This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
The new investment vehicles will have nearly PLN 258 million (EUR 62m) at their disposal, of which PLN 196 million (EUR 46.3m) comes from PFR Ventures. The capital will be allocated to financing innovative Polish startups at various stages of growth.
This marks the fourth round of calls for teams investing in Polish startups.
Good to know
Key names
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.
FENG (European Funds for Modern Economy) is Poland's largest EU-funded national program for 2021-2027, designed to boost innovation, research, development (R&D), and competitiveness for Polish businesses (especially SMEs) by supporting advanced tech, Industry 4.0, green transitions, and strategic economic projects.
BGK (Polish National Economy Bank) – Poland's state-owned bank focused on supporting enterprises, infrastructure, and financing strategic projects.
“We have now signed a total of 15 agreements with VC funds financed through the European Funds for a Modern Economy (FENG). For every two PLN we commit from the EU, we attract one PLN from private investors. This capital most often enables us to support management teams alongside private investors who are only just entering the market and need additional incentives to take on risk. We can see that this mechanism is successfully laying the foundations of Poland’s VC ecosystem. In the long run, it also allows us to reverse the ratio of public to private capital,” comments Karolina Mitraszewska, CEO of PFR Ventures
Four funds, nearly PLN 258 million (EUR 62m) in capital
The capital allocated by PFR Ventures will be channeled into four funds: Betacluster Ventures, Cofounder VC, Stelo Ventures and VO2 Ventures. Cofounder VC secured financing under the PFR KOFFI program, which targets funds investing in Polish companies at the growth and expansion stage. The remaining three agreements draw on the PFR Starter programme and will support projects at the early and seed stages.
The detailed figures for the new funds are as follows:
- Betacluster Ventures (second closing planned) – capitalization: PLN 58.6 million (EUR 13.8 million); PFR Ventures (FENG) contribution: PLN 46.3 million (EUR 10.9 million)
- Cofounder VC (second closing planned) – capitalization: PLN 48.5 million (EUR 11.4 million); PFR Ventures (FENG) contribution: PLN 29.1 million (EUR 6.9 million)
- Stelo Ventures (second closing planned) – capitalization: PLN 69.3 million (EUR 16.4 million); PFR Ventures (FENG) contribution: PLN 55.4 million (EUR 13.1 million)
- VO2 Ventures – capitalization: PLN 81.3 million (EUR 19.2 million); PFR Ventures (FENG) contribution: PLN 65 million (EUR 15.3 million)
Betacluster Ventures: betting on smart data
Betacluster Ventures will invest in companies at the early stages of development, with a particular focus on projects involving data and artificial intelligence. The new vehicle will operate under the name betacluster Poland.One. With a target capitalisation of PLN 81.25 million, the fund will primarily support Polish technology startups that are laying the foundations of a Smart Data Economy - an ecosystem in which advanced data systems, artificial intelligence and automation reshape how industries operate, compete and scale.
The team is composed of investors based in Wrocław, Kraków and Berlin. It is led by Gabriela Brodzińska-Drozd (formerly an investment manager at Deutsche Telekom’s hubraum Fund), Cezary Iwan (15 years of experience in venture capital, including senior roles in private and corporate VC funds) and Florian Steger (former managing director at Deutsche Telekom; co-founder and CEO of Kupferwerk, now Intive).
“Our investment strategy focuses on building a high-quality portfolio of 20–30 companies operating in the smart data domain. We largely target early-stage teams that may not yet have significant commercial traction but already have a working prototype, demo or MVP. At the same time, we are also interested in projects that have achieved initial traction and are preparing to scale,” explains Gabriela Brodzińska-Drozd.
In addition to PFR Ventures, the fund includes private investors from several countries.
“Our private-investor base includes entities from Germany, the Netherlands, Switzerland and Poland - experienced entrepreneurs, leaders of the startup ecosystem, as well as investment vehicles of industrial companies seeking innovation from Central and Eastern Europe. One of the Polish private investors is Gravier Investment ASI,” adds Brodzińska-Drozd.
The latest investor commitments already cover 50% of the capital required for the second closing, planned for January 2026.
Capital for scaling startups
Individual investments may reach as much as PLN 5 million (EUR 1.1m). Most of the financing will be directed to startups at the very beginning of their journey - teams with strong technological foundations that are shaping their first product and commercial strategy. The fund will also support companies that have already gained initial market traction.
