This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
PFR Ventures has announced the results of its latest calls for fund management teams ready to support the growth of startups and technology companies. In practice, this translates into a significant influx of capital into the domestic venture capital market.
PFR Ventures officially introduced four new venture capital (VC) entities that will receive financing from the European Funds for the Modern Economy (FENG) program: Epic Investments, Invento F2, YouNick Mint, and Pomerangels Tech Ventures. Together, they will receive PLN 190 million (EUR 40.5 million) from EU resources. The institution estimates that additional required private capital will raise the total to PLN 260 million (EUR 55.5 million). Some of the funds are still in discussions with private investors – if successful, the pool could expand further.
“We want public money to serve both as a catalyst and a magnet, attracting private capital to build professional investment teams. Our goal is to foster the creation of the best startups and innovative ideas. We recognize that the VC market is growing at a healthy pace, but the base remains relatively small. We need to explore solutions to develop the VC sector, as the market is still relatively shallow,” said Grzegorz Orawiec, director of the Department of Innovation and Development Support Programs at the Ministry of Funds and Regional Policy.
The value of Poland’s VC market in 2025 increased by 28% compared to the previous year (excluding transactions by ElevenLabs and ICEYE, whose rounds significantly exceeded the funding raised by other startups).
Who will receive capital for startup investments?
The funds will be allocated to venture capital (VC) investments, supporting the growth of Polish technology companies. The first three of the named funds will receive capital through the PFR Starter program, aimed at so-called seed projects in the very earliest stages of development. The fourth fund secured financing from the PFR Open Innovations program and will support the growth of technology ventures based on an R&D component.
Epic Investments and Invento F2 are still in the process of raising private capital.
“We are deploying PLN 260 million (EUR 55.5 million) of new capital for early-stage companies. This is another step in building a strong venture capital market in Poland. The funds will be gradually invested in nearly 60 young technology firms – including projects in artificial intelligence, cybersecurity, and dual-use technologies with both civilian and military applications,” said Mikołaj Raczyński, Vice President of the Polish Development Fund, in a press release.
The new funds are expected to start investing by mid-2026.
Interactive chart Epic Investments focuses on business software
Epic Investments will concentrate on projects in business software, including cybersecurity, artificial intelligence, digitalization, and digital transformation. PFR Ventures presents the management team as professionals with over 20 years of experience in venture capital and investment advisory. The fund is led by Sebastian Kwiecień and Piotr Kłodnicki, supported by a network of entrepreneurs from the software and IT services sector.
“We want to back ambitious pioneers of digital technologies. While these times are challenging and bring many changes, they also create new market opportunities. We see potential to build Europe’s technological independence, as well as a clear investment gap at the early stages of company development, particularly in the seed phase,” said Sebastian Kwiecień.
The fund will invest in pre-seed and seed-stage projects, allocating PLN 1–5 million (EUR 0.21–1.06 million) per project, and plans to complete 12–15 transactions over a four-year horizon.
Invento F2 brings an international network of contacts
Invento F2 was established with the involvement of entrepreneurs, managers from global technology companies, investors, and financiers. The fund will focus on solutions in areas such as next-generation AI, cybersecurity, quantum technologies, advanced materials, robotics, and dual-use technologies.
It is the second fund from this investment team created under the PFR Starter program.
“Our fund will invest in digital and advanced technology projects. We are looking for solutions with practical applications in industries such as finance, manufacturing, healthcare, and energy. We are also seeking dual-use projects, with both civilian and military applications. We are ready to support Polish engineers and technologists, including as the first investors in their ventures,” said Robert Bieleń, co-managing Invento F2.
The management team also includes Sven Zagała, Bartosz Zalewski, and Barbara Strzębicka. The fund plans to invest in over 20 companies, offering up to PLN 5 million (EUR 1.06 million) per project. Around 85% of the transactions will take place in Poland, with the remaining investments covering other European countries.
YouNick Mint continues seed-stage investments
Starter by YouNick Mint will focus on solutions aligned with key technological and demographic trends. The fund is managed by Magdalena Surowiec, Aleksander Kłósek, and Rafał Roszak, who draw on experience in the technology and life sciences sectors.
“Starter by YouNick Mint will allocate PLN 80 million (EUR 16.9 million) to the development of Polish technologies that address global needs. Together with PFR Ventures and private investors, we are building a system to support innovation,” said Aleksander Kłósek.
Until now, the team has focused on investments in Industry 4.0 and medical technologies. Going forward, greater emphasis will be placed on identifying and leveraging key market trends.
According to the managers, geopolitical tensions and armed conflicts are creating opportunities for the development of cybersecurity technologies and unmanned systems. Dual-use solutions will also be among the sought-after projects. Investors anticipate rapid growth in artificial intelligence over the next decade and expect increasing importance for technologies addressing demographic challenges, including population aging.
The fund plans to invest in around 20 companies, allocating PLN 1–3 million (EUR 0.21–0.64 million) per project, with the possibility of increasing financing at later development stages.
Pomerangels Tech Ventures focuses on business scaling
Pomerangels Tech Ventures will support companies that are already generating multi-million PLN revenues and are at the stage of scaling their operations.
Investments in individual projects will range from PLN 5 million to over PLN 10 million (EUR 1.06–2.1 million). The fund focuses on companies operating in areas such as Industry 4.0, advanced materials, solutions that improve process efficiency, as well as medical devices and consumer products. Companies offering hardware solutions or with in-house production capabilities are also of interest.
Startups in the public financing ecosystem
Funds from the European Funds for the Modern Economy (FENG) program are set to support around 40 VC funds in total. A total of PLN 2.1 billion (EUR 447 million) has been allocated for investments, with the expectation that private investors will provide an additional PLN 1.1 billion (EUR 234 million). So far, more than PLN 1 billion (EUR 213 million) has been distributed to 19 management teams.
“Together with contributions from private investors, they have nearly PLN 1.6 billion (EUR 341 million) available to finance around 300 innovative projects,” estimates PFR Ventures.
“Currently, our portfolio at PFR Ventures includes 19 funds. We have allocated over PLN 1 billion (EUR 213 million) from the European Funds for the Modern Economy program budget. In recent weeks, we have seen tangible results from these investments, with financing rounds involving companies such as Melanos Care, Demoboost, and Cogniguard. This confirms that capital is already reaching innovative firms. I am confident that the number of such transactions will grow, and the invested funds will yield results both in the short and long term, strengthening the VC market and the competitiveness of the Polish economy,” said Rozalia Urbanek, board member at PFR Ventures.
She added that 2026 and early 2027 will be a period of intensive selection of new investment teams and signing of financial agreements.
Key Takeaways
- The European Funds for the Modern Economy Program Strengthens Poland’s VC Ecosystem. The program plays a pivotal role in developing the venture capital market in Poland. It aims to support around 40 funds and mobilize over PLN 3 billion (EUR 639 million) in public-private capital. Over the long term, these resources could contribute to increased innovation and the competitiveness of the Polish economy.
- PFR Ventures launches major capital inflow into the venture capital market. Through four new funds, PFR Ventures is injecting approximately PLN 260 million (EUR 55.5 million) into the venture capital market, of which PLN 190 million (EUR 40.5 million) comes from EU resources, with the remainder sourced from private capital raised on the market. These funds will be primarily directed toward early-stage startup investments and projects based on research and development activities.
- New funds adopt diversified investment strategies. The new funds differentiate their approaches by focusing on key areas of the modern economy, including artificial intelligence, cybersecurity, quantum technologies, robotics, and Industry 4.0. They cover both seed-stage projects and companies in the scaling phase, reflecting a more comprehensive approach to financing innovation.