Aper Ventures explores EUR 30m-plus fund launch in 2024

The VC firm's third vehicle will have a target of more than EUR 30m, and like its predecessors, it will rely on a mix of private and public funding, including from the Polish Development Fund and from business angel network linked to the fund.

These would include current or former entrepreneurs, owners of Polish family offices contributing amounts of up to several million zloty each into individual investments on a deal-by-deal basis, Sławski said.

Aper, which typically buys stakes of around 15%-30%, has made 21 seed and Series A investments through Meta Ventures, its EUR 22m fund launched in 2014, and its 2018-vintage EUR 30m Aper Ventures fund.

While the first Meta Ventures fund was more opportunistic on its sector approach and sometimes made "PowerPoint-stage" investments, with the second fund the sponsor has focused on deep tech companies and hardware companies that generate at least EUR 1m turnover, a strategy that will be followed in the future, Sławski said.

According to him, Aper is one of the very few Polish VCs to invest in such projects and its team members have, over the years, developed competence to support such companies.

Investments
Aper's second fund has around EUR 7m in dry powder, which it plans to have deployed by the end of this year in several deep tech and hardware companies, including in areas such as robotics and new materials, Sławski said.

Some of these projects will likely require larger investment rounds, worth "tens of millions of zloty" each within a year or two (2024-2025) in order to scale them up further, he said.

Examples of recent deals made by the second fund include an investment into the Polish olefin metathesis R&D company Apeiron Synthesis in November and the acquisition of a stake in smart aquarium technology company Reef Factory in May.

Aper is also planning new investment rounds for its most promising portfolio companies in the Meta Ventures fund, Sławski said.

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