Inovo raises €54mn for Poland/CEE tech startup investments

Inovo, a venture capital fund investing in technology startups across Poland and Central & Eastern European region (CEE), announced the final close of its second fund, Inovo II, at €54 million ($65mn). A range of global funds, entrepreneurs and family offices joined the European Investment Fund (EIF) as the cornerstone investor.

The new fund has already committed funding to several investment opportunities with leading international investors, including European Bank for Reconstruction and Development (EBRD), Andreessen Horowitz, Hoxton Ventures and Point Nine Capital. Notable investments include: cloud automation startup Spacelift, AI-based customer support system Zowie, machine learning chat messaging developer Tidio, among others.

Tomasz Swieboda, managing partner at Inovo, said in a statement: “The tech ecosystem in the CEE region is growing at an exceptional pace. In Poland the growth rate is 70% year-on-year. 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.”

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