HOME›REPORTS›POLAND STARTUP FUNDINGQ3 2026 UPDATE

REPORT / Q3 2026 UPDATE / DATA TO 30 SEPTEMBER 2026

Poland startup funding report

Polish startups raised €230m in 69 rounds in the first nine months of 2026, against €254m in 92 rounds a year earlier.

Funding data for Polish startups is scattered. Rounds are announced by companies, funds, angel networks and the press, often months after they close, and no single database has them all or has them right.

This report builds one record from all of them. We cross check startup databases against company, investor and press announcements, take out grants and loans that are reported as rounds, and add the rounds that were never fully recorded.

It covers venture rounds and exits of startups headquartered in Poland, and of startups that started here and moved their headquarters abroad. It sets Poland against nine other CEE countries on the same record and rules.

We add a quarter every three months. If you are raising in Poland, it shows how many rounds close, at what size, and who writes the first cheques.

Highlights

€230m
Raised in 9M 2026
-9% on 9M 2025

€230m in the first nine months, down 9% on a year earlier (€254m). The largest round is Viktor's €68m Series A round, 30% of the total.

51
Seed and later rounds in 9M 2026
62 in 9M 2025

51 seed and later rounds this year, against 62 a year earlier, and 69 rounds in all against 92. Pre-seed is where the record of recent rounds is least complete, and its count will rise as late rounds surface.

3
Venture-backed exits in 9M 2026
5 in 9M 2025

Three venture-backed exits by September, against 5 in the same months of 2025. Buyers include Sanoma and Apple.

01 / THE MARKET

The market

Capital down 9% on the same months of 2025. Rounds: 69 against 92.

Capital raised by stage, € millions
SHOW DATA
Capital raised by stage
RowPre-seedSeedSeries AGrowthTotal
2024121217456264
20251211886154370
9M 20265.8991169.1230

Poland raised €264m in 2024 and €370m in 2025. The largest 2025 round, Spacelift's €46m, was 13% of that year. 2026 has €230m so far.

9M 2026 covers January to September 2026. The dashed line marks the same months of 2025.

Number of rounds by stage
SHOW DATA
Number of rounds by stage
RowPre-seedSeedSeries AGrowthTotal
20244270129133
202536701212130
9M 202618416469

133 rounds in 2024, 130 in 2025 and 69 so far in 2026. Some rounds are recorded months late, so the latest quarters will rise.

Same months, like for like: 9M 2026 against 9M 2025
Year to date against the same months last year
Row9M 20259M 2026Change
Capital€254m€230m▼ -9%
Rounds9269▼ -25%
Pre-seed rounds3018▼ -40%
Seed rounds4641▼ -11%
Series A rounds96▼ -33%
Growth rounds74▼ -43%
Capital by quarter, € millions

Quarter by quarter, capital swings with the timing of large rounds. The count of rounds is the steadier signal.

The latest quarter is still filling in and will rise.

02 / POLAND IN THE REGION

Poland in the region

Poland raised €10 per person in 2025, 8th of the ten countries.

The same record and rules for all ten countries, so the comparison is like for like. Capital per person divides each country's capital by its population.

Ten CEE countries, 9M 2026 against 9M 2025, most capital per person first
Capital and rounds by country, 9M 2026, with capital per person
Country€m 9M 2026ChangeRounds 9M 2026Change€ per person 2025€ per person 9M 2026
Estonia133▼ -48%39▼ -50%25897
Lithuania222▲ +26%30▼ -39%7577
Czechia515▲ +102%49▼ -11%2847
Bulgaria208▲ +100%23flat3232
Hungary119flat21▼ -38%1312
Slovakia55▼ -23%12▼ -33%2110
Ukraine282▲ +336%50▼ -29%27
Romania123▲ +34%32flat96
Poland230▼ -9%69▼ -25%106
Latvia12▼ -84%4▼ -75%436

Population on 1 January 2025.

Poland and its neighbours, capital by year, € millions
SHOW DATA
Poland and its neighbours, capital by year
Row202420259M 2026
Poland264370230
Czechia388303515
Slovakia19511255
Lithuania129217222
Ukraine27284282
Poland and its neighbours, rounds by year
SHOW DATA
Poland and its neighbours, rounds by year
Row202420259M 2026
Poland13313069
Czechia877449
Slovakia262212
Lithuania756830
Ukraine688950

In 2025, Poland closed 130 rounds, against 74 in Czechia, 22 in Slovakia, 68 in Lithuania and 89 in Ukraine.

