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VC Transactions Polish Market 2019 Summary

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VC Transactions Polish Market 2019 Summary VC transactions on the Polish market 2019 summary Authors PFR Ventures manages 6 fund of funds Inovo Venture Partners is a venture that, together with private investors, capital fund with PLN 200 million of business angels and corporations, assets under management, focused on invest in Venture Capital funds. Their late Seed and Series A investments goal is to provide capital to Polish, across Poland and Central and Eastern innovative enterprises at early stages of Europe. So far, the fund has made 18 development. Currently, PFR Ventures investments in European technology has over 50 funds in its portfolio that companies, with a perspective of have made total of 250 investments. another 15 over the next few years. www.pfrventures.pl www.inovo.vc [email protected] [email protected] Overview Key data for 2019 269 294 transactions executed EUR mln of provided capital 85 8x VC funds engaged increase in transaction value from 2018 VC investments in Poland in 2010–2019 VC investments in mln EUR 350 294 300 mega-round 250 DocPlanner: EUR 80 mln 200 150 100 50 38 36 50 29 29 29 25 10 4 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Mega-round of the DocPlanner company is presented separately as it distorts the statistical overview (see:outlier). Source: Invest Europe (2010-2018) Authors’ comments Aleksander Mokrzycki, Tomasz Swieboda, CFO/COO, PFR Ventures partner, Inovo Venture Partners 2019 will go down in the history of the Polish Venture As Inovo, we've been on the market since 2012, and Capital market. For the first time in 10 years, we have privately we follow the market even longer. Last year is managed to note a significant increase in capital invested by far the best we had pleasure to observe. The growing by Polish and international funds that provided capital interest of the recognizable foreign funds, the presence for Polish entrepreneurs. The money from the public of several rounds over PLN 100 million, new investment sector played an important role – it motivated the entities created, as well as raising more funds by existing involvement of private investors. funds are just a few of the points that have affected such a good result. However, the number of those is still low in Poland. We hope that positive returns on VC funds launched by We are very pleased with the dynamic development of National Capital Fund (KFK)* will soon provide proof of the Polish ecosystem, especially as Inovo Venture the attractiveness of this asset class and will bring Partners we are still at the beginning of the investment interest into investing in innovation. period of our second fund - we still plan for about 15 more transactions in Poland and Central and Eastern Europe region. *National Capital Fund, KFK was recently aquired by PFR Ventures lack of completeinformation 2019. for i prepared was chart The data. current presents which (2019)" bar, "Poland the is exception The 2018. to refer data aboveThe 2019 Share of VC financing in GDP to the EU average, but still far from the leaders the from far still but average, EU the to gave 0,360% 0,203% Pol 0,200% ish 0,085% VC VC 0,075% 0,067% ecosystem 0,067% 0,064% 0,057% a 0,051% significant 0,049% 0,048% 0,042% boost 0,042% 0,039% . We are closer closer are We . 0,028% 0,020% 0,018% 0,015% 0,014% 0,014% 0,010% n t 0,008% his his way, due to the 0,007% 0,006% 0,004% 0,003% Source: Invest Europe 0,000% Financial data: sources of capital % share of private and public-private financing By transaction value 75% 25% Private Public & private Public & private funds enable By transaction number money access to larger number of companies, while private capital provides 44 225 financing rather for companies seeking later-stage Private Public & private rounds. The transaction was allocated regarding to the dominant share of private or public-private capital Geographical data: location % share of international and Polish funds in transactions By transaction value 37% 63% Polish funds International funds The high share in value of By transaction number international funds in our market comes from the need for later-stage rounds. Polish 254 15 funds are responsible for most transactions in terms of Polish funds International funds number. Transactions of international funds include all transactions in which at least one international fund has participated Capital sources Public programs, private capital By transaction value By transaction number 54% International, private 13 31 Polish, private 182 13% 43 19% PFR Ventures 14% Polish, private BRIdge Alfa (National Centre for Research and Development) In the "PFR Ventures" category there are 2 transactions also matching the "foreign, private" set. The "Polish, private„ category includes one