Warsaw-based PFR Ventures, which manages fund-of-funds that invest in Venture Capital and Private Equity funds alongside private investors, business angels, and corporations, has invested €47 million ( PLN 200 million) in four early-stage VC funds, including 24Ventures, Digital Ocean Ventures Starter, Hard2beat, and Tar Heel Capital Pathfinder.
- PFR Ventures, founded in 2014 and led by Maciej Ćwikiewicz, is Poland's Development Financial Institution that provides capital to venture capital and private equity funds and manages more than PLN 3 billion in assets.
- With a portfolio of over 80 funds, PFR Ventures has supported more than 900 investments. Its funds have backed companies such as Audioteka, Booksy, Frisco.pl, iTaxi, and Synerise.
- The new funds have a total capitalization of over PLN 250 million (€58.4 million), with PFR Ventures contributing around PLN 200 million (€46.7 million) as part of the European Funds for a Modern Economy (FENG) program, the EU's largest national innovation support initiative.
PFR Ventures is the largest fund of funds manager in the CEE region, which has provided capital for over 80 VC and PE funds. They support Polish companies at various stages of development: from innovative, seed projects to traditional companies already operating on the international market. We use European Union funds and our own to finance them," President of the Management Board of the Polish Development Fund, Piotr Matczuk, commented.
Details of the funds
- The four new funds plan to support startups until 2029, with the divestment period extending for an additional four years. The program offers capital to venture capital funds, with investments of up to PLN 5 million (€1.16 million) per startup.
- 24Ventures is a Polish venture capital firm that supports Polish founders with global ambitions. Over the next four years, the firm plans to invest in 18 startups with international goals.
- Digital Ocean Ventures is a Krakow-based venture capital firm that invests in early-stage startups in fintech and digital transformation. The firm will continue to support these sectors with the new fund.
- Hard2beat is a Wroclaw-based venture capital firm that backs early-stage DeepTech companies working on software-based solutions.
- Tar Heel Capital Pathfinder is a Warsaw-based VC that has made over 60 investments and plans to use the new fund to continue investing in globally scalable technology businesses, including those in AI, SaaS, marketplaces, cleantech, edtech, medtech, and cybersecurity.
"In 6 months, we conducted three recruitments and received nearly 100 offers from management teams. The first four funds to receive new EU capital are run by people with experience in venture capital investments and developing technological start-ups. Two of them participated in the first edition of PFR Starter, and two are completely new funds," CEO of PFR Ventures, Maciej Ćwikiewicz, stated.
