EIF and Poland’s national promotional bank BGK launch new €350 million fund of funds to boost innovation

The European Investment Fund (EIF) and Poland’s national promotion bank Bank Gospodarstwa Krajowego (BGK) have signed an agreement launching Future Tech Poland, a new €350 million fund of funds aimed at propping up tech innovators in the European Union’s fifth-largest economy.

Future Tech Poland will enhance Poland’s venture capital market by backing funds that invest in innovative companies across development stages, thus contributing to improving the economy’s overall competitiveness.

“Created in partnership with BGK, this is the EIF’s largest financial mandate to date in Poland. Our extensive experience strengthening national VC ecosystems across the European Union will help harness innovation as another driving force of the Polish economy,” said Marjut Falkstedt, EIF Chief Executive.

BGK will contribute €235 million to the new fund, with the EIF co-investing at least €115 million, and managing the assets. First investment decisions under Future Tech Poland are expected in Q1 2026, with the aim of fully deploying the fund by the end of 2027 to increase the scale of capital available to start-ups, strengthen local VC funds and help advance innovation in Poland.

“Investing in modern technologies is a central element of our economic and financial development strategy. Future Tech Poland is our concrete response to the growing needs of Polish venture capital funds and young technology companies – we want capital to flow where the future is being created,” said Mirosław Czekaj, president of the management board of BGK.

Future Tech Poland is part of the Innovate Poland national investment programme aimed at mobilising new capital for strategic investment in innovative companies. Created under the auspices of Poland’s Minister of Finance and Economy Andrzej Domański, it brings together the EIF, BGK, as well as Polish development fund PFR and the country’s top insurer PZU as co-investors.

"Innovate Poland, first announced jointly with BGK, PFR, PZU and EIF last November, is gaining momentum with the official launch of Future Tech Poland today. This fund offers tangible support for breakthrough technologies, innovative companies and ambitious teams seeking to scale their projects to compete on international markets. Through Innovate Poland, we are strengthening Poland’s innovation ecosystem and laying the foundations for the country's long-term growth and economic security," said Poland’s Minister of Finance and Economy Andrzej Domański.

The European Investment Fund (EIF), part of the EIB Group, designs venture and growth capital, guarantees and microfinance instruments that absorb part of the risk that is taken by a wide range of selected financial intermediaries when they finance small businesses, individuals, and infrastructure projects, thereby improving access to finance in Europe. This encourages funds to invest, banks to lend, and private investment to be crowded in to boost innovation, competitiveness and climate action, as well as improve sustainability, social impact, and skills.

The has EIF invested €7.5 billion in Poland to date, helping leverage some €24.4 billion in support of nearly 116,000 SMEs.

Bank Gospodarstwa Krajowego (BGK) is a Polish development bank, supporting the country’s sustainable economic and social growth. BGK is the only institution of its kind in Poland. Operating for over a century, BGK finances investments in infrastructure, housing or entrepreneurship.

It is also involved in strategic initiatives, including defence and energy transition. The bank works with both the public and private sectors, mobilizing capital to fund projects that address key national challenges. BGK has international offices – in Brussels, Kyiv, and Frankfurt am Main – to support Polish companies in expanding abroad. It also plays an important role in implementing EU Funds and Poland’s National Recovery Plan.