The government of Poland has launched its Pzl800m ($225m) PFR NCBR CVC Fund of Funds, a vehicle that will invest in corporate venturing subsidiaries in the country.
The fund will be managed by PFR Ventures, the investment arm of the Polish Development Fund. The government is providing half the capital, with the remainder to be provided by private backers.
The initiative is expected to generate six to nine corporate venturing funds with an average of Pzl80m to Pzl150m in size. Apart from capital, the government expects portfolio businesses to also gain access to the respective corporate’s expertise.
The funds will invest between Pzl5m and Pzl35m in domestic startups. They will operate from this year until 2023.
The call for submissions is open to both domestic and international corporations. In the latter case, the Polish government hopes a corporate can also assist with accelerated international expansion efforts by startups.
Maciej Ćwikiewicz, vice-president of PFR Ventures’ management board, said: “So far on the Polish market there was no institution supporting CVC funds. Thanks to PFR NCBR CVC this segment of the Polish VC market will be built in the near future.”