Polish banks increase funding for innovation through Innovate Poland

Erste Bank Polska, Bank Pekao S.A., and PKO Bank Polski are contributing 500 million PLN to the Innovate Poland program. This injection will increase the capital accumulated in the program to nearly 3 billion PLN, with a total program value expected to reach 4.5 billion PLN.

The funds will be accessible to six accredited funds supporting innovative Polish companies. According to Mikołaj Raczyński, President of the Polish Development Fund (PFR), the program aims to finance investments, innovation, and economic growth in Poland by building a financing ecosystem through both public and private investors.

Innovate Poland operates on two pillars: the Innovate PL Fund of Funds and Future Tech Poland. The fund of funds structure allows investors to access a diversified portfolio of approximately 20 funds, which in turn targets investments in roughly 300 companies across venture capital, private equity, and private credit sectors.