European Investment Fund invests €25M in Radix, a new Polish VC for deeptech startups
05 July, 2023,
16:34
European Investment Fund has invested €25 million in Warsaw-based Radix Ventures, for its first fund. The fund’s final target is €60 million, Sifted reported.
- Radix is a new Poland’s VC fund with three general partners — Paweł Bochniarz, Wojciech Ratymirski and Michał Urbanowski. The firm has already engaged several tech investors in Romania, Hungary, and Ukraine as venture partners, responsible for operations in the key local CEE hubs.
- Radix plans to back 16 startups, from late seed up to Series B. Almost a half of the fund will be reserved for follow-on investments.
- The ticket size will be between €1.5 million-€9 million. Radix plans to co-invest with other VCs, but also to lead rounds. The VC fund expects to receive an additional €40 million this autumn, and the final close in 2024.
- The investment is part of the EIF’s mission to support small and medium European enterprises. It aims to send at least 16% of its costs to climate and environment-related projects in 2022, with a goal of increasing it to 25% by 2024.
- Previously, the European Investment Fund has announced the intention to launch a €200 million fund to support European defense tech.