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.
The funds allocated by PFR Ventures will go to betacluster Ventures, Cofounder VC, Stelo Ventures, and VO2 Ventures. The management team of Cofounder VC secured capital from the PFR KOFFI program, which is dedicated to funds investing in Polish companies at the growth and expansion stages. The remaining agreements are based on the PFR Starter program budget and will translate into financing for seed-stage projects.
Allocation details:
- betacluster Ventures* 58.6 (capitalization, PLN million), 46.3 (PFR Ventures contribution, PLN million)
- Cofounder VC* 48.5 (capitalization, PLN million), 29.1 (PFR Ventures contribution, PLN million)
- Stelo Ventures* 69.3 (capitalization, PLN million), 55.4 (PFR Ventures contribution, PLN million)
- VO2 Ventures 81.3 (capitalization, PLN million), 65 (PFR Ventures contribution, PLN million)
* target capitalization may increase as part of a so-called second closing
betacluster Ventures will invest in early-stage companies, focusing on data and AI-driven projects (Smart Data Economy). The fund 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 from Wrocław, Kraków, and Berlin.
Cofounder VC is a venture capital fund investing in early-growth stage companies. The vehicle allocates capital to technology projects that possess a market-validated product, generate growing revenues, and pursue an ambitious development path. 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 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’ strategy will remain generalist, 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 aims to provide capital and expertise to startups targeting markets with global absorption (total addressable market of at least $2 billion) while addressing key, unmet user needs. The fund invests in complementary teams demonstrating iron determination and an ideal fit of competencies to the challenge. VO2 Ventures partners offer support in scaling business and broad access to a network of growth funds.
„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, which we are fueling with a budget from the European Funds for a Modern Economy. For every two zlotys from the EU that we commit, we have attracted one zloty from private funds. 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 the proportions of public and private capital,” said Karolina Mitraszewska, CEO of PFR Ventures.