round with the participation of TDJ Pitango Ventures fund, whose investor is NCBR. Public institutions comments Przemysław Kurczewski, Maciej Ćwikiewicz, Deputy Director of the National Centre for CEO, PFR Ventures Research and Development The VC funds launched by PFR Ventures became 2019 was particularly successful not only because of the operational in mid-2019 (previously they had to meet record value of transactions on the VC market. The many formal requirements of the Polish Financial positive impact of public funds on market development Supervision Authority and the Office of Competition and has already been noted in previous years, especially in Consumer Protection). We are glad that the first 2017, when BRIdge program started to invest, but it is investments were made at such a fast pace. The state is first time that we can also see more transactions for still responsible for financing innovative projects at an more than PLN 1 million (f.e.those realized by TDJ early stage, but our teams are also starting to finance Pitango Ventures and Cogito I). more developed companies. We can already observe the first transactions that exceed the classic PLN 1 million In the coming years, we will consistently support the round. development of the VC market and stimulate investments in R&D projects. BRIdge Alfa has already In 2019, we were able to complete over 40 transactions provided financing in the amount of over PLN 435 that account for (in value) 14% of the market. However, million to over 400 young technology companies. In the when we look at the first rounds of financing among pilot project BRIdge VC, two funds launched by us young companies, you can usually find NCBR or PFR carried out 14 investments with a total value of over 90 Ventures funds there. million PLN. Activity of Polish funds On the domestic market (by transaction value) 43% International funds that have invested in Polish companies 26% Polish funds that have co-invested with an international fund in a Polish company Polish teams often co-invest EUR 294 EUR mln with foreign funds. 32% Polish funds that have invested in Polish companies Polish VCs are also investing outside the country: the Outside the domestic market value of their foreign investments is EUR 31 EUR 294 mln Polish VC market million, which represents EUR 31 mln about 8% of transactions on Foreign investments of Polish VC funds our market. EUR 31 million is not part of the result presented on page 4 Market experts Patrick Gresko, Barbara Nowakowska, Head of Innovation and Technology managing director, Polish Association Investments in EIF of Capital Investors 2019 has been a landmark year for the Polish VC market with two I think 2019 is a breakthrough year for the Polish companies, Docplanner and Booksy, raising significant financing venture capital industry. The number and value of rounds lead by reputed international investors. These rounds are investments increased rapidly, several companies carried important milestones for the Polish VC ecosystem as they are the out spectacular financing rounds, and accelerated the proof that Polish companies can grow to a point that they attract the construction of market foundations. Finally, we have a interest of international VCs. Such potential successes (they’re not domestic institutional investor, a fund of funds that exited yet!) are the foundation of any VC ecosystem: success professionally invests in VC and PE funds. generates experience and attracts talent, which will allow more capital being raised. With more capital, thinking bigger becomes In 2019, we could see the effects of its activities in the possible, which in turn will allow more successful exits. The VC form of 23 new VC funds, of which more than half have ecosystem flywheel is then launched. already started investing. This funds already provided money to 40 companies. 65 million from PFR Ventures In summary, the next milestone for the Polish VC market is now to attracted 58 million from private investors, and new demonstrate its ability to generate undisputable success, be it with a funds and new fund managers give hope for rapid local Unicorn or a Dragon*. This would bring the necessary spotlight market growth in the coming years. to set Poland as one of the European hubs not to be missed. *A Dragon is a single exit in VC portfolio which allows the return of the entire fund Market experts Aman Ghei, Pavel Mucha, Principal, Finch Capital partner, ENERN Poland is one of the fastest growing countries in Europe ENERN has been committed to Polish startup ecosystem and coupled with fantastic AI/ML talent to build disruptive since 2015. Last year was clearly the most encouraging enterprises, the local consumer market has sufficient scale year of explosive growth in both start-up and scale-up to build large businesses across CEE and Western Europe. investments.
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