> ## Content Index > Fetch the complete content index at: https://www.therecursive.com/llms.txt > Use this file to discover other available public pages before exploring further. # Poland's BGK Launches €114M Vinci Space Tech Fund, the Country's 1st Fund for Space Companies - URL: https://www.therecursive.com/polands-bgk-launches-eur114m-vinci-space-tech-fund-the-countrys-1st-fund-for-space-companies/ - Published: 2026-10-08T12:29:26.000Z - Updated: 2026-10-08T12:29:26.000Z - Description: The fund will invest around €2.3–23 million in each of 15 to 20 companies working on satellites, Earth observation, propulsion and space data. ICEYE has joined as a strategic partner. - Author: Yoana Stanislavova - Tags: News, Space Tech, Poland, funds Poland's state development bank **Bank Gospodarstwa Krajowego (BGK)** is committing €114M ($129M) to a new fund for space technology companies. The Vinci Space Tech Fund was presented on October 6 in Kraków and will be managed by Vinci, the investment company of the BGK group. According to its backers, it is the first fund of its kind in Poland and one of only a handful of space-focused funds in Europe. The fund plans to build a portfolio of 15 to 20 companies, investing between PLN 10 million and PLN 100 million in each. It is looking for growth-stage businesses that have already validated their business model and are preparing for fast expansion, including on international markets. Most of the money will go to Polish companies, but European companies with their main operations in Poland can also qualify. ## Six focus areas Vinci will invest across six segments of the space value chain: - Satellites - Optics and Earth observation - Satellite communications - Electronics and photonics - Rockets and propulsion - Data and artificial intelligence ## Filling the gap after grants Space hardware companies need years of lab testing, certification and heavy spending before they see their first revenue. Many Polish teams in the sector have already used up their research grants, and private VC funds have generally been reluctant to take on that kind of hardware risk at the next stage. > “Investment between PLN 10 and 100 million is a lot by Polish standards,” — said **Bartosz Drabikowski**, CEO of Vinci. > “We want to give Polish companies access to both the capital they need to grow and the knowledge of our strategic partners.” **The Space Tech Fund is Vinci's third vehicle**, next to its private equity and venture capital funds. Together, BGK's allocation to the three Vinci funds reaches PLN 1.6 billion. ## ICEYE joins as strategic partner ICEYE, the Finnish radar satellite maker co-founded by Pole **Rafał Modrzewski**, is the fund's strategic partner. The company will share its experience of building a space business that sells globally with both the fund and its portfolio companies. Vinci's existing space portfolio includes ICEYE and Sybilla Technologies, which tracks satellites and space debris using optical systems. [Polish co-founded ICEYE Raises €450 Million and Reaches Decacorn StatusFinnish satellite company ICEYE has closed a total funding round exceeding €1 billion — valuing the company at over €10 billion.![](https://storage.ghost.io/c/b8/ae/b8aee878-7ddc-40ad-8f68-92a28c560560/content/images/icon/PNG_recrop_resize_logo_only-c6550b82-8b01-42b0-b882-c0ad52f2b176.png)The RecursiveYoana Stanislavova![](https://storage.ghost.io/c/b8/ae/b8aee878-7ddc-40ad-8f68-92a28c560560/content/images/thumbnail/ICEYE-35c2af48-40a2-4a99-8fda-b45866c44599.png)](https://www.therecursive.com/polish-finnish-iceye-reaches-decacorn-status/) Modrzewski recalled that raising money in Poland was difficult when ICEYE was founded 12 years ago, and said this has become easier as space turned into one of the country's strategic domains. “*The availability of capital in Poland will allow our companies to build their position on global markets*", Modrzewski commented. The other strategic partners are **Krakow Technology Park (KPT)**, the Ministry of Development and Technology and the Polish Space Agency. KPT supports companies with commercialisation and connections to partners and investors, and develops Kraków's space tech ecosystem, which draws on AGH University's Faculty of Space Technologies. ## Space as a security question The fund was initiated by **Andrzej Domański**, **Poland's Minister of Finance and Economy**, who framed it as part of the country's security agenda. He said technology today matters for Poland's security as much as for its economy and innovation. **BGK President Mirosław Czekaj** said that as a development bank, BGK can engage in projects vital to the interests of the Polish economy. Poland joined the European Space Agency in 2012, and its companies have since moved from supplying components for foreign missions to building their own satellites. In 2024, EagleEye, the largest Polish satellite to date, reached orbit, and in July 2026 Warsaw was chosen to host a new ESA centre focused on civil security and resilience. ICEYE has also opened a satellite technology centre in Warsaw and plans to invest more than PLN 120 million in Poland by 2028. ## BGK's busy year in venture capital **The space fund is one of several moves BGK has made in the local VC market** this year. One of them is [Future Tech Poland](https://www.en.bgk.pl/programmes-and-funds/investments/capital-investments/innovations/future-tech-poland/?ref=therecursive.com), a fund-of-funds run by BGK together with the European Investment Fund (EIF) under the Innovate Poland programme. The programme commits capital to Polish venture capital and growth fund managers, which then invest in startups. BGK has allocated around PLN 1 billion to the programme and the EIF adds about PLN 500 million, with full deployment planned by the end of 2027. **Since March 2026, Future Tech Poland has backed four funds:** - **Expeditions Fund II**: €31 million for early-stage defence and security technology; - **Cogito Capital Partners Fund II**: €30 million for growth-stage companies, including AI and fintech, expanding internationally; - **Balnord**: over €24 million for early-stage frontier and dual-use technologies, including space, in the Baltic Sea region; - **Inovo.vc**: €30 million (approx. PLN 129 million), signed in August 2026, for early-stage tech companies in fintech, AI, cybersecurity and defence. Together, the four commitments total around €115 million. BGK and the EIF expect to have committed more than 40% of the programme's allocation by the end of the year.