PFR Ventures and Inovo VC have prepared a joint report summarizing transactions on the Polish venture capital (VC) market in the second quarter of 2024. During this period, 38 Polish companies managed to secure a little over €209 million (PLN 896 million) from 47 funds. AIN shares the key insights of the Q2 2024 Polish market report.
In the second quarter of 2024, a little over €209 million (PLN 896 million) flowed through the Polish VC market. This is the total value of capital that Polish and foreign funds invested in 38 transactions in domestic innovative enterprises.
Thus, in the first half of this year, the value of VC investments in Poland amounted to nearly €250 million PLN 1.07 billion, adding onto the results of Q1 2024.
General numbers
- 38 companies secured financing.
- €209 million was invested.
- 47 funds participated in various investment rounds.
- 12 Series A+ provided 80% of the total investment value.
- ICEYE’s $93 million growth round is the biggest transaction in the Polish market in 2024 yet.
- Kontakt.io $48 million had the second biggest transaction and Smart Lunch $15 million — the third.
12 out of 38 transactions are investments with the participation of PFR Ventures funds. They provided 16% of capital for innovative enterprises. Most of the transactions were carried out with the significant participation of private Polish funds and business angels. 46% of the capital was provided by international funds.
The state of the Polish market
According to the report, Q2 of 2024 has showcased a significant decline in the number of companies that obtained financing. This trend has been continuing since the first quarter and is related to the end of the investment period of EU funds from the Smart Growth Operational Program.
“The increase in the number of A+ rounds translated into a much better result of the Polish VC market in the second quarter compared to the beginning of the year. However, it is worth noting that the number of transactions itself remains relatively low. This means that the market for financing early-stage companies has temporarily slowed down. We are working on implementing measures from FENG that will significantly improve this situation,”
Aleksander Mokrzycki, vice-president of PFR Ventures, commented.
By the end of June 2024, only 51 seed rounds and 18 Series A+ transactions were recorded.