“Poland offers a highly favorable environment for startups. In recent years, it has been the fastest-growing economy in Europe. It also boasts a dynamic innovation ecosystem and rising interest from global investors. For me, a fund focused on Poland is an opportunity to combine my international experience with a market I know well. I will be able to help local startups turn their technical expertise into global market leadership,” says Florian Steger.
Betacluster Poland.One prioritizes sectors undergoing rapid transformation driven by AI and the data-driven economy. It will pay particular attention to manufacturing, logistics and industry. Other areas of interest include smart health, fintech, smart cities, technologies that improve operational and business efficiency, public safety, and dual-use technologies.
Expert's perspective
Two trends will be decisive
We saw this gap and decided to become the bridge. Betacluster Ventures was created to connect these two worlds: a fund that combines deeply rooted local insight with real international strength - foreign investors, venture partners, and close co-investment relationships with top global VC firms. All to help the best Polish teams scale.
We began fundraising in September 2024, submitted our application to the PFR Starter program at the end of November 2024, went through PFR Ventures’ comprehensive selection process, and by October 2025 secured PLN 58 million (EUR 14m) – 70% of our target capitalization of PLN 81 million (EUR 19m).”
Stelo Ventures: investing in startups with a product
Stelo Ventures has raised an initial PLN 69.3 million (EUR 16.4m), of which PLN 55.4 million (EUR 13.1m) comes from PFR Ventures. The fund’s creators say these amounts are set to grow.
“We are planning a second closing. We expect to reach around PLN 80 million (EUR 18.9m) in total capitalization. We anticipate completing this process within the next few weeks,” says Grzegorz Chyliński, partner at Stelo Ventures.
Stelo Ventures is the second fund established by the same founders, who in their previous vehicle completed 18 investments (including in Genomtec, Inksearch, Mooveno, Spantium 360, Supersonic and Weartech). The new fund aims to make up to 20 seed-stage investments, typically deploying between PLN 3 million and PLN 5 million (EUR 700k – 1.2m) per project. Its strategy is generalist, covering solutions in areas such as AI, HR, marketing, cybersecurity, and technologies that support business growth, process optimization and communications. The fund will focus on companies with the potential to exceed PLN 100 million (EUR 240k) in revenue in the Polish market, and it aims to support expansion across the CEE region.
“Our goal is to allocate capital to no more than 20 companies. We want to invest between PLN 3 million and PLN 5 million in each startup in the initial round. In our view, spreading capital too thinly – entering more startups with smaller commitments—makes little sense. Based on our experience at KnowledgeHub, developing strong projects today requires substantial capital. A few years ago, under Bridge Alfa programs, startups received about PLN 1 million each (EUR 240k). Today, development costs have risen sharply, and several million złoty is the absolute baseline,” explains Grzegorz Chyliński.
The fund’s managing partners are Grzegorz Chyliński, Krzysztof Dębowski and Jarosław Pająk. The first two previously created the KnowledgeHub fund. Jarosław Pająk, meanwhile, spent recent years at WPP Media, where he oversaw brand development and supported innovative projects within the company’s accelerator. At Stelo Ventures, he will be responsible for supporting the fund’s portfolio startups.
Expert's opinion
Support that startups actually need
How do we achieve that?
For instance, by tailoring the product to the needs of the customer – including large, international corporations. Jarosław Pająk, who is joining our team, knows how to do precisely that and will be an excellent bridge between startups and major companies.”
Cofounder VC: the path to profitability
Cofounder VC is a venture capital fund focused on companies in the early-growth stage. It invests in technology projects with a market-validated product, growing revenues and a clearly defined development trajectory. Its model combines capital with hands-on operational support from the investment team, venture partners and a network of business angels.
The new investment vehicle is a continuation of the work done by the CofounderZone team. The fund is interested in projects generating at least PLN 250k–300k (EUR 60-72k) in monthly recurring revenue (MRR), already profitable or close to break-even, and seeking capital to scale further. Cofounder VC plans to invest in around eight companies, allocating between PLN 4 million and PLN 12 million (EUR 1m-3m) to each. The fund does not focus on a single industry; however, given the team’s prior investment experience, it will pay particular attention to projects in business-process digitalization, sustainability and health tech.
