The European Investment Fund (EIF) backed by the InvestEU programme is investing €25 million into Radix Ventures’ fund. Radix Ventures hopes to raise at least €50 million, and reach its first close by the end of the year - with a hard cap of €70 million.
Founded by Paweł Bochniarz, Wojciech Ratymirski and Michał Urbanowski the fund will concentrate on deep tech start-ups in the Central and Eastern European region. While its general partners are all Polish, Radix Ventures has also engaged several leading tech investors in Romania, Hungary and Ukraine as venture partners responsible for operations in the key regional Central and Eastern European hubs.
“We are delighted to have the European Investment Fund onboard as our cornerstone investor. As Radix Ventures founders, we believe that it will be the deep tech startups that are at the centre of the next wave of industrial revolution, as so many key sectors of the economy, including energy, manufacturing and transportation need to transform to deliver on their net-zero targets and respond to strained supply chains and labour shortages. At the same time, we are keenly aware that new technologies that have the potential to transform entire industries, in order to be successfully commercialised need very comprehensive support in areas such as regulations, strategic IP management and business development — it is the support that Radix is ready to provide,” said Bochniarz.
The investment is part of the EIF’s mission to support high-growth and innovative small and medium enterprises across Europe, to ensure that at least 16% of its activity is in climate and environment-related projects in 2022, with a goal of increasing this to 25% by 2024. It also reflects the ambition of the EIF and its mandators to back managers based across all EU Member States including in underserved moderate emerging innovator countries.
“Deep tech businesses are already playing a pivotal role in transforming every sector of the global economy. That is why it is key that the EU make every effort to facilitate and accelerate this progress. Backed by the InvestEU programme, we are happy to invest in Radix Ventures and thus boost support for deep tech development across Central and Eastern Europe," said Marjut Falkstedt, Chief Executive of the EIF.
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