The stream of money for Polish start-ups is clearly drying up

The Polish VC market is struggling, with a significant decline in funding for startups. In Q3 2026, only 407 million PLN was invested across 48 transactions, marking a 13% decrease from the previous year. Foreign VC involvement remains low, with public capital driving most investments. However, sectors like dual-use technologies, AI, and medtech show potential for recovery. The NATO Innovation Fund's establishment in Warsaw aims to boost investments in dual-use technologies, while local funds are increasingly active in defense-related projects. Experts remain optimistic about the future of the VC landscape in Poland, particularly in emerging sectors.