Innovate Poland: PLN 500 million from three investors, six funds accredited

Innovate Poland has attracted three new investors, bringing foreign capital into the programme for the first time. Erste Group, Bank Pekao S.A. and PKO Bank Polski will commit a total of PLN 500 million to investments in private equity, private debt and venture capital funds. This commitment is expected to mobilise a total of PLN 1 billion in capital for investment in innovative companies with high growth potential. The capital will be allocated to the first six accredited funds supporting such companies. 

Innovate Poland is a programme built on two pillars: the Innovate PL Fund of Funds (Innovate PL FoF) and Future Tech Poland. Their aim is to improve access to capital for Polish businesses by engaging public and private investors. Further institutional investors are joining Innovate PL FoF, and the programme is now beginning to allocate capital to private equity, private debt and venture capital funds.

‘Investment will determine the strength of the Polish economy in the years ahead. That is why we are building a strong capital market and creating new sources of finance for growth. Innovate Poland is a groundbreaking programme that brings together public and private capital, unlocking PLN 10-20 billion in new investment. Today, three more major financial institutions are joining the programme. This is how we are building a lasting mechanism that will finance innovation, new technologies and the expansion of Polish companies for years to come,’ said Andrzej Domański, Minister of Finance and Economy.

New investors in the fund of funds

Erste Group (including its foreign and Polish branches), Bank Pekao S.A. and PKO Bank Polski are joining Innovate PL FoF’s existing investors: the Polish Development Fund, Bank Gospodarstwa Krajowego and Powszechny Zakład Ubezpieczeń. The new partners will invest a total of PLN 500 million, bringing the capital raised by the fund to nearly PLN 3 billion and the total capital across the programme to PLN 4.5 billion.

‘Innovate Poland’s strength lies in its ability to attract further investors and increase the scale of financing for Polish businesses. From the outset, we wanted broad participation from the financial sector. The addition of three major banks marks a turning point for the programme and sends a strong signal to the market. It shows that the largest financial institutions are ready to play an increasingly significant role in providing equity financing for Polish companies. In this way, we are building a stable investment base that will support the Polish economy for years to come,’ says Mikołaj Raczyński, CEO of the Polish Development Fund.

‘Polish companies have enormous potential. However, they need access to capital that will enable them to compete at scale. As a bank, we want to improve that access and support businesses developing innovations. This ambition is also shared by Erste Group, whose participation in Innovate Poland confirms that the Group regards Poland as a strategic market and has long-term plans for it,’ says Michał Gajewski, CEO of Erste Bank Polska.

‘Bank Pekao naturally wants to play an active role in financing the growth of innovative Polish companies. Poland needs strong technology brands to grow rapidly and compete effectively, including in global markets. We want to support these ambitions through our participation in equity financing. Poland can be home to advanced solutions and strong brands with increasing growth potential. A bank’s role is to provide them with capital, primarily through lending, that will help them scale and strengthen their market position. Our involvement in Innovate Poland contributes to this indirectly,’ says Cezary Stypułkowski, CEO of Bank Pekao.

‘We want Polish companies to grow globally and domestic capital to share in that growth. To achieve this, they need financing tailored to different stages of development. At PKO Bank Polski, we provide them with loans for investment and international expansion. However, young, innovative companies often require capital that enables them to pursue opportunities beyond the scope of traditional bank lending. Innovate Poland helps fill this gap. By participating in the programme, we can share in these companies’ growth through investment funds and, over time, also finance their further development as clients of the bank,’ says Szymon Midera, CEO of PKO Bank Polski.

Representatives of the banks will join the Innovate Committee as members or observers, enabling them to review investments in funds and access reports on portfolio companies’ activities.

Accredited funds

Accreditation enables funds to apply for and receive capital from Innovate PL FoF. Under the investment strategy, 60% of the portfolio will be allocated to private equity funds, with private debt and venture capital funds each receiving 20%. The diversified investment policy will help meet companies’ needs at different stages of development, from the early stage through to expansion.

Funds managed by AMC, Avallon, Cogito Capital Partners, Innova, Inovo.vc and MidEuropa have received Innovate PL FoF accreditation. These funds have provided financing to businesses such as Inglot, Nomagic and OSHEE. With capital provided by PFR Ventures, they have also invested in Applica.ai, Bielenda, Booksy, CloudFerro, Diagnostyka, Ingenix, Velvet and Victor.

These funds will receive a total of PLN 500 million from the Innovate PL FoF budget. Other investors will provide additional capital. Currently, every zloty committed under the programme attracts an additional three zlotys of private capital.

‘PFR Ventures’ established market position helped us implement the programme and move smoothly into allocating capital. We understand fund managers’ expectations well and work with them as partners. We are reviewing a further 40 proposals while holding talks with institutions interested in joining the programme. We rate the quality of the proposals submitted highly, but remain selective. We focus on backing the strongest teams with the potential to deliver returns we expect,’ says Rozalia Urbanek, CEO of PFR Ventures.

About Innovate Poland

Innovate Poland is a programme announced in November 2025. It rests on two pillars: Innovate PL FoF and the Future Tech Poland investment vehicle. Following the addition of the new investors, the programme’s total budget has exceeded PLN 4.5 billion. The first eight private equity, private debt and venture capital funds that will benefit from this capital have been announced. Fund managers can still apply for accreditation.

The initiatives that make up Innovate Poland differ in their investment strategies and structures. Innovate PL FoF, a fund of funds managed by PFR Ventures, is a programme open to investors that channels capital to private equity, private debt and venture capital funds. Future Tech Poland combines capital from the European Investment Fund and Bank Gospodarstwa Krajowego, with capital allocated exclusively to venture capital funds.

The Innovate Poland programme operates under the patronage of the Minister of Finance and Economy.

Innovate Poland – programmes & portfolio