cases usually amounted to PLN 0.5–1M (). According to the 2019 report by Startup Poland, 52% of all the venture capital available on the Polish market today, around , is capital raised from public sources, Polish state agencies or the European Investment Fund. And around in VC funds in Poland was invested by private Polish LPs. Non-Polish LPs have invested only around , while fund managers themselves typically contribute 4% of the fund size. The National Capital Fund The NCF (, KFK) was created by the Polish government in 2005. Until January 2017, it managed from the targeted subsidy of the former Ministry of Economy, the EU Structural Funds (Operational Program "Innovative Economy") and until December 2017, from the Swiss-Polish Cooperation Program. As a fund of funds, the NCF itself had invested in VC funds which financed the development of companies seeking capital for their innovative projects. In an open competition of offers, it had selected micro, small and medium enterprises based in Poland, with particular emphasis on entrepreneurs who conducted research and development activities. In 2017, funds from the National Capital Fund were included in 37% of rounds of transactions examined by Startup Poland. The result of NCF support is as much as half of the previous rounds over PLN 1M. The Polish Agency for Enterprise Development The Agency (, PARP) is involved in the implementation of domestic and international projects, financed from the structural funds, the state budget, and long-term programs of the European Commission. It participates in the creation and effective implementation of state policy in the field of entrepreneurship, innovation and adaptability of personnel, seeking to transform into a key institution responsible for creating an environment that supports entrepreneurs. The Agency's capital was involved in nearly a quarter of transactions concerning Polish startups. Since 2007, the Agency has invested PLN 890M () in Polish startups. The first public VC support program launched by PARP was the financial perspective of EU funds, in which 6 VC early stage funds received a total of PLN 56.5M () in 2007–2008. However, in 2008–2015, as part of the Operational Program "Innovative Economy", for a pre-incubation and recapitalization of over 1,200 startups, a total of more than PLN 830M was allocated at the earliest stages of development. PARP specializes in rounds of up to PLN 1M (). The National Center for Research and Development Established in 2007 as an executive agency