PFR Ventures has signed four more agreements with venture capital management teams under the European Funds for a Modern Economy (FENG) program. The new funds will have a total capital pool of nearly 260M PLN, with PFR Ventures contributing 196M PLN. These funds will be deployed to invest in innovative Polish startups.
The capital allocated by PFR Ventures will be distributed among betacluster Ventures, Cofounder VC, Stelo Ventures, and VO2 Ventures. The Cofounder VC management team secured capital from the PFR KOFFI program, which is designed for funds investing in Polish companies at the growth and expansion stages. The remaining agreements are based on the PFR Starter program budget and will provide financing for seed-stage projects.
| Fund Name | Capitalization (PLN mln) | PFR Ventures Contribution (FENG, PLN mln) |
| betacluster Ventures* | 58,6 | 46,3 |
| Cofounder VC* | 48,5 | 29,1 |
| Stelo Ventures* | 69,3 | 55,4 |
| VO2 Ventures | 81,3 | 65 |
Comments from PFR Group representatives
„Nearly 260M PLN in new capital will reach funds investing in Polish companies. This is the best proof of how European funds can support development: on one hand, they enable companies to grow through professional financing, and on the other, they strengthen the capital market by building new investment teams and mobilizing private capital. This solution tangibly raises the quality of innovation financing in Poland,” says Mikołaj Raczyński, Vice President of the Polish Development Fund.
„We have now signed a total of 15 agreements with VC funds backed by the European Funds for a Modern Economy budget. Every two PLN we committed from the EU has attracted one PLN from private sources. This capital most often allows us to finance management teams alongside private investors who are just entering the market and require additional incentives to take on risk. We see that this mechanism is successfully building the foundations of the Polish market and will ultimately allow for the reversal of public and private capital proportions,” said Karolina Mitraszewska, CEO of PFR Ventures.
New Fund Profiles
betacluster Ventures
The fund will invest in early-stage companies, focusing on data and AI-driven projects (Smart Data Economy). It supports founders in scaling and building global products by providing capital, strategic guidance, and a global network of contacts, helping startups compete in international markets. The team is led by experienced investors and operators based in Wrocław, Kraków, and Berlin.
Cofunder VC
A venture capital fund investing in early-growth stage companies. The vehicle allocates capital to technology projects with a market-validated product, growing revenues, and an ambitious development trajectory. Cofounder VC combines capital with operational support from an experienced investment team, a group of Venture Partners, and an extensive network of business angels.
Stelo Ventures
This is the second fund from the core founders, who executed 18 investments through their previous vehicle (including Genomtec, Inksearch, Mooveno, Spantium 360, Supersonic, and Weartech). The team plans to make up to 20 seed-stage investments, with a commitment of 3 to 5 million PLN per project. Stelo Ventures will maintain a generalist strategy, covering solutions in AI, HR, marketing, cybersecurity, and technologies that support business growth, process optimization, and communication. The fund will focus on companies with the potential to exceed 100 million PLN in revenue within the Polish market and expand across the CEE region.
VO2 Ventures
This is the second fund from the core founders, who executed 18 investments through their previous vehicle (including Genomtec, Inksearch, Mooveno, Spantium 360, Supersonic, and Weartech). The team plans to make up to 20 seed-stage investments, with a commitment of 3 to 5 million PLN per project. Stelo Ventures will maintain a generalist strategy, covering solutions in AI, HR, marketing, cybersecurity, and technologies that support business growth, process optimization, and communication. The fund will focus on companies with the potential to exceed 100 million PLN in revenue within the Polish market and expand across the CEE region.
*Target capitalization may increase during the so-called second closing.
