In the first quarter of 2025, investing in Poland gained new significance within the context of the startup sector and the venture capital (VC) fund market. According to a report published by PFR Ventures and Inovo VC, the Polish VC market is growing dynamically, showing an increase in transaction value alongside a rising share of foreign capital.
Between January and March 2025, a total of 35 investment transactions were carried out, amounting to PLN 444 million, which marks a 155% increase compared to the same period in 2024. While the number of transactions remained stable, the average value of funding rounds clearly increased, with a significant portion comprising later-stage investments.
Key kata – VC market in Poland, Q1 2025
The Q1 2025 report highlights several important trends:
- Total transaction value reached PLN 444 million, a 155% year-on-year increase and 11% above the quarterly average in 2024.
- 35 investment transactions were completed, with more than 48% being Series A rounds or later.
- Foreign capital accounted for 42% of the total investment value.
- Public funds, including PFR Ventures, participated in 10 transactions, confirming ongoing state involvement in sector development.
Market internationalization – growing share of foreign funds
Investing in Poland is becoming increasingly attractive to international investors. The report emphasizes that in 2025, as much as 42% of VC market investments came from foreign funds. Active investors included entities from the USA, Germany, the UK, and Scandinavia. This trend confirms Poland’s growing appeal as a market with strong technological infrastructure and high growth potential.
Transaction examples reflecting market maturity
Several above-average transactions were recorded in the analyzed period:
- ElevenLabs, a company developing speech synthesis technology using AI, raised one of the largest rounds in Polish startup history. The total value exceeded PLN 700 million, with investors including international growth-stage funds such as Andreessen Horowitz and Sequoia Capital.
- Nomagic, an AI robotics firm, closed a round estimated at around PLN 140 million, attracting capital mainly from European funds.
- Spacelift, a DevOps-as-a-Service platform, secured funding from Western European and Nordic investors.
The presence of such large rounds indicates the professionalization of the Polish market and its growing ability to absorb growth-stage capital.
The importance of the public component – PFR Ventures and European Funds for Smart Economy
Public capital sources continue to play a key role in investing in Poland. In Q1, PFR Ventures-backed funds took part in 10 transactions, mainly in early-stage segments. Additionally, investments under the European Funds for Smart Economy programme appeared for the first time—an instrument supporting the growth of innovative companies with EU funds.
Such public capital involvement stabilizes the market and reduces risk for private investors, especially in early rounds.
Conclusions – investing in Poland as part of the European VC landscape
Q1 2025 data clearly show that Poland is entering a phase of qualitative growth in the venture capital space. Changes in round structures (greater share of later-stage investments), internationalization of capital flows, and the presence of large, recognizable transactions confirm the maturity of the local ecosystem. From the perspective of foreign investors, Poland stands out as a high-potential market with strong growth dynamics, increasing access to public capital, and internationally competitive technological resources.