03 / STAGES AND ROUND SIZES

Stages and round sizes

The typical seed round in 2025 was €2.7m.

Rounds by company stage. Where one round can move a stage's total, the count and the typical round tell more than the capital.

Rounds, capital and median round by stage
Rounds, capital and median round size by stage and year
RowRounds 2024€m 2024Rounds 2025€m 2025Rounds 9M 2026€m 9M 2026Median 2024Median 2025Median 9M 2026
Pre-seed42€12m36€12m18€5.8m€0.3m€0.4m€0.3m
Seed70€121m70€118m41€99m€2.1m€2.7m€2.1m
Series A12€74m12€86m6€116m€6.9m€5.7m€10m
Growth9€56m12€154m4€9.1m€4.5m€28m-

Median shown where at least three rounds of the stage disclosed an amount.

Pre-seed

42 rounds in 2024, 36 in 2025 and 18 so far in 2026. The typical pre-seed round in 2025 was €0.4m.

Seed

70 rounds in 2024, 70 in 2025 and 41 so far in 2026. The typical seed round in 2025 was €2.7m.

Series A

12 rounds in 2024, 12 in 2025 and 6 so far in 2026. The typical Series A round in 2025 was €5.7m.

Growth

Nine rounds in 2024, 12 in 2025 and 4 so far in 2026. The typical growth round in 2025 was €28m.

04 / SECTORS

Sectors

AI raised the most this year: €118m in 21 rounds.

By number of rounds since 2024, the largest sectors are AI (79), enterprise software (64) and health and bio (47). A company can sit in several sectors, so sector totals overlap.

Capital by sector, € millions
SHOW DATA
Capital by sector
Row202420259M 2026
AI88105118
Enterprise software10156101
Hardware and robotics705728
Health and bio267926
Fintech287725
Marketing and media111.714
Defence and security222413
Energy and climate122410

Ranked by 9M 2026 capital. Sectors overlap.

Rounds by sector
SHOW DATA
Rounds by sector
Row202420259M 2026
AI312721
Enterprise software301915
Hardware and robotics151713
Health and bio15239
Fintech12158
Marketing and media1157
Defence and security899
Energy and climate8125

Same sectors, counted by number of rounds.

05 / LARGEST ROUNDS

Largest rounds

The largest round this year: Viktor, €68m.

Largest rounds, 9M 2026
Largest rounds 9M 2026
CompanyStageAmountMonthLead or first investor
ViktorSeries A€68mMay 2026Accel
PathwaySeries A€18mAug 2026ID4 Ventures
Ingenix.aiSeed€13mJun 2026Sofinnova Partners
OseroSeries A€12mMay 2026MakerDAO
NomagicGrowth€9.1mFeb 2026Cogito Capital Partners
grAISeed€8.2mApr 2026Khosla Ventures
Sybilla TechnologiesSeries A€8.0mJun 20263TS Capital Partners
PstrykSeries A€7.0mJul 2026Future Energy Ventures
Corner LiveSeed€6.3mJul 2026Undisclosed
Rainbow WeatherSeed€5.0mJan 2026Undisclosed

Rounds with a disclosed amount.

Largest rounds, 2025
Largest rounds 2025
CompanyStageAmountMonthLead or first investor
SpaceliftGrowth€46mJul 2025Five Elms Capital
Better Payment NetworkGrowth€46mOct 2025YZi Labs
NomagicGrowth€32mFeb 2025European Bank for Reconstruction and Development
Jutro medicalGrowth€24mDec 2025Warsaw Equity Group
TrastiSeries A€20mJul 2025European Bank for Reconstruction and Development
Xtreme BrandsSeries A€10mApr 2025bValue
Jutro medicalSeries A€9.6mMar 2025KAYA VC
Ingenix.aiSeed€9.0mApr 2025Inovo.vc
Fudo SecuritySeries A€9.0mJan 2025bValue
SR RoboticsSeries A€8.2mJun 2025Vinci

06 / STARTED IN POLAND, BASED ELSEWHERE

Started in Poland, based elsewhere

27 rounds since 2024 by companies that started in Poland and are based elsewhere. They count in the totals.

