In 2022, PLN 3.6 billion was given to 435 companies. Comparing 2022 to 2021, the value of the market remained at the same level.  At the same time, the number of financed companies increased by 15%.  The report from which the above data are derived was developed by PFR Ventures and Inovo VC and summarises transactions in the Polish venture capital (VC) market in 2022.  We are pleased to announce that we have become a partner of the legal section of this report together with DLA Piper, SSK&W Law Firm, Kondracki Celej, and also Lewczuk Łyszczarek i Wspólnicy. 

The report reveals that in the last quarter of 2022, funds invested more than PLN 1 billion. Thus, in line with the trend of previous years, it was the last three months that brought the most transactions and capital to start-ups.  It is also noticeable that money from VC funds most often goes to companies that deal with innovations in the area of health.  Apart from that, it is worth pointing out that investors show great interest in convertible loans, which streamline the raising of capital by start-ups, particularly at the pre-seed and seed stage. What may come as a surprise is a relatively low (ca. 60%) level of ESOPs that are created in start-ups.  What is not surprising, however, is the widespread presence of rights, such as Tag-Along or first refusal rights. 

What else do we find in the report?

• Employment data for the top 18 Polish start-ups;
• Legal statistics related to 99 transactions from 2022;
• Information on the most popular industries and business models;
• The CEE section, which reveals data from Bulgaria, the Czech Republic, Romania, Slovakia, and Hungary. 

The full report is available here: https://bit.ly/3HUkPcj