BGK and the European Investment Fund have committed €30 million (about PLN 129 million) to a new venture capital fund managed by Inovo.vc to invest in early-stage technology companies.
The deal is the fourth investment signed under the Future Tech Poland (FTP) initiative backed by both organisations, the EIF informed on Tuesday.
Around PLN 580 million has been allocated through FTP so far.
Inovo.vc invests in early-stage technology businesses, and the new fund will be supported through FTP’s funding commitment.
Marjut Falkstedt, chief executive of the EIF, said FTP is designed to strengthen Poland’s “innovation economy” by increasing the scale and depth of the local venture capital market.
“Our investment in Inovo builds on that objective, supporting a proven team that helps ambitious technology companies grow from an early stage and develop solutions with the potential to compete across Europe and globally,” Falkstedt stated.
How Future Tech Poland works
FTP operates as a “fund-of-funds” — a structure that invests in other venture capital funds rather than directly in companies — and is managed by the EIF.
It has a PLN 1 billion allocation from BGK and a PLN 500 million co-investment alongside that BGK allocation.
Jarosław Dąbrowski, a member of BGK’s management board, said the Inovo.vc investment was the programme’s fourth transaction and that BGK plans to reach more than 40% of FTP’s total allocation by the end of the year.
Inovo.vc has backed more than 70 teams since 2014 across Poland and Central and Eastern Europe, Tomasz Swieboda, a managing partner at the firm, said.
