Capital raising services in Poland
Poland is the largest and most mature VC market in Central and Eastern Europe, with Warsaw-based companies now routinely accessing European and US growth capital at terms that reflect the country's depth of engineering talent and capital efficiency track record.
DocPlanner's Tiger Global-led rounds, ICEYE's international satellite-tech raises, Booksy's US-led Series C and Allegro's Warsaw Stock Exchange listing demonstrate that Polish founders compete across the full range of venture and growth capital markets - not just the CEE tier.
Flow runs mid- to late-stage fundraises for Polish companies seeking growth capital on the best terms. We provide end-to-end process management - investor preparation, pitch deck, operating and financial model development, and process control from first outreach through close - backed by an extensive VC investor network across Europe and the US.
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VC rounds raised in the last 12 months in Poland
$104M
Median VC valuation (across all stages) in Poland
28x
Median VC revenue multiple (across all stages) in Poland
$500M
Largest VC round raised in Poland in the last 12 months
Raising venture capital in Poland
Poland has the largest VC market in CEE by capital deployed, with Warsaw as the centre. PFR Ventures anchors public co-investment; the private VC scene has matured significantly with cross-border participation from European and US funds.
PSIK-aligned documentation
The Polish Private Equity and Venture Capital Association (PSIK) coordinates industry conventions. Polish venture rounds typically use PSIK-aligned documentation tailored for the Polish Sp. z o.o. and PSA structures.
PSA (Simple Joint-Stock Company)
The Polish PSA (Prosta Spółka Akcyjna), in force from 2021, is designed specifically for tech startups - simpler than the standard joint-stock company (SA), more flexible than the Sp. z o.o., and supports tax-efficient employee equity. Most newly-formed Polish venture-backed startups now use the PSA form.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Poland. SAFEs are used occasionally where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. PSA share issues are simpler than Sp. z o.o. equivalents and well-suited to venture-stage rounds.
Foreign investment review
Poland's FDI screening regime (under the Acts on Foreign Investment Control) requires notification of qualifying investments by non-EU acquirers in Polish companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions to scoped transactions.
Closing mechanics
Closings are typically same-day signing and funding. PSA share issues require KRS filings; Sp. z o.o. share transfers historically required notarisation but the PSA regime has simplified this for startups. Polish tax on civil-law transactions (PCC) applies to share transfers in some cases.
Largest private tech companies in Poland
ElevenLabs valued at $11B is the largest still privately-owned company in Poland.
See all large tech companies in Poland| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
ElevenLabs | | ElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide. | May-26 | Series D | $11B | |
American Heart of Poland | | American Heart of Poland is a Upland-headquartered healthcare network operating 19 hospitals and clinics across southern Poland. Founded in 2000, it specializes in cardiology, treating acute coronary syndromes, arrhythmias, heart failure, and vascular diseases through integrated diagnostics, interventions, and rehabilitation. The group performs over 20,000 percutaneous coronary interventions annually and supports patients with implantable devices and hybrid operating rooms in facilities like Ustron and Bielsko-Biala. | - | - | $3.7B | |
ICEYE | | ICEYE is a Polish/Finland-headquartered satellite operator managing the largest synthetic aperture radar constellation for Earth observation. Its smallsats deliver all-weather radar imagery for flood detection, insurance damage assessment, oil spill monitoring, and ship tracking. Clients in government, reinsurance, and defense sectors task satellites for data capture within hours. Founded in 2014, ICEYE builds and launches radar spacecraft from sites in Finland and the United States. | Dec-25 | $176M Series E | $2.8B |
Startups who recently raised money in Poland
Largest VC round raised recently in Poland was a $500M Series D of ElevenLabs in February 2026.
