Polish VC market outlook Q3 2026
PFR Ventures and Inovo.vc have prepared a report summarising deals on Poland’s venture capital (VC) market in Q3 2026. The data show that 60 funds invested a total of EUR 94 million in 48 innovative companies during this period.
Poland’s VC market attracted EUR 94 million in Q3 2026. This is the total amount invested by Polish and international funds in 48 domestic companies. It marks a return to typical market volumes following a peak in the second quarter, when investment totalled EUR 140 million, excluding mega-rounds. Compared with the same period last year (Q1–Q3 2025), the number of companies funded increased by 9%, while the total value of capital invested fell by 13%.
In the first nine months of 2026, Polish start-ups raised a total of EUR 1.2 billion, an all-time record for Poland’s VC market. The total capital raised after three quarters significantly exceeds the full-year totals recorded in previous record years, such as 2021 (EUR 792 million) and 2025 (EUR 797 million). Mega-rounds completed by ElevenLabs and ICEYE in the first half of the year were the main drivers of this result.
Authors' insights
After two somewhat weaker years, Poland’s VC market is starting to pick up pace again. Two years ago, an average of 28 seed deals were completed per quarter. New EU capital flowing in through the FENG programme has increased this figure to 36 investments per quarter. I expect this number to rise further by the end of the year.
There is a lot happening in the market right now, so Q4 looks very promising! The best rounds today are no longer “raised”. They are agreed within days, often before the founder even starts fundraising. These deals are built on relationships and trust developed over years. The AI revolution will bring a new generation of major companies, including companies from Poland.
The average deal value in Q3 2026 was EUR 1.9 million, following a peak of EUR 3.0 million in Q2 2026. Meanwhile, the median deal value rose to EUR 1.0 million, compared with EUR 0.9 million in both Q2 2026 and Q3 2025.
In Q3 2026, funds backed by PFR Ventures participated in 25 deals, accounting for 35% of total market value. Public–private capital was involved in 30 of the 48 completed deals, representing 54% of total market value. In the reported period, international funds accounted for 55% of the total capital invested. At the same time, Polish funds’ activity abroad continues to grow. In the first three quarters of 2026, they completed 81 international investments worth a total of EUR 157 million, compared with 63 deals worth EUR 97 million in Q1–Q3 2025.
Notable deals Q3 2026