Companies that started in Poland, or keep their main team here, but are headquartered elsewhere. They count in the totals, under Poland. Companies that Polish founders built abroad, with no base here, are not included.

Rounds since 2024, newest first
Rounds of companies started in Poland and based elsewhere
CompanyBased inAmountMonthIn totals
ElevenLabsUnited States€455mFeb 2026No
ICEYEFinland€450mJun 2026No
PathwayUnited States€18mAug 2026Yes
ElevenLabsUnited States€164mJan 2025No
SpaceliftUnited States€46mJul 2025Yes
Fudo SecurityUnited States€9.0mJan 2025Yes
sun.storeNetherlands€6.0mSep 2025Yes
Reality GamesUnited Kingdom€4.3mMar 2025Yes
SalesPatriotUnited States€4.3mOct 2025Yes
StaffHealthUnited States€2.3mAug 2025Yes
QurieGenNetherlands€2.2mApr 2025Yes
EStoreMedia.comUnited Kingdom€1.2mNov 2025Yes
RedStoneSwitzerland€14mJul 2024Yes
PathwayUnited States€9.1mNov 2024Yes
SyneriseUnited States€7.7mJul 2024Yes
AuthologicUnited Kingdom€7.5mOct 2024Yes
VlayerUnited Kingdom€6.4mAug 2024Yes
Sky Engine AIUnited Kingdom€6.4mJan 2024Yes
VlayerUnited Kingdom€2.7mFeb 2024Yes
Connecty AIUnited States€1.6mNov 2024Yes
Reality GamesUnited Kingdom€1.4mDec 2024Yes
Talkie.aiUnited States€1.2mOct 2024Yes
Talkie.aiUnited States€1.2mJul 2024Yes
Quantia AIUnited Kingdom€1.1mMay 2024Yes
Approveit TodayUnited States€0.9mSep 2024Yes
Reality GamesUnited Kingdom€0.9mApr 2024Yes
autoMEEUnited KingdomUndisclosedMar 2024Yes

07 / INVESTORS

Investors

Hard2beat joined the most pre-seed and seed rounds since January 2025: 13.

Most active at pre-seed and seed since January 2025: Hard2beat (13 rounds), Digital Ocean Ventures (11 rounds) and Aniołowie Biznesu (10 rounds). Investors are ranked by the rounds they joined, led or followed, over 2025 and 2026 together.

Most active at pre-seed and seed, 2025 to 9M 2026
Most active pre-seed and seed investors in Poland
InvestorBased inRoundsLed
Hard2beatPoland136
Digital Ocean VenturesPoland112
Aniołowie BiznesuPoland100
24VenturesPoland82
Kogito VenturesPoland64
ff Venture CapitalUnited States63
Smok VenturesPoland63
Movens CapitalPoland54
Maciej ZientaraPoland51
Sunfish PartnersGermany51
4growth VCPoland43
Inovo.vcPoland42
Simpact VCPoland42
NCBR Investment FundPoland40
S20 FundPoland40
Tar Heel Capital PathfinderPoland33
AIP SeedPoland31
Unfold.vcPoland31
Piotr KarwatkaUnited States30
Rubicon PartnersPoland30
Tomasz KarwatkaPoland30
Vladyslav MuzhylivskyiPoland30
FlashpointUnited Kingdom22
Level2 VenturesNetherlands22
Smartlink PartnersPoland22
VO2 Venturesn/a22
Acquinox CapitalSwitzerland21
EIC FundLuxembourg21
Flyer One VenturesPoland21
Radix VenturesPoland21
SMOK VenturesPoland21
TechstarsUnited States21
YZR CapitalGermany21
Anna LankaufPoland20
BADideas.fundLatvia20
Bitspiration BoosterPoland20
Caucasus VenturesAzerbaijan20
COBIN AngelsPoland20
FJ LabsUnited States20
HEARTFELT_Germany20
OTB VenturesNetherlands20
Private investorsn/a20
Sebastian BobrowskiPoland20
Tensor VenturesCzechia20
Most active from Series A, 2025 to 9M 2026
Most active Series A and growth investors in Poland
InvestorBased inRoundsLed
VinciPoland53
Inovo.vcPoland40
bValuePoland33
JR HOLDINGPoland31
KAYA VCCzechia31
InnoEnergyNetherlands30
European Bank for Reconstruction and DevelopmentUnited Kingdom21
ff Venture CapitalUnited States20
Radix VenturesPoland20
3TS Capital PartnersAustria11
Rounds with at least one investor based outside CEE
SHOW DATA
Share of rounds with an international investor
Row202420259M 2026
All rounds51%47%57%

Rounds with a fund from outside CEE: 51% in 2024, 47% in 2025 and 57% in 2026 so far, of rounds where investor headquarters are known.

