First funds from Future Tech Poland secure PLN 365m

This article is a part of Poland Unpacked. Weekly intelligence for decision-makers

The venture capital (VC) sector continues to await public support, particularly financial backing. Capital is in short supply across different stages of business growth—from early-stage development of new solutions to the growth phase, involving intensive scaling and expansion. The inflow of investment capital into technology companies will be supported by the Future Tech Poland program announced in recent months.

The investment vehicle established by Bank Gospodarstwa Krajowego (BGK) and the European Investment Fund (EIF), under the Innovate Poland initiative, has signed investment agreements. It has recapitalized three Polish entities: the growth fund Cogito Fund II and the venture capital funds Expeditions Fund II and Balnord Fund I. All have been active in the market for years and are deeply rooted in the local ecosystem.

Focus on defence and dual-use investments

A total of PLN 365 million (EUR 85 million) will flow from Future Tech Poland into the three funds. Through them, the capital will be deployed into company and technology development. Strong representation is expected in sectors such as defence, dual-use technologies, spacetech, enterprise software, fintech, and medtech.

Mirosław Czekaj, CEO of BGK, noted during the presentation of the funds that investing in technology companies benefits not only investors. Innovative firms enhance the competitiveness of Poland and Europe, meaning society as a whole stands to gain. He added that BGK and EIF will soon announce additional funds joining the Future Tech Poland family. The total pool of public funding under the program amounts to PLN 1.5 billion.

“This is part of the Innovate Poland program, designed to support modern and innovative enterprises. It was created in response to a capital gap in the VC market that hinders the growth of dynamic technology companies. We estimate that the capital mobilized through Future Tech Poland—potentially up to PLN 5 billion—will reach 150–200 innovative firms,” said Mirosław Czekaj.

Inflow of long-awaited capital

Patrick Gresko, representative of the EIF, emphasized that Future Tech Poland is moving from announcements to implementation.

“Three investments, three management teams, three concrete commitments to Poland’s technological future,” said Patrick Gresko.

Expert's perspective

Future Tech Poland is a very important signal for the market—especially at this point in the investment cycle. Poland’s VC ecosystem needs capital today more than ever, while also demonstrating an increasing ability to deploy it effectively. For this reason, we are closely and optimistically watching the pace at which funds under this initiative are being launched.

The program is intended to deliver several key benefits. First, it will improve access to financing at later stages of development for technology companies, which remains a challenge in Poland. Second, it will strengthen relations with the European Investment Fund (EIF). Third, it should have a catalytic effect on private capital, which in the current macroeconomic environment remains more selective. As we can see, this objective is beginning to materialize.

EIF’s direct involvement in the new framework is particularly significant, given its long-standing presence in the Polish market. It is expected that, following this instrument, additional funds—including those from the recently announced EIF fund-of-funds (EUR 15 billion)—will be allocated in Poland and the wider region. In this context, Future Tech Poland can play a complementary role, strengthening the local market and increasing its capacity to absorb capital. Maintaining program continuity, ensuring access to capital, and building long-term relationships with the European Investment Bank will be key.

The opportunities include scaling up the market, improving access to growth capital, and strengthening Poland’s position as a regional technology hub while supporting technological sovereignty. An important element will also be the activation of initial commitments under the Innovate Poland initiative and accompanying legal changes, particularly regarding the participation of pension funds in private equity/venture capital and private debt asset classes.

Funding for more mature technologies

Among the first funds selected for financing is Cogito Fund II, which received EUR 30 million. The growth capital fund invests in Series B rounds and beyond, targeting more developed ventures facing the challenges of international scaling, including entry into the U.S. market.

Sylwester Janik, Managing Partner at Cogito Capital Partners, noted that the program will enable an increase in the number of investments in local companies (Series B–D rounds). This will allow the broader ecosystem to capture a larger share of value created during the growth phase of the technology sector. He added that the program is strategic for the entire industry, particularly for funds investing in more mature projects.

“In capital-intensive sectors such as robotics, without Future Tech Poland we would not have seen a chance to reach fund capitalization beyond previously assumed levels. The absence of a strong local anchor investor limits funds’ ability to raise capital. I believe this is the first step toward activating private investors,” said Sylwester Janik.

Investor perspective

Investor's perspective

The Future Tech Poland program is important for the entire venture capital market in Poland. The European Investment Fund has long been a key supporter of top-tier managers, but the scale of the new program makes it possible to extend support to a broader group of emerging managers. This is particularly important, as diversity in management teams and investment strategies strengthens the overall ecosystem.

It is also crucial that the joint support declared by BGK and EIF will cover funds operating across all stages of venture capital—from seed to growth capital. This model enables continuity of financing for locally developed projects and increases the likelihood that the best companies can continue scaling in Poland. It sends a clear signal that the market has reached a level of maturity that justifies such a comprehensive approach.

The past decade has been a period of rapid growth for Poland’s venture capital market. Future Tech Poland reflects the experience, best practices, and competencies developed by local investors. Today, we are seeing an increasing number of new projects launched both by experienced entrepreneurs and by individuals who have built their skills within local champions and are now setting up their own ventures. Importantly, the market is effectively absorbing capital, and its growing maturity is translating into larger funding rounds and more success stories such as Booksy, Jutro Medical, Docplanner, Spacelift, and ElevenLabs.

Strong capital builds a strong investment market

Balnord Fund I has received EUR 24 million. The VC fund invests in breakthrough and dual-use technologies, including those in the space and medical sectors.

“Building a Polish capital market without adequate capital is impossible. Investments in dual-use and defence go beyond traditional investment strategies. We need to convince private institutional investors to take an interest in this asset class. Without them, we will not build a strong market,” said Marcin Kowalik, Managing Partner at Balnord Fund.

Thanks to financial support from BGK and EIF, the fund has exceeded its target size by attracting private investors.

“This allows us to scale our operations and plan follow-on reserves of up to EUR 12 million per investment. It opens up even broader opportunities to invest in breakthrough dual-use technologies, such as those in the space sector,” added Marcin Kowalik.

Strengthening Europe’s security architecture

Expeditions Fund II has raised EUR 31 million. The VC fund focuses on the security segment, identifying innovative applications of artificial intelligence and advanced technologies in defence, cybersecurity, and space companies.

“Our goal is to support the most ambitious entrepreneurs in developing products that will shape the future of Europe’s defence sector and its new deterrence strategy. Poland has the potential to become a hub for dual-use technologies,” emphasized Mikołaj Firlej, co-founder and Managing Partner of Expeditions.

Poland’s venture capital market continues to face a shortage of capital, particularly at later stages of technology company development. The Future Tech Poland program was created to address this gap and aims to provide financing for both early-stage and more mature projects. This should ensure continuity of investment and support companies in their scaling process.
The first investments under the Future Tech Poland program cover three funds—Cogito Fund II, Expeditions Fund II, and Balnord Fund I—which will receive a total of PLN 365 million (EUR 85 million). These funds invest across different stages of company development and in various technology segments, including defence, dual-use technologies, spacetech, fintech, and medtech. As a result, the program provides more comprehensive coverage of market financing needs and supports the development of strategically important technologies.
The launch of the program and the initial investments represent a significant boost for the broader innovation ecosystem. Capital is being directed toward key sectors such as defence, dual-use, and space technologies, which carry both economic and strategic importance. Support from BGK and EIF also strengthens international cooperation and may attract additional private capital.