The European Investment Fund (EIF) and Poland’s state development bank Bank Gospodarstwa Krajowego (BGK) have signed €85 million in investments for three Polish venture capital funds under the first deals made through the new Future Tech Poland programme.
The money will go to funds named Expeditions II, Cogito II and Balnord, which invest in areas including defence and security, cyber-security, space and artificial intelligence, the EIF announced.
Future Tech Poland was set up as a €350 million “fund of funds” — meaning it invests in other venture capital funds rather than directly in start-ups — with a focus on Poland and Central and Eastern Europe.
BGK is contributing €235 million to the vehicle and the EIF is adding at least half that amount.
EIF chief executive Marjut Falkstedt said the programme had the potential to “unlock over one billion euros” for the innovation ecosystem and support as many as 200 entrepreneurs and small businesses.
Where the money is going
Expeditions, which focuses on early-stage companies particularly in defence, will receive €31 million, the EIF said.
Cogito, which backs early growth-stage companies including in AI and fintech and supports international expansion, will receive €30 million.
Balnord will receive more than €24 million and invests in “frontier” and dual-use technologies — products with both civilian and military uses — with a focus on early-stage firms around the Baltic Sea region.
The EIF’s contributions to Balnord and Expeditions II are being made through the InvestEU Defence Equity Facility, a €175 million initiative for defence research and development that is expected to unlock more than €500 million in support for European companies.
