The perception of Poland as merely an early-stage startup hub is rapidly becoming outdated. Its ecosystem is growing up – and fast. With companies like ElevenLabs closing a $180 million Series C round, DocPlanner raising a €80 million Series E, Brainly securing $80 million in Series D funding, and ICEYE closing a $136 million Series D round, the country has entered the scale-up league. These are more than just success stories – they’re signs of a shift in Poland’s tech landscape, where startups are maturing and attracting serious growth-stage investments.
From socialist economy to startup nation
Compared to Western Europe, Poland is a late bloomer. This isn’t surprising—Poland’s startup ecosystem is closely tied to its historical transformation, beginning only three decades ago as the country emerged from socialism. The transition to a market economy in the 1990s laid the groundwork for entrepreneurship, but the ecosystem didn’t begin to take shape until the mid-2000s.
Polish ecosystem builders weren’t just passively waiting for things to develop, it took years of dedication to get to that, commented Bartek Gola, General Partner at SpeedUp Venture Capital Group.
“Back in the early 2000s, pitching Polish startups to Western VCs was like trying to sell ice to Eskimos – we were hitting wall after wall of skepticism. The game changer was EU accession in 2004. Suddenly, the same investors who wouldn’t return our calls were showing up in Warsaw looking for opportunities“.
In the early years, the focus was on attracting capital for product development and market entry, especially in digital technology and IT services. “Our early focus on digital technology and IT services wasn’t just a strategic choice – it was our only option, and it paid off”, Bartek highlights.
“Just look at CD Projekt’s success story. The real inflection point came around 2010-2012 with our first meaningful exits. These created a first generation of tech entrepreneurs with capital and experience to reinvest in the ecosystem. Sure, we might be “late bloomers” compared to London or Berlin, but try building an entire private capital market from scratch after 1989 – I’d say we’ve moved at quite a remarkable pace,” he added.
As startups showed promise, the ecosystem evolved, with more institutional investors, accelerators, and innovation hubs offering vital support. By the late 2000s, Poland had established its first venture capital funds. This shift opened the way for the next phase, as attention began to gradually move from seed funding to larger growth-stage investments.
As startups mature, so does the market
The Polish startup scene has been moving past its nascent stage, entering stage of maturation. In 2023 Series B deals accounted for around 30% of total funding raised by Polish startups. According to the “Polish VC Market Outlook 2024” report published by PFR Ventures and Inovo VC, the number of Series A funding rounds peaked in 2023 before declining by about 30% in 2024—a drop that was caused by delayed EU fund allocations and economic downturns.
Companies like ElevenLabs ($80 million in Series B, $180 million in Series C), Docplanner ($20 million in Series C, €80 million in Series E), ICEYE ($136 million in Series D), Booksy ($70 million in Series C) and Synerise ($31.5 million in Series B) have successfully closed major rounds in the past few years.
As startups mature, so does the market: the number of Polish funds focused on later stages of growth is gradually increasing, marking an important step toward a more diverse and sustainable investment ecosystem. According to Bartłomiej Samsonowicz, Investment Director at PFR Ventures, “the Polish venture capital market has undoubtedly outgrown its infancy, but there’s still a long road ahead before reaching full maturity”.
“The increasing number of Series B+ transactions and the emergence of growth-stage funds are promising signals of market evolution. What excites me the most, though, is the presence of seasoned investors who are either launching new funds (Spire Capital Partners, Momentum Capital Partners, Orbit Growth) or scaling existing brands (bValue, Cogito Capital Partners). These are the kind of operators who can make a real difference for founders navigating the complexities of scaling—whether it’s expanding internationally, building out executive teams, or optimizing strategies,” adds Bartłomiej Samsonowicz.
The acumen of the past decade is helping fuel the growth of Poland’s tech ecosystem both on the startup and the investor side. Most of the nine early-stage funds that signed agreements with PFR Ventures under the European Funds for a Modern Economy (FENG) program since September 2024 are backed by experienced teams or individual investors with proven track records.
Changing perceptions in the international market
Foreign venture capital firms have also been noted to start shifting their approach. Previously focused mainly on late-stage investments, they are now actively scouting early-stage Polish startups, some of the most recent examples including Y Combinator’s investment in Wordware (Seed) and Andreessen Horowitz’s investment in ElevenLabs (Series A).
Polish founders have previously also seen investments from Hoxton Ventures (Nomagic), Gradient Ventures (Zowie), Balderton Capital (Ramp), Molten Ventures (ICEYE) and Point Nine Capital, which backed Brainly in Series B and DocPlanner from seed through Series B.
Founders investing in founders
Another critical factor in Poland’s startup evolution is the growing influence of successful Polish entrepreneurs who have transitioned into investors. These individuals, having achieved significant success as founders, high-level executives, or technology leaders in global companies, are now reinvesting in the ecosystem. Their contributions extend beyond capital—they act as mentors and role models for the next generation of entrepreneurs.
As Maciej Zawadziński, serial entrepreneur with three exits to his credit and partner at Hard2beat VC, explained: “Poland’s startup ecosystem has always been about resilience. Founders here have had to be resourceful, overcome capital constraints and think globally from day one…”
“While we still don’t have as many founder-investors as Western Europe or the US, this is changing. More entrepreneurs who have successfully scaled or exited their businesses are now reinvesting their knowledge and capital. This cycle of experienced founders supporting the next generation is the flywheel that will accelerate the growth of the ecosystem in the coming years.”
Polish entrepreneurs shaping the global tech landscape
Another important factor contributing to the maturing of the market is the influence of Polish entrepreneurs who have achieved significant success as founders, high-level managers, or technology leaders in globally renowned companies.
The list is steadily growing longer and notably features names such as Wojciech Zaremba (Co-founder of OpenAI), Jakub Pachocki (recently appointed as Chief Scientist at OpenAI), Piotr Dąbkowski and Mati Staniszewski (co-founders of ElevenLabs), or Rafał Modrzewski (CEO, Co-founder of Iceye, included on the Fast Company’s list of “The World’s 50 Most Innovative Companies of 2025”.
On the way to a scaleup nation
Poland’s startup ecosystem has doubtlessly made impressive strides, with more companies securing late-stage funding and expanding internationally. However, despite this progress, significant hurdles remain before Poland can fully transition into a mature scale-up hub. One of the biggest challenges is the scarcity of Series A and growth-stage funding from domestic investors.
“While early-stage funding is abundant, access to Series A capital and beyond remains much more challenging, with Polish VC funds still lacking sufficient resources at this stage. This gap presents a significant opportunity for international investors to support promising Polish startups, as seen in recent rounds with ElevenLabs and ICEYE,” says Radosław Czyrko, Managing Partner at Tar Heel Capital Pathfinder.
While some Polish startups have successfully raised large follow-on rounds, the ecosystem still awaits its defining, high-profile exits that would signal true market maturity.
“Follow-on funding success has yet to translate into consistent, large-scale exits. We’re still waiting for major outcomes from companies like DocPlanner and Booksy, which raised sizable rounds a few years ago. Big, high-profile exits will help accelerate the maturation of the Polish startup ecosystem,” adds Czyrko.
Until then, Poland remains a promising but evolving player on the European startup map, with international investment playing a crucial role in shaping its future as a true scale-up nation.
The article was written by Sylwia Duszyńska, Head of Communications at Tar Heel Capital Pathfinder, and Damian Wielechowski, CEO of Commly.
