PFR Ventures has backed four new investment vehicles, including Betacluster Ventures, Cofounder VC, Stelo Ventures, and VO2 Ventures, providing a total of €46.3 million of the nearly €62 million available to finance Polish startups at various stages of growth.
Cofounder VC is backed by the PFR KOFFI program for growth-stage companies, while the other three receive funding through the PFR Starter program for early-stage and seed 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,” explains Karolina Mitraszewska, CEO of PFR Ventures.
Which funds got the money
- Betacluster Ventures: €13.8 million total, €10.9 million from PFR (second closing planned)
Betacluster Ventures will invest in early-stage Polish tech startups focused on data and AI. The fund, targeting PLN 81.25 million, aims to support the development of a Smart Data Economy.
- Cofounder VC: €11.4 million total, €6.9 million from PFR (second closing planned)
Cofounder VC aims to invests in early-growth tech companies with market-validated products and monthly revenues of €60,000 to 72,000, providing €1 million to €3 million per startup along with operational support. Led by Tomasz Goliński and Michał Sioda, the fund focuses on digitalization, sustainability, and health tech, leveraging venture partners and a network of over 250 business angels to support scaling and international expansion.
- Stelo Ventures: €16.4 million total, €13.1 million from PFR (second closing planned)
The firm plans to make up to 20 seed-stage investments of €700,000 to €1.2 million each, targeting startups in AI, HR, marketing, cybersecurity, and business growth technologies, with a focus on high-revenue potential companies in Poland and the CEE region.
- VO2 Ventures: €19.2 million total, €15.3 million from PFR
VO2 Ventures plans to invest in startups targeting large global markets, providing €700,000 to €1.2 million initially with follow-on funding up to €1.2 million. Managed by Andrzej Ziemiński, Marek Tarnowski, and Tomasz Wołynko, the fund supports operational efficiency and scaling, backed by eight private investors. The initiative is part of the FENG program, which channels European funds to Polish startups across all development stages.