Share of rounds where investor headquarters are known: 105 in 2024, 107 in 2025, 53 in 9M 2026.

08 / EXITS

Exits

The most recent: Thorium Space, listed, August 2026.

24 venture-backed exits since 2024: 13 in 2024, 8 in 2025 and 3 in 2026 so far. Deal values are rarely disclosed, so we count exits instead of summing them.

Venture-backed exits since 2024
Exits since 2024
CompanyMonthTypeBuyer
Thorium SpaceAug 2026IPOListing
FluentbeJul 2026AcquisitionSanoma
MotionvfxMar 2026AcquisitionApple
Neptune.aiDec 2025AcquisitionOpenAI
Green LanesNov 2025AcquisitionGreen Lanes Foods
OxlaOct 2025AcquisitionRedpanda
HearMe.plSep 2025AcquisitionHedepy PL
Velis Real Estate TechJul 2025AcquisitionMicad
ThuliumJul 2025AcquisitionSALESmanago
QuanteeMar 2025AcquisitionGuidewire Software
KadromierzMar 2025AcquisitionGrupa Pracuj
WellbeeNov 2024AcquisitionBenefit Systems
LertaNov 2024AcquisitionPhoton Energy
BiosecoSep 2024BuyoutSpire Capital
Nu-Med GrupaAug 2024AcquisitionAffidea
AlphamoonAug 2024AcquisitionBox
VodenoJul 2024AcquisitionUniCredit
AdRinoJun 2024AcquisitionJusttag Group
BioceltixJun 2024IPOListing
BrainscanMay 2024IPOListing
CoinfirmMay 2024AcquisitionLukka
PerfectGymMay 2024AcquisitionSport Alliance (PSG Equity-backed)
Brand24Apr 2024AcquisitionProwly (Semrush Holdings)
MoneviaFeb 2024AcquisitionUndisclosed

09 / METHODOLOGY

Methodology

What the report covers

Period: January 2024 to September 2026. Past years are shown in full. The current year runs to the end of the last complete quarter.

Companies: startups headquartered in Poland, and startups that began there or keep their main team there and later moved their headquarters abroad. Every kind of startup is included: software and hardware, business and consumer.

Events: venture funding rounds, and exits (acquisitions, buyouts and stock market listings).

Sources: public sources only, namely startup databases, company, investor and angel network announcements, and the press.

Every round and exit named in the report links to its announcement. Totals, changes and charts are built from all rounds and are not linked.

This edition covers 332 venture rounds (230 with a disclosed amount) at 293 companies, and 24 exits. Next update: January 2027, adding Q4 2026.

Stages

Stages are the label the company announced or the source assigned. Where a label clearly does not fit the size of the round, such as a very large round called seed, the round is placed by its size. Where there is no label, round type and size decide.

How it is counted

  • Funding rounds are equity and convertible venture rounds, including angel network rounds. Grants, loans, state support programmes, crowdlending, secondary sales and investments after a listing are not counted.
  • Amounts are in euros, converted at about 1.10 US dollars to the euro. Rounds without a disclosed amount count toward the number of rounds but not toward capital.
  • Companies that are not startups are left out even when they raise venture money, such as established manufacturers, service firms and lenders.
  • Rounds and exits are cross-referenced against company, investor and press announcements where possible.

Limits

  • Public data does not capture every round, so counts are a floor. Small angel rounds are the most likely to be missing.
  • Some rounds are recorded months after they happen. Each update adds them to the month they happened in, so recent quarters, the latest above all, will rise.
  • Poland's record includes our own search of local press, investor portfolios and companies based abroad (October 2026), which added rounds the startup databases had missed.
  • Where a country raises a few dozen rounds a year, one round can move a total by more than half. Read changes in capital with the largest round in mind.

RESEARCH AND ANALYSIS: BADIDEAS.FUND.

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