See all VC rounds in Poland| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | ElevenLabs | | ElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide. | AMP CoalitionAndreessen Horowitz+10 | $500M | $11B | Series D | |
Dec-25 | ICEYE | | ICEYE is a Polish/Finland-headquartered satellite operator managing the largest synthetic aperture radar constellation for Earth observation. Its smallsats deliver all-weather radar imagery for flood detection, insurance damage assessment, oil spill monitoring, and ship tracking. Clients in government, reinsurance, and defense sectors task satellites for data capture within hours. Founded in 2014, ICEYE builds and launches radar spacecraft from sites in Finland and the United States. | A.P. Moller HoldingBpifrance+10 | $176M | $2.8B | Series E | |
Dec-25 | Jutro Medical | | Jutro Medical combines telemedicine with physical clinics for primary care in Warsaw, Poland. Founded in 2019, the service delivers virtual consultations, e-prescriptions, lab results, and medical leave requests via a mobile app. Patients access stored records for less complex cases, supplemented by in-person visits at partnered facilities. | AternusFluent Ventures+5 | $28M | - | Series A | |
May-26 | Osero | | Osero is a startup building stablecoin yield infrastructure. | PlasmaSky | $14M | - | Seed | |
Jan-26 | 4Divinity | | 4Divinity is a Warsaw-based digital and retail games publisher operating as a subsidiary of Gamecamp Ltd. The company releases titles across PC, console, and mobile platforms, focusing on strategy, simulation, and indie genres. Notable releases include Train Valley series and shapez, distributed via Steam, Epic Games Store, and physical retail in Europe. Established in 2020, 4Divinity partners with developers from Poland and Eastern Europe for global localization and marketing. | AData Technology Co | $10M | $250M | Strategic investment | |
Jan-26 | Nomagic | | Nomagic is a supplier of AI-powered robotic systems for pick-and-place automation in e-commerce warehouses. Toulouse, France-headquartered Nomagic deploys robots on packing lines at Cdiscount, France's largest online retailer. The solutions handle order fulfillment tasks to support 24/7 operations amid labor shortages, integrating with existing warehouse infrastructures. | Cogito Capital Partners | $10M | - | Series B | |
Apr-26 | GRAI | | GRAI is an AI firm advancing music research to shift listening toward interactive social engagement. | Andreessen HorowitzAndrew Zhai+8 | $9.0M | - | Seed | |
Feb-26 | React UAV | | FlyFocus is a Polish manufacturer of unmanned aerial vehicles for civilian, military, and law enforcement applications. Based in Warsaw, it designs fixed-wing drones like the FlyFocus X4 with 120-minute endurance and 50-kilometer range. Services include custom avionics, aerodynamics simulations, and payload integrations for surveillance cameras. FlyFocus delivers to European defense contracts and supports NATO-standard data links. Production facilities in Mazovia handle 100 units yearly. | ff Venture CapitalNCBR Investment Fund ASI S.A. | $5.6M | - | Seed | |
Jan-26 | Rainbow Weather | | Rainbow Weather is a Tel Aviv-headquartered AI weather forecasting company delivering hyperlocal predictions via iOS and Android apps. Algorithms process satellite imagery, radar, and crowdsourced barometer data for minute-by-minute rain and storm alerts. Used by 5 million users in Europe and North America, it powers forecasts for insurers and event planners. | Yuri Gurski | $5.5M | - | Seed | |
Feb-26 | React UAV | | FlyFocus is a Polish manufacturer of unmanned aerial vehicles for civilian, military, and law enforcement applications. Based in Warsaw, it designs fixed-wing drones like the FlyFocus X4 with 120-minute endurance and 50-kilometer range. Services include custom avionics, aerodynamics simulations, and payload integrations for surveillance cameras. FlyFocus delivers to European defense contracts and supports NATO-standard data links. Production facilities in Mazovia handle 100 units yearly. | ff Venture CapitalNCBR Investment Fund ASI S.A. | $5.3M | - | Seed | |
Mar-26 | FOTOhub | | FOTOhub is a platform integrating multiple AI models into unified infrastructure for generating, editing, and delivering multimedia content. An automation engine links models into pipelines for translation, dubbing, rendering, and campaign production, while a browser-based studio handles media tasks. Developer APIs and CLI tools enable programmatic access, with cloud GPU and storage supporting scalable workflows. | DGE3 Investment VCLadislav Mazak+1 | $5.2M | $105M | Seed | |
Nov-25 | Juo | | Juo is a San Francisco-headquartered platform revolutionizing subscription management for e-commerce businesses. It offers tools for dynamic pricing, churn prediction, and personalized bundling, serving over 500 merchants globally with integrations to Shopify, Stripe, and Klaviyo. | BADideas.fundFJ Labs+4 | $4.6M | - | Seed | |
Apr-26 | INXY Payments | | INXY Payments is an EU-licensed virtual asset service provider based in Lithuania that equips businesses with cryptocurrency payment gateways and mass payout solutions. The platform supports acceptance of over 20 cryptocurrencies with automatic conversion to euros or stablecoins, alongside automated bank settlements and KYT monitoring for compliance. Businesses utilize its API for seamless integrations in e-commerce, affiliate payouts, and supplier payments, while its exchange service handles fiat-to-crypto trades with low fees and direct e-wallet withdrawals. INXY serves gaming, iGaming, and fintech sectors across Europe. | Flashpoint | $4.0M | - | Seed | |
Feb-26 | F | FOTOhub | | FOTOhub provides generative AI infrastructure unifying video, audio, and design tools into automated creative workflows for agencies and developers. | Mateusz Ulewicz | $3.9M | $104M | Pre-seed |
Feb-26 | Beit | | Beit is a Kraków-headquartered quantum computing startup developing algorithms for NP-complete problems like the Hamiltonian cycle. The company's approach achieves better-than-quadratic speedups on quantum hardware, targeting applications in logistics, manufacturing, and warehousing optimization. Founded in 2020, Beit collaborates with quantum processors from IBM and Rigetti to demonstrate practical quantum advantage in graph-based optimization. | European Innovation Council Fund | $3.5M | - | Undisclosed stage |
Top VCs and strategic investors in Poland
Vinci, Digital Ocean Ventures Starter, DGE3 Investment VC and Smartlink Partners funded the most startups in Poland in the last 12 months.
