a difference. You may not see results overnight, but from an eight-year perspective, the impact is huge. Back then, quality deep tech companies were practically nonexistent. Today, the situation is very different. Europe is evolving too, with the space-tech market expanding.
The successes of companies like Iceye inspire others and prove that global-scale achievements are possible. I believe Poland now has real ambition, and over the next five to ten years, we will see many more successes.

Adam Niewiński

Managing partner at OTB Ventures

Innovate Poland: A new future for the technology sector

Recall that Future Tech Poland is one of the two main pillars of Innovate Poland. The fund is set to provide PLN 1.5 billion (EUR 330 million) in financing for the venture capital (VC) sector, targeting investments in young technology companies. Two-thirds of this capital comes from BGK, with the remaining PLN 0.5 billion (EUR 110 million) provided by the European Investment Fund.

The project also involves Polski Fundusz Rozwoju and PZU.

At the January program launch, BGK representatives emphasized that both Future Tech Poland and the second element of Innovate Poland, the Innovate PL FoF, are designed to attract private capital. Without these investments, the Polish economy may struggle to maintain its current growth trajectory. The challenge, as Marcin Prusak, managing director of the Investments and Analysis Division at BGK, explained at the press conference, is the substantial investment gap in the VC and growth sectors – estimated at PLN 12–17 billion (EUR 2.6–3.7 billion) across both.

“We want to change that. Poland needs innovation and investment, including private capital,” declared Mr. Prusak.

It is worth recalling that on February 12, we reported on another BGK initiative. With a contribution of EUR 20 million, the bank joined the group of investors in CVI Private Debt Fund II. Launched in March 2025, this fund is the largest of its kind in the region. It plans to execute several dozen investments, with BGK’s capital supporting the international expansion of Polish companies.

Expert's perspective

Technologies with a Future

We must seize the opportunity by investing wisely. Not everything can be produced in Poland. In many areas, we remain dependent on foreign partners. However, we should progressively relocate key competencies – especially in military terms, and in securing critical transport routes – closer to our borders. Independence, not isolation, is today a crucial element of security.

The areas where we can compete for global leadership include the space sector, dual-use technologies, and cyberspace. These correspond to two of the five NATO operational domains in which Poland has the potential to build strong capabilities, even on a global scale.

Gen. Tomasz Piotrowski

former operational commander of the armed forces and currently a technology-sector investor.

FTP as part of a larger puzzle: Innovate Poland modeled on a French solution

The launch of Innovate Poland was announced at the end of 2025 by Minister of Finance and Economy Andrzej Domański. The initiative’s concept draws on the French “Tibi Plan,” a startup support mechanism developed by economist Philippe Tibi. In France, the program became a key driver for the growth of the private equity and venture capital market. Since its launch in 2019, investors have committed EUR 13 billion to French companies, with a target of EUR 15 billion by the end of 2026.

The budget for the first phase of Innovate Poland is PLN 4 billion (EUR 880 million), provided by development institutions: BGK, the EIF, Polski Fundusz Rozwoju (PFR), and Powszechny Zakład Ubezpieczeń (PZU) – the project’s first commercial partner.

In subsequent phases, additional institutions and investors are expected to join the initiative. Ultimately, Polish companies at various stages of development could receive several billion zlotys. The program’s designers aim to reach this scale through a multiplier effect, mobilizing additional private capital, and by gradually expanding the pool of participants.

The program is operated by PFR Ventures and the European Investment Fund, which are responsible for the investment process in private equity and venture capital funds. The principle is that funds, operating on market terms and with commercial capital participation, will invest in the growth of innovative companies with high potential. The program is designed to limit investor risk, while ensuring efficiency, transparency, and market alignment. All invested funds are intended to be repayable; investments are structured to generate profit, after which capital is returned to investors.

Key Takeaways

1. Innovate Poland – Future Tech Poland is one of the pillars of Innovate Poland, announced by Minister of Finance and Economy Andrzej Domański. The initiative is modeled on the French Tibi Plan, which significantly boosted France’s private equity and venture capital market. The budget for Innovate Poland’s first phase is PLN 4 billion (EUR 880 million), provided by development institutions including Polski Fundusz Rozwoju and Powszechny Zakład Ubezpieczeń. The program is designed to be market-based and repayable, with the creators anticipating that subsequent phases could channel several billion zlotys to Polish companies.
2. Future Tech Poland Program – Implemented by Bank Gospodarstwa Krajowego (BGK) and the European Investment Fund (EIF), the program aims to mobilize PLN 1.5 billion (EUR 330 million) for investments in venture capital and growth capital funds. These funds are expected to support up to 150–200 technology companies. The mechanism operates as a fund-of-funds model, meaning that public and institutional capital is intended to leverage additional private investment. The total pool of capital generated through scaling the funds could reach around PLN 5 billion (EUR 1.1 billion). The program is long-term, planned to operate for 19 years.
3. Investment Strategy – The strategy envisions supporting a dozen or so European-focused funds, primarily targeting Poland and Central Europe. Future Tech Poland will not hold more than 50% of any portfolio fund. At least 30% of capital must come from private investors. Each fund should have capital exceeding EUR 60 million and maintain strong ties to Poland, either through its registered office or the composition of its management team. Maximum support for a single team is set at EUR 40 million. The first investment decisions are expected in the first quarter of the year, with full allocation to portfolio funds by the end of 2027.