Polish VC market outlook Q2 2025
PFR Ventures and Inovo.vc have prepared a report summarising transactions on the Polish venture capital (VC) market in the second quarter of 2025. The data show that during this period, 48 companies raised PLN 549 million from 37 funds.
In the second quarter of 2025, PLN 549 million flowed through the Polish VC market. This is the total value of capital invested by Polish and foreign funds in 48 transactions involving domestic innovative enterprises. We observed a 30% increase compared to the quarterly average number of investments from the previous five quarters.
Compared to the first quarter of 2025, the value of invested funds increased by over 22%, with a similar number of funds involved. The number of transactions changed, increasing particularly in the seed round segment.
We also recorded 8 investments at later stages of company development. The largest of these was Spacelift’s Series C round, which raised over PLN 191 million from Five Elms Capital, Inovo VC, and Endeavor Catalyst. At Series A level, the transaction carried out by Vinci fund stands out, providing around PLN 36 million to SR Robotics.
Authors' comments
For the first time since the end of 2023, we have surpassed the threshold of 30 seed rounds – in the second quarter there were as many as 40. At the same time, three of these included EU capital (FENG). Considering that in the coming months the number of transactions involving EU funding is set to rise significantly, the revival of this market is still ahead of us
Spacelift’s round is proof that it is possible to build a company deeply rooted in the Polish ecosystem while playing for global stakes. Their team has all the hallmarks of a potential future Polish unicorn. Ambitious entrepreneurs today have more and more options. Money is returning and momentum is building. We are in a new gold rush era with AI – let us seize this opportunity, as the opportunity cost is too high
Out of the 48 recorded transactions, as many as 21 involved funds from PFR Ventures. These accounted for nearly 44% of the total capital invested in innovative Polish enterprises this quarter. This result is similar to that achieved in the previous quarter. The vast majority of transactions were carried out with significant involvement of domestic private funds and business angels.
Three rounds were conducted with the participation of the Hard2beat fund, financed with resources from the European Funds for a Modern Economy programme (EU). It invested PLN 7.5 million in Defendeye, Defguard, and Neuromedical. Nearly two-thirds of this amount came from EU funds, with the remainder provided by private investors.
The labours of Hercules for anyone who wants to hunt Polish unicorns
An article by Agnieszka Syguła, director of the legal department at PFR Ventures, describing the path Hard2beat had to take – from signing the agreement to making its first investments.
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