Poland’s state development bank, BGK (Bank Gospodarstwa Krajowego) has committed EUR 15 million to Cogito Fund II, a Polish growth capital fund. The investment aims to support the development of Polish technology enterprises at the scale‑up stage and to facilitate their expansion into international markets. This commitment marks another step in BGK’s ongoing efforts to strengthen Poland’s innovation ecosystem, with the bank having allocated EUR 35 million to VC & growth capital vehicles to date.
BGK participated in the second closing of Cogito Fund II (CFII), managed by Cogito Capital Partners. The EUR 15 million commitment – exceeding PLN 63 million – will help scale of Polish technology companies and enable their entry into global markets. Cogito Capital Partners brings extensive experience in growth‑stage transactions and operates from Warsaw and New York, providing support for portfolio companies expanding into the U.S. market. To date, the fund invested in five B2B portfolio companies across enterprise software, physical AI/robotics and fintech.
“BGK’s strategy for 2025–2030 places pronounced emphasis on capital commitments to investment funds that enable such initiatives. The domestic venture and growth capital ecosystem needs entities with strong expertise, experience and, above all, sufficient financial capacity. There remains a shortage of funds with capitalisations exceeding EUR 100 million, which would enable Polish innovative companies to secure financing also in later rounds during their scale‑up phase. Through our investment in Cogito Fund II, we seek to support the venture and growth capital market and contribute to establishing a fund of a size commensurate with market needs. The participation of institutional investors, including development institutions, is essential for local funds to converge towards the European average,” says Marcin Prusak, Director of the Investment and Analysis Division, BGK.
Cogito Fund II targets a total capitalisation of at least EUR 125 million. Its strategy focuses on growth‑stage (scale‑up) B2B technology companies with validated business models and annual revenues of EUR 5–10 million or more. The fund primarily invests in Series B and later rounds, supporting scaling and international expansion, including entry into the U.S. market.
“We are very pleased that BGK has joined the group of investors in our next fund. We see exceptional investment opportunities in the growth capital segment, arising from a clear capital gap across Europe, as well as from the strong global growth potential of technology companies from Poland and other Central European countries,” notes Sylwester Janik, Managing Partner at Cogito Capital Partners.
As part of its 2025–2030 strategy, BGK plans to significantly expand its investment activity through direct commitments to both Polish and international venture and growth capital funds. This approach is intended to strengthen Poland’s innovation capacity, enhance competitiveness and support the development of the domestic investment fund ecosystem. To date, BGK has allocated EUR 35 million to VC & growth capital vehicles.
Learn more: Poland’s state BGK boosts scale-ups via growth capital fund
