Polish venture capital investments have seen a growth of 22,6x from 2018 to 2021, reaching a total value of €792 million last year. The total value of VC investments in the first six months of 2022 in Poland is €448 million, with 93 transactions involving 111 funds, according to the reports from PFR Ventures.
Strenghthening the flourishing VC ecosystem in the country, Polish venture capital firm Inovo VC has rolled out its third fund, with the target of €100 million to support CEE-based tech companies with global potential. Backing about 20-30 companies from Poland and the CEE, the third fund will provide early-stage funding, with first ticket ranging from €500,000 up to €4 million, from pre-seed to Series B rounds.
The VC plans to invest 60% of its capital in tech startups from its home turf, Poland, and the remaining 40% in companies from other countries of the CEE region. The fund has already seen the commitment from private investors, accounting for over half of its total AUM, with institutional investors expected to commit by the end of the year.
According to the company, it is the first Polish venture capital firm to announce its third fund, following the success of the first two vehicles. The first two funds have invested over €45 million in over 30 companies, including AllSet, Archbee, Booksy, Infermedica, Packhelp, Preply, Spacelift, SunRoof, Tidio and Zowie.
Michał Rokosz, partner at Inovo VC said: “We are looking for companies conquering global markets that can grow to $100 million in revenue in just a few years. We have managed to become a fund of choice for Polish founders and we want to replicate that in the other CEE countries, as we already see we can be as helpful to those founders as we are to the ones from Poland.”
“We see an increasing interest of international investors in companies founded in the CEE countries. Two third of our portfolio companies managed to raise follow-on rounds with top-tier international VCs. We want to strengthen the links between the CEE region and the global VC ecosystem even more. So far, we have co-invested with over 70 international funds and we are convinced this number will grow at a fast pace,” added Maciej Małysz, partner at Inovo VC.
“Over the last 7 years we’ve seen the region growing at an exceptional pace, which results in the rise of the number of funding rounds and in an even faster rise of startup valuations at every stage of their development. We are sure that the CEE region will raise at least ten new unicorns in the upcoming 5 years. With our new fund we want to help make that happen,” concluded Tomasz Swieboda, partner at Inovo VC.