PFR Ventures and Inovo VC have prepared a report summarizing venture capital (VC) transactions in the Polish market during the third quarter of 2024. The data indicates that in this period, 45 companies raised 506 million PLN from 60 funds.
In the third quarter of 2024, 506 million PLN flowed through the Polish VC market. This is the total value of capital that Polish and foreign funds invested in 45 transactions in innovative domestic enterprises. The average transaction value was approximately 11.2 million PLN. The total funding in 2024 reached the level of 1.5 billion PLN.
Figure 1: Transaction value. We have purposely presented megafunds (outliers) separately as they distort the statistical image.
The trend of a low number of transactions continued in the third quarter. There is a slight improvement compared to the first quarter (closer to +50%), but this is still significantly below the statistics from 2021-2023. At the end of September 2024, we recorded 80 seed rounds and 34 series A+ transactions (of which 16 took place in the third quarter).
“The value of investments increased by 14% compared to the average result from 2023, but the number of transactions is still relatively low. We forecast a market acceleration in the following quarters when funds from our new union capital will influx into companies” comments Aleksander Mokrzycki, Vice President of PFR Ventures.
“In the third quarter, there were plenty of interesting transactions, and we exceeded the level of 0.5 billion PLN. The Polish VC market is returning to the growth path, and in my opinion, we have a real chance to approach the record levels of previous years. I expect that by the end of 2024, the Polish VC market will record a result in the range of 2.5-3 billion PLN” adds Karol Lasota, Principal at Inovo VC.
10 out of 45 transactions involved PFR Ventures funds. They provided 19% of the capital for innovative enterprises. Most transactions were conducted with significant participation of private Polish funds and business angels. International funds provided 49% of the capital.
Among the largest transactions were rounds of RedStone (60 million PLN), Oxla (41.7 million PLN), and Kodano (40 million PLN). We also recorded 10 other transactions worth more than 10 million PLN.
Source: https://managerplus.pl/transakcje-na-polskim-rynku-venture-capital-506-mln-pln-zainwestowane-w-45-spolek-w-iii-kwartale-2024-roku-60867
