This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
PLN 235 million (approximately EUR 55 million) – that is how much Polish venture capital (VC) funds invested in foreign startups in Q1 2026. This is a figure that may come as a surprise compared with previous years. Until recently, Polish investors’ access to international funding rounds was clearly limited. While it is still not fully open, funds are increasingly venturing beyond the domestic market and gradually building their presence abroad.
The amount invested in just three months is comparable to, and in some cases even higher than, the annual totals recorded in 2020–2024. It also represents nearly half of all foreign investments made by Polish funds in 2025.
Interactive chart A promising start to the year for VC’s international expansion
In the first quarter, according to the report “VC Transactions on the Polish Market, Q1 2026,” prepared by PFR Ventures and Inovo.vc, Polish funds participated in 26 funding rounds for foreign technology companies.
“If this pace is maintained in the coming quarters, 2026 has a real chance of becoming a record year for the international expansion of Polish venture capital,” said Dmytro Golournyi, investment specialist at PFR Ventures, as quoted in the report.
Expert's perspective
Co-investments by Polish VCs abroad
Half of these teams use capital from PFR Ventures. All fund managers within our portfolio are allowed to invest outside Poland. Depending on the source of capital used for allocation, only the permitted share of foreign investments varies.
The vast majority of international investments flow into deep tech projects and those linked to the defense sector. On two occasions, our funds co-invested with the NATO Investment Fund. Funds with corporate backing from Porsche and Lockheed Martin have also participated in companies of this profile.
The composition of investors in funding rounds also stands out: on average, each round involves three additional funds. In the most complex case, there were as many as ten. This is also linked to deal size, which is significantly larger than in Poland.
The contribution of a domestic fund to a foreign round is most often close to the average transaction size on the local market. The additional – and often larger – capital comes from at least several other international teams.
Specialization instead of geography
The report highlights OTB Ventures as a case of particularly strong investment activity. The fund has for years focused on deep tech companies and has already completed more than 30 investments outside Poland. Its most recently disclosed deals include Waiv, Twentyfour Industries, TYTAN Technologies, MatrixSpace, and SPREAD AI. The total value of rounds involving these companies amounted to approximately EUR 150 million (around PLN 640 million).
“OTB Ventures is a pan-European deep tech fund that operates primarily on a sector-based rather than geographic basis. Of course, projects from Poland are very important to us, but we source deals both in Central and Eastern Europe and in Western Europe, and the focus on specific areas of expertise is increasingly becoming our competitive advantage,” said Marcin Hejka, partner at OTB Ventures.
He stresses that the growing importance of specialized expertise in the market is changing the way foreign companies select investors. They are looking not only for capital and well-established partners, but also for funds with deep sector-specific experience.
“Ten years ago, most funds were either generalist or focused on popular segments such as marketplaces or SaaS, which did not create much differentiation. Today we are seeing a clear shift: a strong presence in hubs such as London or Paris still matters, but the role of investors offering specialized know-how aligned with the company’s activities is growing – for example in space tech, semiconductors, or dual-use technologies. Knowledge, networks, and investment experience are key,” Marcin Hejka notes.
Polish funds gaining visibility abroad
He adds that OTB Ventures is increasingly involved in international transactions, also in co-investments with other Polish venture capital funds.
In his view, this shift benefits Polish players, which – thanks to clearly defined competencies – are building greater recognition in the international market.
“Thanks to this, entities such as ours are now more visible on the international stage. Within our investment areas, we monitor virtually all companies developing in Europe. It is worth emphasizing, however, that we have been building this position for nine years,” said Marcin Hejka.
Perceptions of Poland as a place to conduct investment discussions are also changing. As he notes, companies from Western Europe are increasingly coming to Warsaw to present their projects. The fact that a fund originates from Poland is, in selected sectors, becoming an advantage.
“Poland is located at the center of NATO’s eastern flank and in direct proximity to Ukraine. The country is also significantly increasing its defense spending. This translates into a growing inflow of projects in the defense and dual-use sectors,” Marcin Hejka concludes.
Interactive chart Foreign companies in the S20 portfolio
S20 has so far invested in 15 foreign companies, nine of which are incorporated outside Poland.
Part of the capital has gone to startups founded by entrepreneurs from countries including Germany and Estonia. The fund also finances technology companies created by Polish founders who from the outset develop their businesses abroad.
“An increasing number of top Polish founders are starting companies abroad, for example in the United States, to gain access to mature startup ecosystems, accelerators, and international investors. As a result, they incorporate companies in startup-friendly jurisdictions. One can debate whether these are still Polish entities or already foreign ones, and what impact they have on the domestic economy. Regardless of classification, I believe this trend will continue to grow – including for domestic investors,” said Bartłomiej Gola, co-founder of S20.
For Polish venture capital funds, access to foreign companies founded by Polish entrepreneurs is relatively easier than in the case of startups created by local foreign founders.
“S20 invests at a very early stage, when entrepreneurs are most likely to work with investors from their immediate environment. That is why Polish funds must gradually and long-term build their position in international markets,” added Bartłomiej Gola.
Constraints and evolution of the Polish VC market
Against the regional backdrop, differences in the international recognition of individual players remain visible.
“In Poland, we have several funds that are well known abroad, such as Inovo.vc. At the same time, in Central and Eastern Europe there are players that have built a stronger position – one example is Czech Credo Ventures, whose portfolio includes internationally recognized companies. Polish funds are still working toward building comparable track records,” said Bartłomiej Gola.
He also points to the structure of Poland’s financing market.
“For years, it has relied heavily on public capital, including EU funds, which naturally directs investments toward companies with a Polish component. On the one hand, this is justified – these resources have clearly defined purposes. On the other hand, as PFR Ventures increases its own capital commitment, funds gain greater flexibility to invest abroad. Competencies in this area are still developing, but we can expect the presence of Polish funds outside the country to grow gradually,” he said.
Key Takeaways
- Against the regional backdrop, some Polish VC funds are already recognizable internationally; however, they still lag behind many peers – even within Central and Eastern Europe – that have built stronger international investment portfolios and more visible “flagship” companies. Polish funds still need to build credibility and expand their financing capabilities.
- In Q1 2026, Polish venture capital funds invested PLN 235 million (approximately EUR 55 million) in foreign startups. Compared with previous years, this represents a very strong result. The amount is comparable to, and in some cases even higher than, the annual value of foreign investments recorded in 2020–2024. At the same time, it accounts for nearly half of all such investments made in 2025.
- During the period under review, Polish VC funds participated in 26 funding rounds for foreign technology companies. In many cases, these were co-investments carried out alongside other funds, often of an international nature. Individual rounds typically involved several investors on average. Nevertheless, the position of Polish funds remains modest in global terms, and their ability to invest abroad is still limited.