Polish VC market report: €110M over 83 new investments in Q3 2022

Despite the overall economic situation in the CEE and the world, the quarterly achievements of Polish VC and startup markets look solid. Regardless of the slight (12%) yearly drop in investment value in Q3, both ecosystems are on track to at least offset the record-breaking year of 2021.

PFR Ventures and Inovo Venture Partners have prepared a quarterly report summarizing transactions in the Polish VC market from June to September 2022. AIN.Capital shares the key points.

  • The Q3 of 2022 has seen a total of 127 investment rounds made by 83 VC funds, which is a drop from the previous year’s Q3.
  • During the June to September period, nearly €110 million (PLN 513 million) was raised, comparing to almost €185 million (PLN 877 million) raised in Q2 of 2022.
  • Despite that, Year to Date 2022 is almost 50% higher than the previous year.
Polish VC report
Polish startups have raised nearly €110 million (PLN 513 million) in Q3 2022
Graph: PFR Ventures
  • Most of the investments backed by Polish VCs ranged from seed to Series A. The biggest investments in Poland in Q3 2022 include:
    • SunRoof raising €15 million led by Klima.
    • Nevomo securing €15 million from European Innovation Council.
    • RedStone attracting €7 million from Lemniscap.
    • MoreGrowth raising €5 million led by Inovo Ventures.
    • The Village receiving €3.4 million from Credo.
  • Four out of five startups are Poland-based or Poland-founded, while RedStone is an Estonian startup.

Since the beginning of 2022, Polish VC funds invested a total of over €520 million (PLN 2.5 billion). The 15 largest deals this year accounted for almost 75% of the total capital raised.

  • The five largest rounds backed by Polish VCs in 2022 so far include:
    • €120 million (PLN 560 million) in Series D closed by ICEYE in Q1 2022.
    • €36 million (PLN 170 million) in Series B raised by Silent Night in Q1 2022.
    • €23 million (PLN 109 million) in Series B secured by Tidio in Q2 2022.
    • €21 million (PLN 100 million) in Series B completed by Synerise in Q2 2022.
    • €20 million (PLN 96 million) in Series A raised by Nomagic in Q2 2022.

In general, the report shows that the Polish startup ecosystem continues developing, despite some minor setbacks caused by external geopolitical and economical factors. In order to break the record from 2021, the ecosystem needs to raise another €210 million (PLN 1 billion) in funding.