# National Capital Fund

> National Capital Fund is a VC fund in Warszawa backing Software and Semiconductor. See 2 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Warszawa, Poland
- Total investments: 2
- Last investment: Aug 2022
- Lead investor: 0%
- Last updated: Aug 2026
- Website: http://www.kfk.org.pl/en/about-us/about-ncf

National Capital Fund is a VC fund in Warszawa focused on Software and Semiconductor. The National Capital Fund is the central fund of venture capital/private equity funds (VC/PE) in Poland. The NCF provides VC funds with financial support for their investments in SMEs of innovative character showing vast development potential operating in Poland.The NCF was established by the Polish Government on July 1st, 2005 inaccordance with the National Capital Fund Act with the aim of filling in the equity gap on the Polish SME market.100-percent shareholder of the Fund is Bank Gospodarstwa Krajowego.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 2 | 100% |
| Semiconductor | 1 | 50% |
| Consumer Goods | 1 | 50% |
| Machine Learning | 1 | 50% |
| Artificial Intelligence | 1 | 50% |

6 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series C | 1 | 50% |
| Funding Round | 1 | 50% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| China | 1 | 50% |
| Poland | 1 | 50% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Enflame | Suiyuan Technology is a provider of neural network solutions for artificial intelligence. Its products are deep learning high-end chips developed for cloud data centers, and are positioned on artificial intelligence training platforms. The chip will adopt a unique and innovative architecture independently developed, featuring high computing power,high energy efficiency ratio, programmable, low cost, and support for mainstream machine learning frameworks. It is designed and optimized for cloud AI training. |  | Series C | Aug 10, 2022 |  |
| Spark Software | Spark Software develops a platform for the worldwide fast-moving consumer goods (FMCG) market. Its digital ecosystem takes the industry into the mobile age. Spark Software is based in Warsaw, Poland. | $764K |  | Mar 24, 2015 |  |

2 of 2 investments shown.

## Co-investors
- [China Integrated Circuit Industry Investment Fund (CICF)](https://shizune.co/investors/profile/china-integrated-circuit-industry-investment-fund-cicf) — VC Fund, 1 deal together
- [CICC](https://shizune.co/investors/profile/cicc) — VC Fund, 1 deal together
- [CPE](https://shizune.co/investors/profile/citic-pe) — VC Fund, 1 deal together
- [Delta Capital](https://shizune.co/investors/profile/delta-capital-2) — VC Fund, 1 deal together
- [Fusion Capital](https://shizune.co/investors/profile/fusion-capital) — VC Fund, 1 deal together
- [MCI Capital SA](https://shizune.co/investors/profile/mci-management) — VC Fund, 1 deal together

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## FAQ

### What does National Capital Fund invest in?

National Capital Fund invests primarily in Software, Semiconductor and Consumer Goods startups, most often at Series C and Funding Round stage. Most of the 2 investments tracked by Shizune back companies in China. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did National Capital Fund last invest?

The most recent investment recorded for National Capital Fund closed in Aug 2022. Shizune tracks 2 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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