Inovo IV (IFC-52597)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Poland
Geographic location where the impacts of the investment may be experienced.
Specific Location
Central and Eastern Europe (CEE)
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 24, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Inovo Fund IV SCA-RAIF, SICAV
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 17.07 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 15
Converted using 2026-07-24 exchange rate.
Project Cost (USD)
$ 102.39 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 90
Converted using 2026-07-24 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 15, 2026

Disclosed by Bank May 29, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed project consists of (i) an IFC equity investment of up to €15 million in Inovo Fund IV SCA-RAIF, SICAV (Inovo IV or the Fund), and (ii) a co-investment envelope of up to €15 million, on a delegated authority basis, to invest in select companies alongside Inovo Fund III SCSp (Inovo III) and Inovo IV.

Inovo IV is a closed-end venture capital fund with a target size of €90 million. The Fund targets pre-seed and seed-stage technology start-ups primarily in Poland and the broader Central and Eastern Europe (CEE) region, with opportunistic investments in other markets.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The project aims to support non-manufacturing early to growth stage technology companies (2B2, Fintech, E logistic, E commerce, Saas) mainly in Poland but also other CEE countries. The E&S risks associated with the Fund’s investment activities are considered to be low/medium and can be readily addressed through mitigation measures. The E&S risks associated with the fund’s portfolios may typically include occupational health and safety, and labor and working conditions associated with the gig economy, among others. As such, the Project has been categorized as FI-2 according to IFC’s Sustainability Policy. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Proposed IFC equity investment in the Fund. Furthermore, IFC will set up a separate co-investment envelope of up to €15 million, on a delegated authority basis, to be invested in select companies alongside Inovo Fund III SCSp (Inovo III) and Inovo IV.

IFC's Investment as Approved by the Board: Equity 34.21 million (USD)

Inovo IV is a closed-end venture capital fund with a target size of €90 million.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund is managed by Inovo IV GP SARL, based in Luxembourg, Grand Duchy of Luxembourg.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For Inquiries About the Project, Contact:
Inovo IV GP SARL
Sebastian Czerwinski
Partner & CFO
sebastian.czerwinski@inovo.vc
Wspolna 35/lok 23, 00-519 PH1, Poland
https://inovo.vc/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works