Market landscape
Although average round sizes from Polish investors are rising, the market in Poland remains heavily concentrated at the pre-seed and seed stages. In 2024, seed rounds again dominated by count, and average investment sizes increased versus 2023. In total, VC invested in 142 companies in 2024, 109 of which were pre-seed/seed rounds.
Early 2025 showed acceleration. In Q1 2025, 35 Polish companies raised a total of PLN 444m (~€106m), and 19 of those transactions were seed and pre-seed rounds.
According to Dealroom.co, CEE startups raised about €2.3B in 2024; Poland leads on ecosystem value, number of scale-ups, and unicorn count.
What gets funded? In Poland, HealthTech regularly tops deal counts. SaaS remains the dominant business model.
Where to find funds?
Start with structured sources such as:
- PFR Ventures (fund of funds): check active programs (e.g., FENG) and the portfolio of investment teams backed by PFR—this is a practical shortlist of funds actively investing in Poland.
- Dealroom Poland Map: an interactive map of startups and investors in Poland; filter by stage, vertical, and headquarters.
- Crunchbase: investor search with filters for region, stage, and sector; handy for building/exporting a list.
- PitchBook: detailed investor and deal data (paid).
It’s also worth noting that a list of currently active VCs is regularly published and updated on LinkedIn by Paweł Maj (also published on MamStartup in July 2025).
What materials to prepare and send (checklist)
When you reach out to investors, have a core set of information ready:
- Pitch deck (10–16 slides): problem, solution, “why now,” market, traction, go-to-market, competitive map, product roadmap, KPIs with current metrics (MRR/GMV, growth, retention, CAC/LTV snapshot), team, round/terms/use of funds. PFR’s analysis of Polish decks is a useful source of inspiration (available in Polish).
- Financial model: prepared as a separate file. It should cover, among other items, a P&L and cash-flow statement, as well as KPI calculations (gross margin, LTV, CAC, burn multiple).
- Short memo: a 1–2 page summary that an investor can forward internally (who you are, what you do, traction, why you, how much you’re raising).
To proceed with negotiations and the investment process, you’ll also need a data room, including corporate documents and cap table, financials, customer and traction information, product, commercial and legal docs, HR, and compliance.
Process: first conversation, due diligence, investment committee
How does the process with investors look, and what should you expect?
- Intro call. Fit check against the fund’s mandate: team story, product, traction, market, round size. If it goes well, expect a brief follow-up list (metrics, a product demo request, key risks, competitor comparison).
- Deep-dive and references. Partner meetings, demo, KPI review, customer reference calls, competitive checks. You may be asked for more granular data—unit economics, sales funnel, churn/cohorts.
- Investment Committee. Some funds run IC before the term sheet, others before signing the investment agreement. Your sponsor partner will present your case for IC approval.
- Term sheet. A summary of proposed investment terms, typically subject to certain conditions, including successful due diligence.
- DD & legal. Legal and financial due diligence. Negotiation of final documents and closing.
Remember: run investor conversations on multiple tracks and in parallel. Because the process spans weeks (sometimes months), send a quick weekly update (new customers, hires, product milestones) to keep momentum.
Alternatives: angels, grants, incubation programs
What if none of the investors are ready to support your project—e.g., due to stage mismatch or lack of fit on ticket size, sector, or expectations?
Beyond VC, in Poland you can tap into:
- EU-backed national programs (PARP/FENG): recurring calls supporting startup projects (e.g., Startup Booster Poland).
- NCBR (National Centre for Research and Development): competitions focused on R&D and international programs (good for deeptech and R&D roadmaps).
- Business angels: often provide seed capital plus contacts and help with initial deployments. Look for them via associations like COBIN Angels and through friendly accelerators.
How to start fundraising in a few steps
- Precisely define your product/service/startup: stage (pre-seed/seed), sector (e.g., B2B AI infrastructure), model (SaaS/marketplace), and geographic factors (e.g., HQ in Poland, selling to DACH/US).
- Review and filter available sources by sectors and ticket sizes.
- Check fit, including fund size and typical ticket (does it match your round?) and portfolio collisions.
- Prioritize 10–15 targets; leave the top ones for later so you can learn throughout the process.
- Start conversations in parallel and keep weekly updates going.
Q&A
How long does it take to raise a seed round in Poland?
Typically 3–6 months from the first meeting to signed documents if materials are ready and diligence runs smoothly; faster with one decisive lead, longer with multiple investors writing smaller checks.
What’s a typical seed round size?
It depends on sector/traction; as a rule of thumb ~PLN 1–5m (€0.25–1.2m) for a classic seed round in Poland, with higher values for deeptech or revenue-strong B2B.
Who invests at the pre-revenue stage?
We do. Tar Heel Capital Pathfinder invests in pre-revenue teams when we see a compelling team or strong product.
Who should I contact at your fund?
Send your pitch deck or reach out to our investor team on LinkedIn.