Polish VC market report: €775M raised over 460 deals in 2022

In 2022, the Polish VC market slowed down and maintained a transaction value roughly at the same level as in the previous year. Considering harsh economic and global conditions, this is still a good sign that the market is still holding up.

PFR Ventures together with Inovo VC have prepared a report to summarise transactions in the Polish venture capital market in 2022. AIN.Capital shares the key points.

  • In 2022, there were 460 investments made which accounted for a total of €775 million raised. Compared to 2021’s €792 million of financing, we can see a small €17 million drop this year.
  • The overall value of the market remained at roughly the same level. Although, the number of financed companies increased by 15% —  435 companies.
  • The average value of deals also fell from €1.6 million in 2021 to €1.4 million in 2022.
Image: PFR Ventures

The five largest investment rounds made in Poland in 2022 belong to:

  1. €120 million in Series D closed by ICEYE in Q1 2022.
  2. $70 million in Series B secured by Ramp in Q4 2022.
  3. €58 million in an undisclosed Series round raised by Vodeno in Q4 2022.
  4. €36 million in Series B raised by Silent Night in Q1 2022.
  5. €28.5 million in Series A secured by SunRoof over two rounds in 2022.

Overall, 120 of the 460 transactions were investments involving PFR Ventures funds. The National Centre for Research and Development funds also played an important role in the seed-stage segment, with 216 transactions made (9% share of the total value).

The money from VC funds most often went to companies that deal with innovations in the health sector. In 2022, these deals accounted for 13.7% of the total transactions conducted.