The State of Venture Capital Investments in Poland
by Dan Irascu
Poland has become a noteworthy hub for innovation and entrepreneurship in the Central and Eastern European (CEE) region and beyond. The country is witnessing a rise in the number of startups, a solid supporting infrastructure, and increased investment. Poland's growing economy and exceptional entrepreneurs show that it is an excellent place to establish a startup to expand into other EU markets. Below we have compiled a comprehensive list of the top VC funds and angel investors in Poland for any startups looking for funding in this thriving ecosystem, and also three main reasons why you should raise funds in Poland
3 Reasons to Raise Funds in Poland
1. Growing Startup Ecosystem
Poland's startup environment is growing at a fast pace with an increasing number of players such as venture capital firms, angel investors, accelerators, and incubators working with startups in the scene. The potential of Poland's ecosystem has also been recognized by global firms who are investing in local development. Google Campus in Warsaw and HubRaum in Krakow are prime examples of such investments. These programs offer startups access to mentoring, resources, and networking opportunities. Poland also hosts several startup events, conferences, and networking opportunities that can help entrepreneurs connect with potential investors, partners, and consumers. Infoshare, Startup Grind Warsaw, and Wolves Summit are some popular events in this regard.
2. Supportive Policies
Poland has implemented policies and initiatives aimed at encouraging innovation, entrepreneurship, and start-up growth. These policies can help firms looking for finance and expansion opportunities to succeed. For instance, the Polish government has launched an Entrepreneur Visa as well as the "Start in Poland" program to attract foreign entrepreneurs to migrate and establish their start-ups in Poland. The program offers legal aid, coaching, and networking opportunities, making it easier for international businesses to access the market. There is also Startup Poland, a non-governmental organization that works closely with politicians to provide a favorable climate for entrepreneurs. They conduct research, provide policy suggestions, and lobby for policies that benefit the start-up community.
3. Market Access
With a population of around 40 million people, is the largest nation in Central and Eastern Europe and the sixth largest in Europe overall. It's an expanding market with a developing economy and population, and one of the most economically important countries in Central and Eastern Europe, ranking 24th in nominal GDP. This creates a significant opportunity for businesses looking to expand their market, and also offers startups based in Poland the chance to use the country as a launchpad to expand into neighboring EU countries.
Venture Capitalist Funds in Poland
The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Sunfish Partners
Sunfish Partners is a venture capital firm that invests in early-stage startups. They focus on companies in Poland that are developing new technologies, often in fields like artificial intelligence or robotics. This type of company is called a deep tech startup. Sunfish Partners looks for startups with the potential to become very successful, like a Polish version of a famous tech company.
Year of Inception: 2016
Stage: Pre Seed, Seed
Focus: Deep tech, B2B Software
Notable Portfolio: Aether Biomedical, Alphamoon, CodeAlly, Deepflare, Liftero
Market One Capital
Market One Capital, also known as MOC, is a venture capital firm based in Warsaw, Poland. Founded in 2017, they focus on investing in early-stage European companies, particularly those in the seed and early-stage phases. They prefer businesses in B2B, B2C, and P2P marketplaces, along with software companies. MOC backs entrepreneurs with bold ideas and provides them with seed capital to test and validate their concepts. They manage over €140 million in assets across two funds.
Year of Inception: 2017
Stage: Pre Seed, Seed
Focus: Marketplaces
Notable Portfolio: More Growth, Pathway, Connect Earth, Kitch, Genially
SMOK Ventures
SMOK Ventures is a US venture capital fund specializing in early-stage software and game development startups. They focus on companies in Central and Eastern Europe (CEE) and those founded by CEE diaspora entrepreneurs. Their investment range falls between $100,000 and $1 million, targeting pre-seed and seed funding rounds. SMOK Ventures aims to bridge the gap between the CEE region and Silicon Valley, supporting founders who have global ambitions and the potential to build multi-million dollar software enterprises.
Year of Inception: 2019
Stage: Pre Seed, Seed
Focus: Software, Game Development
Notable Portfolio: Workee, Masthead Data, Hyperjob, Finmap, Bitskout
unfold.vc
Unfold.vc is a venture capital fund based in Wrocław, Poland. They've been around since 2008 and focus on backing technological projects with high growth potential. Unlike some VC firms with narrow interests, Unfold.vc invests in projects at various stages, from pre-seed to later stage buyouts. They're particularly interested in innovative solutions that can disrupt entire industries and have the potential to succeed globally. Their typical investment ranges from €100,000 to €1 million per project.
