Warsaw’s Inovo has closed the final round of its second fund, Inovo II, at  €54 million. The European Investment Fund cornerstoned the investment, and Inovo reports, “a range of global funds, entrepreneurs and family offices joining.”

With this round the firm has already allocated funds to Spacelift, Infermedica, Jutro Medical, AI Clearing, Zowie, Preply, Packhelp, Intiaro, Tidio, Allset and Eyerim.

“The tech ecosystem in the CEE region is growing at an exceptional pace. In Poland the growth rate is 70% year-on-year,” comments Inovo managing partner Tomasz Swieboda. “In 2020, almost €500 million in venture capital was deployed to 300 companies, which will almost certainly grow this year. It is our expectation that this decade will produce 10 unicorns and a few decacorns from Poland.”

With this second fund, Inovo is positioning to be the go-to VC firm when it comes to early-stage investments in Poland and the CEE region.

“With 38 million people, Poland is a large market itself. Last year we’ve seen IPOs of two tech companies valued at over $1bn and focused on the domestic market – Allegro and InPost,” adds Swieboda. “Market size is both an advantage and an obstacle, resulting in Polish ecosystem being not very well connected to the West.”

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