POLAND Law and Practice Contributed by: Rafał Celej, Arkadiusz Klejnowski and Karolina Piotrowska-Andryszczyk, Kondracki Celej
Kondracki Celej Wspólna 35/3 00-519 Warsaw Poland Tel: +48 22 301 07 72
Email: biuro@kondrackicelej.pl Web: www.kondrackicelej.pl
1. Trends 1.1 VC Market
• Ramp, a fintech infrastructure provider enabling crypto-to-fiat transactions, raised USD70 million (approximately EUR64 mil - lion) in a Series B round co-led by Mubadala Capital and Korelya Capital. It ranks among the largest Polish VC rounds in history, with participation from existing backers Balderton Capital and Cogito Capital, signalling contin - ued international interest in regulated crypto infrastructure. • ICEYE, a space-tech company with Polish roots, raised EUR118 million in a Series E round, including an extension in Q4. Investors included BlackRock and Finland’s Solidium, making it the largest VC financing involving a Polish co-founded company. • Kontakt.io, focused on indoor IoT infrastruc - ture, secured approximately EUR27 million to scale its operations, reflecting investor interest in industrial automation and B2B platforms. • Wordware, a start-up building AI-native tools for software developers, raised EUR28 million in a Series A round. The deal was led by inter - national funds and executed abroad, making it one of the largest Polish Series A rounds to date and a strong signal of investor appetite for AI and developer tools infrastructure.
The past 12 months in the Polish venture capital (VC) market were marked by relative resilience in the face of challenging macroeconomic con - ditions and a transitional period in public fund - ing. Although the total value of VC investments declined slightly year-on-year, several landmark transactions highlighted the maturity and inter - nationalisation of Poland’s innovation ecosys - tem. The most prominent activity was observed in the later stages of financing, while early-stage funding experienced temporary contraction due to a gap in EU-backed capital deployment, largely driven by the prolonged implementation of new EU funding instruments. Key financing rounds included: • ElevenLabs, a generative AI start-up special - ising in synthetic voice generation, closed a USD180 million (approximately EUR165 million) Series C round in January 2025. The round was led by Andreessen Horowitz and ICONIQ Growth. The transaction valued the company at USD3.3 billion, making Eleven - Labs “triple unicorn” achieving unicorn status in the USA, the UK and Poland due to its operational and founder base.
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