Year of Inception: 2008
Stage: Pre Seed, Seed
Focus: Technology
Notable Portfolio: Envoy, Wally, Agronet, Intelliseq, Infermedica, Time Camp
Kogito Ventures
Kogito Ventures is a Central and Eastern Europe (CEE)-focused early-stage venture capital (VC) fund. They operate on a unique "venture-on-demand" model, where they build syndicates with angel investors for each deal. This means they team up with individual investors on a case-by-case basis. Kogito Ventures typically invests between PLN 0.5 million and PLN 2 million (roughly $113,000 to $452,000 USD) in startups, with the potential to follow-on with more funding later. They target companies from the pre-seed to Series A funding stages, and participate in the Biznest program run by the Polish Development Fund.
Year of Inception: 2016
Stage: Pre Seed, Seed, Series A
Focus: eCommerce, FinTech, Marketplace / B2B SaaS, Industry 4.0
Notable Portfolio: Packhelp, Smart Faktor, Collect Made, AdMonks, Jutro, Linker
WP2 Investments
WP2 Investments is a Polish venture capital firm founded in 2021. They focus on investing in early-stage companies with innovative and scalable business models. Their areas of interest span several sectors including fintech, renewable energy, biotechnology, e-commerce, and digitalization/automation. They take a hands-on approach, partnering with visionary founders to build companies from the ground up. They also participate in first funding rounds (pre-seed to Series A) for businesses with initial traction or a validated product.
Year of Inception: 2021
Stage: Pre Seed, Seed, Series A
Focus: Fintech, Biotechnology, Green Energy, E-commerce, Digitization/Automation
Notable Portfolio: Quicko, Fenige, Verestro, Contentation, Sportigio, Primetric
FundingBox
FundingBox isn't just a venture capital firm, it's a multifaceted platform designed to support European startups, particularly those focused on deep tech. FundingBox acts as a funding ecosystem, connecting startups and scale-ups with suitable funding opportunities, like grants or venture capital. They offer exclusive partnerships with established global brands, potentially boosting a startup's reach and credibility. FundingBox fosters a strong startup community, providing knowledge sharing and networking opportunities for entrepreneurs. While they don't solely focus on investments, they do have a dedicated FundingBox Deep Tech Fund that finances early-stage European deep tech companies with a clear technological edge. Their overall mission is to empower entrepreneurs by providing the resources and connections needed to achieve growth and success.
Year of Inception: 2012
Stage: Seed
Focus: Deep Tech
Notable Portfolio: Customy, TechTree, Talkie.ai, Gyfted, Solvbot, Climatica
Inovo VC
Inovo VC, a Warsaw-based VC firm, champions early-stage startups in Central and Eastern Europe. Founded in 2011, they target ambitious founders with global dreams. Focusing on Seed-stage companies (with occasional pre-seed and Series A involvement), Inovo VC invests in sectors like developer tools, AI, and healthcare. Beyond funding (€0.5M-€4M initially, with follow-on options), they offer guidance and support, aiming to be the VC of choice for CEE's most promising founders.
Year of Inception: 2011
Stage: Seed
Focus: Developer Tools, AI/ML, Data Science, Healthcare, SaaS-enabled Marketplaces, B2C and B2B2C, B2B Enterprise
Notable Portfolio: Index Health, Sunroof, Quantum Boost, Archbee, Packhelp
LT Capital
LT Capital is a Polish venture capital firm headquartered in Krakow, focusing on early-stage investments. They typically invest in Seed and Series A funding rounds for high-growth startups. Their sweet spot lies in companies with innovative technologies and products, particularly in sectors like IT, consumer goods, fintech, and healthtech. Founded in 2017, LT Capital prioritizes companies in Central and Eastern Europe, with a strong focus on Poland. They act as a bridge between CEE startups and potential investors worldwide, leveraging their network to connect promising ventures with bigger players.
Year of Inception: 2017
Stage: Seed
Focus: Industry 4.0
Notable Portfolio: Husarnet, Sagenso, Automade, Biocam, Advisero, Talkie
Black Pearls VC
Black Pearls VC is an early-stage venture capital firm headquartered in Poland, but with a pan-European focus, particularly concentrated in the Baltic Sea Region. They're sector-agnostic, meaning they invest in a variety of industries, but boast a strong track record in areas like digital health, enterprise software, fintech, and future-of-work solutions. They actively seek B2B focused startups with global potential and often act as the first investor, helping founders scale their businesses for international success.
Year of Inception: 2008
Stage: Seed
Focus: Technology
Notable Portfolio: GoCardless, Tapline, Nordigen, Wonderway, Hyperseed, Certifier
End thoughts
The VC stage in Poland is definitely wider, and has more VC funds and active players on the market. We at TechBehemoths listed the most active and visible ones, but also those that might help you more than others. If you are looking for a VC fund to grow or accelerate your startup in Poland, feel free to reach out to the ones mentioned above, or let us know if we skipped any important player.
How many of these VC's sound familiar to you?
Researching, analyzing, and writing insightful stuff is what I do for a long time now at Mobiteam. At TechBehemoths, I put all my experience and knowledge work for IT companies and businesses and help them reach each other.
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