Polish VC market outlook Q3 2025
PFR Ventures and Inovo.vc have released a report on the Polish venture capital (VC) market for the third quarter of 2025. The findings reveal that 39 companies secured EU 109 million in funding from 45 investment funds.
PFR Ventures and Inovo.vc have released a report on the Polish venture capital (VC) market for the third quarter of 2025. The findings reveal that 39 companies secured EU 109 million in funding from 45 investment funds.
In Q3 2025, the Polish venture capital (VC) market saw investments totalling ENG 109 million. Polish and foreign funds channelled this amount into 39 transactions supporting domestic innovative enterprises. The quarterly result slightly outperformed the 2023–2024 average of EUR 100 million, and the cumulative value of financing this year has already exceeded the totals recorded at the end of both previous years.
The number of transactions does not differ from the results recorded in 2024, and their average value remains at around EUR 2–3 million. A change has been observed in the number of seed rounds, which has been on an upward trend since the previous quarter (all calculations are based on PLN value). They are being driven, among other things, by a group of new funds capitalised with resources from the European Funds for a Modern Economy (FENG).
Authors' comments
After the first nine months of this year, we have already surpassed the financing level at which the market plateaued in the previous two years. Funds from the PFR Ventures portfolio accounted for 22 transactions in this quarter – the same number as in Q2 2025. However, compared with 2024, the volume of such transactions has doubled. This change is linked to the launch of EU funding under the FENG programme, which in this quarter supported nine companies
The third quarter is traditionally calmer, serving as a warm-up before the busy end of the year. Considering the current pace of investment, and looking at how the final quarter has developed in previous years – both in Poland and across the broader market – we are realistically on course to exceed EUR 0,7 billion in 2025. Poland remains one of the most active VC markets in the region
Investments involving funds from the PFR Ventures portfolio accounted for slightly more than half of all capital invested in innovative Polish enterprises this quarter. Meanwhile, one in every three zlotys invested came from transactions led by foreign funds.
Polish VC funds also remain active abroad, having completed 63 investments this year with a total contribution of approximately EUR 97 million. This represents an increase of more than 10% compared with the record year of 2021.
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