Poland's state development institution Bank Gospodarstwa Krajowego (BGK) said on October 6 it would allocate PLN500mn (€114.4mn) to investments in high-growth space technology companies through a new vehicle, the Vinci Space Tech Fund.

The fund will offer financing of between PLN10mn and PLN100mn per company, with a portfolio expected to ultimately comprise 15-20 firms. Investments will primarily target Polish companies, though the fund's strategy does not exclude European companies with their core operations in Poland.

"Today, technology is not just about the economy and innovation — it is also about Poland's security. In the space sector, we now see solutions that enable us to respond more quickly to threats, better protect critical infrastructure, support energy security, and monitor the situation within our territory and in the surrounding area. That is why investment in the space sector is, at the same time, an investment in Poland's modern economy and competitiveness," said Andrzej Domański, minister of economy and finance and the fund's originator.

Satellite reconnaissance specialist ICEYE, described as a global leader in its field, is to serve as the fund's strategic partner, contributing expertise in scaling a global business. Further strategic partners include the Kraków Technology Park, the Ministry of Development and Technology, and the Polish Space Agency.

The fund's strategy covers six key investment areas: satellites, optics and Earth observation; satellite communications; electronics and photonics; rockets and propulsion; and data and artificial intelligence.

The Vinci Space Tech Fund will be the third vehicle managed by Vinci, bringing BGK's total committed capital across the three funds to PLN1.6bn. Vinci has to date invested in two space technology companies: ICEYE and Sybilla Technologies.