See all VCs in Poland| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Vinci | | Vinci is one of the world’s largest owners of transport infrastructure. Its concession assets include 4,400 kilometers of toll roads in France and 72 airports across 14 countries, making Vinci the world’s largest airport operator in terms of managed passenger numbers. The concession’s business contributes less than one fifth of group revenue but the majority of operating profit. Vinci’s contracting business provides a broad variety of energy and and construction services. France contributes 42% of group revenue. | ICEYEFluence.technologySR Robotics+2 | 9 | Seed | |
Smartlink Partners | | Smartlink Partners is a venture capital firm investing in seed and Series A software companies in North America. The fund targets SaaS platforms in fintech, healthtech, and enterprise tools with portfolios including logistics and CRM startups. San Francisco-based Smartlink closed its debut fund in 2021 at $75 million, backing eight companies to date. | Doctor.OneReSpo.VisionCampusAI+2 | 7 | Seed | |
SMOK Ventures | | SMOK Ventures is a Warsaw-headquartered venture capital fund investing 100,000 to 1 million USD in early-stage Polish startups. Focusing on gaming studios like Techland alumni, AR/VR applications, AI platforms, marketing automation tools, and fintech apps, it supports 20 portfolio companies with follow-on funding from European accelerators. | JuoProteine ResourcesDefguard+2 | 7 | Seed | |
NCBR Investment Fund ASI S.A. | | NCBR Investment Fund ASI S.A. is a Warsaw-headquartered venture capital fund managed by the National Centre for Research and Development under Poland's Ministry of Education and Science. It invests in growth-stage SMEs commercializing R&D outcomes in biotech, cleantech, and digital tech sectors. With a portfolio exceeding 50 companies, the fund supports Polish innovators scaling domestically and in EU markets. It co-invests alongside private VCs, focusing on deep-tech ventures from universities like Warsaw Polytechnic. | React UAVDBR77 Robotics Sp. z o.o.Saventic Health+2 | 6 | Seed | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | GRAIElevenLabsMoment+2 | 5 | Seed | |
Digital Ocean Ventures Starter | | - | ReplenitDemoboost1Security+1 | 4 | Pre-seed | |
ff Venture Capital | | ff Venture Capital is a global technology venture capital firm investing in cybersecurity, artificial intelligence, machine learning, drones, cloud software, and crowdfunding startups. The firm supports companies from inception with capital and operational guidance through its acceleration team. ff Venture Capital has backed over one hundred portfolio companies since 2008. | React UAVDBR77 Robotics Sp. z o.o.ReadyCode.io+1 | 4 | Seed | |
DGE3 Investment VC | | DGE3 Investment VC is a Polish-Czech venture capital fund launched March 11, 2025, in Warsaw and Prague. Business angels and VCs target seed, early-stage ventures, and private equity in education, financial services, healthcare, IT, professional services, and software. An 18-week online accelerator features demo days alongside capital, operations support, and networking. | SYMTRIhubSelosAIFOTOhub | 3 | Angel | |
YZR Capital | | YZR Capital is a Munich-headquartered investment firm focusing on early-stage healthcare ventures. Founded in 2020, it invests €50-100 million per deal in medtech and biotech addressing diagnostics, robotics, and digital health. Portfolio includes 10 companies with deployments in EU hospitals and partnerships with Siemens Healthineers, aiming for global scale. | HoliDoctor.Onedehaze+2 | 3 | Seed | |
RIO ASI | | RIO ASI is a Zug-based single-family office investing in real assets, technology, and private equity globally. The firm manages a diversified portfolio emphasizing sustainable infrastructure and digital innovation, with offices in Switzerland supporting family wealth preservation and growth strategies across Europe and North America. | DemoboostICEYEJutro Medical | 3 | Seed |
What if not VC? Non-equity funding in Poland
Poland's non-dilutive funding stack has scaled materially over the last decade - between PFR Ventures, NCBR R&D grants, IP Box and EU funding access via FENG, Polish startups have multiple paths to extend runway without taking equity dilution.
R&D tax relief and IP Box
Polish R&D tax relief allows 100-200% deduction of qualifying R&D expenditure against CIT. IP Box reduces effective tax to 5% on qualifying IP-derived income. The two stack to materially reduce the cost of building IP-heavy software businesses in Poland.
PFR Ventures
PFR Ventures operates multiple co-investment programmes alongside private VCs at seed, Series A and growth stages. Often the institutional anchor in Polish tech rounds, with preference structures and information rights well-defined.
NCBR R&D grants
NCBR provides R&D grants of 35-70% co-financing through FENG and bilateral programmes. Slow but materially valuable for deeptech, climate and life-science companies.
BGK lending and guarantees
Bank Gospodarstwa Krajowego is the Polish state development bank. Provides loans, guarantees and credit lines for Polish SMEs and innovative companies. Stacks with private bank lending for working capital and growth.
EU funding access
Polish companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Plus structural EU funding via the FENG (Funds for Modern Economy) operational programme administered by NCBR and PARP.
Crowdfunding
Polish equity crowdfunding platforms (CrowdConnect, Beesfund) operate alongside European platforms. Used for raises typically PLN 500k-5M, often layered on top of a lead investor.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Poland and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Poland.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Poland
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Poland
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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