PFR Otwarte Innowacje Fundusz Inwestycyjny Zamknięty
What does the fund do?
PFR Otwarte innowacje FIZ (Open Innovations) is a fund intended for financing small and medium enterprises which carry out technological projects in the open innovation formula, i.e. with the use of knowledge and resources from external sources, e.g. research centres or the organisation’s stakeholders.
The fund was created within the POIR PFR programme (Smart Growth Operational Programme). PFR Otwarte innowacje FIZ was created in order to encourage companies to operate in the open innovation model.
Innovations are developed inside the company, but with the participation of external sources of knowledge, technology or other resources. Such sources may include: universities, research & development centres, scientists, clients or the company’s stakeholders.
The fund may finance such projects as the purchase of licences or patents and commissioning pre-implementation analyses or market tests if these projects result in technological innovations – new products or processes.
Who may benefit from the Fund?
- New innovative small and medium enterprises
- Private investors
What purposes or projects are implemented by the fund?
- Increase in the transfer of technologies to the economy through commercialisation of research and development
- Including private investors in the financing of technological investments
- Increasing the share of the open innovation model in the Polish economy
How does the financing by PFR Otwarte innowacje FIZ function?
There are two possible forms of financing in the fund:
- Equity financing – shares
- Quasi-equity financing
Area of operation
The fund offers support for companies with their registered office or branch in Poland, which plan to develop their activities in Poland. The company’s registered office may be located in the EU, EEA or EFTA region
How does the financing by the fund function?
The fund may grant a single company the financing at several stages:
- first investment in a company – from 5 million to 60 million; however not more than 20% of the investment budget of the financial intermediary,
- possibility of continuing the investment in the company – no specific amount, but the limitation is the value of total investments in the company. It cannot exceed the amount of the smaller of the following two values: 60 million or 20% of the investment budget of the financial intermediary.
Investment process
- PFR Otwarte innowacje FIZ announces an open call for the programme and chooses the financial intermediaries. These are venture capital funds which then choose companies and projects for financing. Each financial intermediary indicates its management team – these persons look for companies and projects for co-financing.
- Financial intermediaries will receive from PFR Otwarte innowacje FIZ a pool of resources of the total value of PLN 421 million. These resources are distributed to individual financial intermediaries – depending on the selected cooperation model.
- Private investors, PFR Otwarte innowacje FIZ and the Management Team sign a trilateral investment agreement.
- PFR Otwarte innowacje FIZ may grant the intermediary resources of up to 60% of its capitalisation (Cooperation model I) or up to 97% of its capitalisation (Cooperation model II). The obligation to contribute the remaining amount lies with private investors and the financial intermediary’s management team.
Cooperation model I
Cooperation model II
What needs to be done to become the Financial Intermediary?
- PFR Ventures Sp. z o.o. – the company which manages the portfolio of PFR Otwarte innowacje FIZ announces the call for the programme for Financial Intermediaries on the fund’s website.
- The potential Intermediary goes through the following stages of the process:
- The first step is to prepare the documentation and to submit the application for the programme through an online form.
- After closing the online call, the Investment Committee of PFR Ventures Sp. z o.o. assesses the applications and chooses the best entities for further analyses. In the first place is the analysis of documents.
- In the course of the detailed examination, potential Intermediaries are invited to a direct meeting with the Investment Committee.
- After the meetings, the Investment Committee chooses the Financial Intermediaries for the given call.
Fund in short:
Fund of Funds
PLN 421 million
Financing through venture capital funds of small and medium enterprises implementing technological projects in the open innovation formula
The investment value may range from PLN 5 to 60 million. Proportion of financing: 60% of PFR Open Innovations FIZ resources, 40% – private resources
5 years (with the possibility of extension by one year)
Open selection of investment entities carried out by PFR Ventures
Important informationa
More information about PFR Otwarte innowacje FIZ is available on the website: PFR Ventures
SFDR Classification
The fund is classified as an Article 6 fund under the EU Sustainable Funding Disclosure Regulation (SFDR), which means that sustainability risk is taken into account in the investment decision-making process.
Sustainability risk in the SFDR is defined as: an environmental, social, or governance event, or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment arising from an adverse sustainability impact.
The principles for for considering sustainability risks in investment decisions are set out in the "Strategy for incorporating sustainability risks into PFR TFI S.A.'s investment decision-making process." which is available on that page.
Management of the fund
Record of Investment Funds
RFI 1449
Abbreviated name of the fund
PFR OI FIZ
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