• The EBRD invests €15 million in Cogito Fund II
  • Fund to make equity and quasi-equity investments in scale-up, technology-driven companies in central and eastern Europe
  • The Bank’s investment supports the development of venture capital markets and the growth of SMEs in the region

 

The European Bank for Reconstruction and Development (EBRD) is supporting the development of the venture capital market in central and eastern Europe (CEE) by investing €15 million in Cogito Fund II, managed by Cogito Capital Partners (Cogito), a leading venture capital firm in the region.

Cogito is one of a few funds in CEE dedicated to later-stage technology companies and will focus primarily on firms developing innovative technologies or those with digital and/or technology-enabled business models, particularly in the enterprise software, fintech and healthtech sectors.

In line with Cogito’s prior experience, the fund will seek to invest between €5 million and €15 million in scale-up technology companies in the region in order to build a diversified portfolio of between 10 and 12 firms.

A notable highlight of the Cogito Fund I portfolio was the successful exit in September 2022 from its investment in Polish document-automation platform Applica.AI, which was acquired by Snowflake, a leading cloud-computing company listed on the New York Stock Exchange.

This investment is expected to contribute to improving the access of highly innovative technology companies to equity finance and enhancing the competitiveness of local economies.

Anne Fossemalle, Director, Equity Funds at the EBRD, said: “We are excited to support the further development of the innovation ecosystem in CEE markets, in partnership with Cogito, a leading venture capital firm based in Poland.”

Sylwester Janik, Managing Partner at Cogito, said: “We would like to thank the EBRD and our investors. The successful first close of our next fund reflects the strong performance of the Cogito Fund I and our team. We are excited about the unique investment opportunities created by the clear equity gap in funding for scale-ups across European markets and the high-growth potential of the technology sector in central Europe.”

The EBRD is a leading institutional investor in Poland and central and eastern Europe. To date, the Bank has invested more than €14.9 billion in Poland. Promoting the development of capital markets and supporting digitalisation are two key priorities for the EBRD’s work in the region.

The article: EBRD invests in Polish fund to support growth of technology companies in central and eastern Europe