POLAND Trends and Developments Contributed by: Rafał Celej, Arkadiusz Klejnowski and Karolina Piotrowska-Andryszczyk, Kondracki Celej
The key actors in this landscape include PFR Ventures, the VC arm of the Polish Development Fund, NCBR (the National Centre for Research and Development), and BGK (the Polish Devel - opment Bank). Each of these institutions oper - ates targeted co-investment and support schemes which form the financial foundation of many VC funds. These public entities do not act as direct investors in start-ups but instead serve as limited partners in privately managed funds, using structured calls and allocation procedures to deploy capital across the ecosystem. Dedicated funding lines such as Bridge VC (NCBR), CVC, Koffi, Biznest, and Starter (PFR) have financed dozens of funds over the past several years. Public capital provided through these schemes can constitute up to 80% of a fund’s total commitments, often requiring the GP to raise the remainder from private or insti - tutional sources. Participation in these schemes imposes obligations on fund managers, such as investing within designated geographic areas, targeting SMEs, or prioritising sectors of stra - tegic importance (eg, R&D, green energy, AI, or HealthTech). The result is a two-speed market: a first tier of funds backed by public LPs operating under programme mandates, and a second tier of more independent vehicles, typically launched by managers with a proven track record under the former model. This staged development strategy has supported capacity-building among local GPs and led to a more structured, disci - plined approach to capital allocation. The thematic focus of public capital has also become more pronounced. Increasingly, public calls are structured not only by stage or geog - raphy, but by sector. Healthtech, industrial auto - mation, defence dual-use, ESG-aligned ventures
and AI-based solutions are all examples of areas prioritised by public LP programmes in recent years. This in turn shapes the pipeline of compa - nies receiving funding and indirectly nudges the sectoral profile of the Polish start-up economy. A pivotal development in 2025 will be the allo - cation of capital under the new FENG frame - work ( Fundusze Europejskie dla Nowoczesnej Gospodarki ), the successor to earlier EU funding instruments. Several newly established VC funds received commitments under this scheme and are now entering their deployment phase. This new wave of funds is expected to play a major role in rejuvenating seed and early-stage capital availability and in encouraging more specialist, vertical-focused investment strategies. The public sector remains the dominant source of early-stage VC funding in Poland and contin - ues to shape the priorities and structure of the local fund market. Exit Environment and Liquidity Constraints Liquidity remains one of the most significant structural challenges facing Polish VC. Despite a maturing ecosystem and improved deal qual - ity, the number of high-profile exits remains limited. Over the past 12 months, there were no venture-backed IPOs on the Warsaw Stock Exchange or its SME segment, NewConnect (a dedicated market for smaller and growth-stage companies). Instead, trade sales continued to dominate exit strategies, primarily through sec - ondary share transfers to private equity or stra - tegic buyers. Exit volumes have remained relatively flat com - pared to 2022–2023, and although the market saw a few notable outcomes, such events were more the exception than the rule. It is gener - ally considered that the ecosystem still lacks the
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