PFR launches PLN 700 mln start-ups fund

State-owned development vehicle PFR has launched a PLN 700 million fund for financing start-ups, PFR Starter FIZ. The fund will be supplemented with private contributions, PFR CEO Paweł Borys said. According to him, several hundred start-ups could receive financing in the coming years. The fund is one of five funds to be launched in the frame of the biggest venture capital platform in CEE with capitalization of over PLN 3.7 billion, including PLN 2.2 billion state funds. Companies with Polish headquarters or local offices will get preferential treatments. They need to have an innovative idea and potential for international expansion, with 10 percent of the fund earmarked for foreign companies from the CEE region.