Lotos to set up €40-50 mln CVC fund

WSE-listed fuel giant Lotos plans to establish a corporate venture capital (CVC) fund worth €40-50 million and is currently selecting fund managers for the project, the company said in a market filing. “The end of the selection process of the management team is planned for mid-2018. The next step will be submitting a proper application to the state-run Polish Development Fund PFR, so that the fund could be launched in H2, this year,” the company explained. "I believe that a professionally managed CVC fund combined with experience and extensive expert knowledge of the employees of the Lotos capital group will allow to take full advantage of the potential of effective cooperation of an industrial company with startups,” said Mateusz Aleksander Bonca, vice president of strategy and development at Grupa Lotos.