The fund is led by Tomasz Goliński, with Michał Sioda also joining as a partner. A key role will be played by Maciej Kowalczyk, who will focus primarily on supporting startups in international expansion and building professional sales teams. His wider remit includes fundraising, organizational scaling and developing professional management structures.
A group of venture partners will play an important part in working with portfolio companies. These industry and operational experts will support Cofounder VC’s investment decisions and contribute to the growth of individual projects. Among them are Arkadiusz Krupicz of Pyszne.pl and Mike Korba of User.com. In sourcing potential transactions and co-investments, the fund will also leverage a network of more than 250 business angels built through CofounderZone’s previous activities.
Expert's opinion
How the fund plans to win over startups
At this later stage, it is easier to provide organizations with more universal support - through proven practices in building sales strategies, entering new markets or expanding team capabilities.
These are precisely the areas we want to strengthen in our portfolio companies, alongside ensuring the right level of financing. In this respect, we have unique assets — both capital and expertise — thanks to our group of Venture Partners and the network of business angels we have built over recent years.”
What VO2 Ventures has in store
VO2 Ventures plans to invest in startups entering large global markets – those worth at least USD 2 billion – and addressing significant, unmet customer needs. The fund looks for complementary teams characterized by strong determination and capabilities aligned with their business challenges. Beyond capital, VO2 Ventures aims to support portfolio companies in boosting operational efficiency to help translate vision into product and commercialize innovation.
“We have several decades of combined experience in the capital market. We’ve been through the entire development path – from entrepreneurs to fund managers,” says Andrzej Ziemiński, managing partner at VO2 Ventures.
The fund’s team consists of Andrzej Ziemiński, Marek Tarnowski and Tomasz Wołynko.
“We are a complementary team. Marek Tarnowski is responsible for capital entry processes and potential structuring, I oversee fundraising, and Tomasz Wołynko focuses on business growth and scaling,” adds Ziemiński.
The fund’s capitalization stands at PLN 81.25 million (EUR 19m). Initial investments will reach up to PLN 3 million (EUR 700k), with follow-on rounds of up to PLN 2 million (EUR 470k). Selected startups may receive additional follow-on funding of up to PLN 5 million (EUR 1.2m).
A total of eight private investors have backed the fund.
The significance of European Funds
The European Funds for a Modern Economy (FENG) program is set to capitalize around 40 venture capital funds, channeling PLN 2.1 billion (EUR 490m) in public money, alongside PLN 1.1 billion (EUR 260m) from private investors. To date, over PLN 0.9 billion (EUR 213m) has been committed to 15 management teams. Altogether, with private contributions included, these teams now control more than PLN 1.3 billion (EUR 307m) to finance roughly 240 innovative projects.
“Nearly PLN 260 million (EUR 61.5m) in fresh capital will reach funds investing in Polish companies. This demonstrates how European funds can drive economic growth. They allow firms to scale with professional financing, while simultaneously strengthening the capital market by building new investment teams and mobilizing private capital. It’s a solution that tangibly improves the quality of innovation financing in Poland,” says Mikołaj Raczyński, Vice-President of the Polish Development Fund.
FENG-funded programs are managed by PFR Ventures in partnership with BGK, on behalf of the Ministry of Funds and Regional Policy. Their goal is to stimulate investment in startups and tech companies at every stage of development. Some instruments focus on the youngest ventures, while others support projects in collaboration with corporations or business angels.
Key Takeaways
- The initiative is part of the broader FENG program, which ultimately aims to capitalize around 40 VC funds with PLN 2.1 billion from public sources. The program is expected to finance up to 240 innovative projects in Poland. So far, PFR Ventures has already allocated over PLN 900 million.
- PFR Ventures is significantly scaling up startup financing in Poland by continuing to expand its program supporting innovative ventures. Nearly PLN 258 million will flow into the market through new investment funds, the majority coming from the European Funds for a Modern Economy (FENG). The new investments are designed to support Polish startups at every stage of development, from seed phase to market expansion.
- Each new VC fund focuses on a distinct segment of the startup ecosystem, enabling investment strategies to better match entrepreneurs’ needs. The funds cover a wide spectrum of sectors, from Smart Data Economy projects to companies with a clearly defined growth trajectory.