Czech-Polish investment firm Orbit Capital has completed the second closing of its Venture Debt Fund II at €107 million, surpassing its initial €100 million target, as the fund told Vestbee. This round brings a new institutional LP on board — PFR Ventures, Poland's state fund of funds, which committed €10 million and is entering the venture debt asset class for the first time.
"As the VC ecosystem in Poland and the CEE region matures, the role of venture debt is naturally increasing. The instrument fills the gap between equity and traditional bank financing, which is often not well suited to the risk profile of technology companies," Bartłomiej Samsonowicz, investment director at PFR Ventures, told Vestbee.
Where Orbit Capital invests
Founded in 2019, Orbit Capital manages both growth equity and venture debt funds, making it one of the few regional players offering non-dilutive financing to scaleups across CEE and DACH. To date, the firm has backed more than 20 companies, including Rohlik, Twisto, and Jutro Medical.
Orbit launched its second venture debt vehicle in June 2025, announcing a first closing of €70 million. Investors included European Investment Fund (EIF), Česká Spořitelna, Rentea, part of Partners Group, and Conseq. The fund targets post-Series A technology companies with proven product-market fit, a scalable business model, a minimum 30% YoY growth, and annual revenue of at least €3 million. Typical ticket sizes range from €3 to €15 million.
Orbit has already made 5 investments from Venture Debt Fund II, including Czech startups Sloneek and IAG, and Polish startup Talkin' Things.
Why is it interesting
The fundraising marks PFR Ventures' first exposure to venture debt, signalling growing institutional interest in the asset class in Poland and the wider CEE region.
The fund of fund plans to allocate around 20% of the Innovate Poland programme budget to debt strategies, including venture debt, private debt, and mezzanine funds, Samsonowicz said.
To learn more about the specifics of debt financing — how it works, the risks involved, and the advantages it offers to growing companies — read our interview with the partners at Orbit Capital.
