Polish VC market outlook Q1 2025
PFR Ventures and Inovo.vc have published a report summarising transactions in the Polish venture capital (VC) market for the first quarter of 2025. The data shows that during this period, 35 companies raised PLN 444 million (EUR 106m) from 34 funds.
In the first quarter of 2025, PLN 444 million (EUR 106m) flowed through the Polish VC market. This is the total amount of capital invested by Polish and international funds in 35 transactions involving domestic innovative enterprises. This represents an 11% increase compared to the average quarterly investment value in 2024.
Compared to Q1 2024, the amount of invested capital increased by 155%, with a similar number of transactions and participating funds. Later-stage funding rounds played a significant role, with 17 such transactions recorded—almost half of all deals.
The number of transactions has remained relatively low but stable for the past year. We have observed growth in the number of growth-stage rounds. The bValue fund was particularly active in this area. However, seed rounds still dominate the market. We also recorded 8 Series A rounds and 4 rounds at later stages.
Authors' comments
We observed the first transaction involving capital from the European Funds for the Modern Economy (FENG, EU). This is a positive sign. We may expect a trend reversal in seed-stage transaction numbers around Q2–Q3, moving into positive growth. Another positive development is the return of entrepreneurs to the ecosystem, who, after selling their previous companies, are launching new projects. A good example is Ingenix.ai, which attracted investment at the seed stage from two local funds and the IFC
The recent ElevenLabs round, exceeding PLN 700 million (EUR 170m), shines a spotlight on ‘Polish AI’. I believe this will inspire talented individuals to create the next ambitious projects and will amplify investors’ fear of missing out on investment opportunities from our market (so-called FOMO). Another example is Ingenix, whose founders, following the major success of their previous AI business and its sale to the American company Snowflake, now seek to solve the greatest challenges of human biology and pharmaceuticals through AI. ‚ ‘Polish AI’ has enormous global potential
10 out of the 35 transactions involved PFR Ventures funds, accounting for nearly 40% of the capital invested in innovative Polish enterprises. Most of the transactions included a significant share of capital from private Polish funds and business angels. International funds provided 42% of the capital.
Among the largest transactions was the ElevenLabs round worth over PLN 700 million (EUR 170m), which attracted international investors such as Andreessen Horowitz and ICONIQ Growth. Another high-profile deal was the investment in Nomagic, which raised approximately PLN 140 million (EUR 33,6m). We also recorded 7 transactions in the PLN 20–50 million range.
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