PFR Ventures

PFR Ventures is the venture capital arm of the Polish Development Fund (Polski Fundusz Rozwoju), wholly owned by the Polish state, established in 2014 and based in Warsaw. The firm operates as the largest fund-of-funds manager in the Central and Eastern Europe region, managing over PLN 3 billion in assets across 80+ private VC funds that have collectively supported more than 900 startup investments. PFR Ventures co-invests alongside private LPs to leverage EU structural funds and catalyse private capital into the Polish venture ecosystem, backing early-stage through growth-stage funds in sectors including deep tech, SaaS, fintech, and life sciences. Its Innovate Poland programme launched in November 2025 with at least PLN 4 billion earmarked for the next investment cycle.