Investments in the Polish venture capital market totalled PLN4.6bn (€1.06bn) in H1 2026, surpassing both the PLN3.3bn recorded in the whole of 2025 and the PLN3.6bn logged in the previous record year of 2021, according to a report published on July 15. The new record was driven primarily by mega-deals raised by ElevenLabs and ICEYE, totalling PLN3.7bn.

The report, covering Q2 2026 transactions on the Polish VC market, was produced by PFR Ventures, the VC arm of the state-run Polish Development Fund (PFR), and Inovo.vc. The data shows that during Q2, 56 funds invested a total of PLN0.6bn in 43 innovative companies. In addition, during the period under review, ICEYE — the Polish-Finnish space firm — secured a mega-round, raising PLN1.9bn.

"The growth is even more pronounced when viewed on a half-yearly basis. In the first six months of 2026, Polish start-ups raised PLN4.6bn, including mega-rounds. By way of comparison, in the whole of 2021 - a record year to date - the value of VC investment stood at PLN3.6bn, and in 2025 it was PLN3.3bn. This year's result was most significantly influenced by the funding rounds raised by ElevenLabs and ICEYE, totalling PLN3.7bn," the press release accompanying the report reads.

In 2026, AI audio company ElevenLabs secured landmark funding rounds, cementing its position as a global leader in AI voice technology. In February 2026, the company raised $500mn in a Series D round, achieving a valuation of $11bn. In June 2026, the Polish state-owned fund Vinci joined an extended funding round with an investment of $11mn, leading to the announcement of the establishment of AI Lab Poland.

"The first half of 2026 revealed two parallel trends. On the one hand, there are companies operating on a global scale, which attract the largest investors from around the world and are raising record amounts of capital. On the other hand, we are seeing a very active market at earlier stages of development, where start-ups are raising ever-increasing amounts of capital, and funds are increasingly collaborating on investments. In H1 2026, co-investments already accounted for 59% of the value of all transactions. This is a sign that the Polish venture capital ecosystem is becoming more mature and increasingly well-equipped to build companies with global potential," said PFR Ventures' CEO Rozalia Urbanek.

In H1 2026, the number of co-investments by Polish and international funds rose by 60% y/y, with global funds increasingly viewing local management teams as important partners. At the same time, Polish funds completed 56 foreign investments with a total value of PLN444mn.