The Polish tech and startup scene is thriving, with a growing number of startups and a strong ecosystem. The number of startups in Poland has grown significantly in recent years, and the country has become an attractive destination for tech talent. The strong ecosystem includes several accelerators, incubators, and coworking spaces. Additionally, the government has been supportive of the startup ecosystem, with many initiatives and programs. This not only stimulated domestic companies and entrepreneurs but also attracted foreign tech companies such as Microsoft and Betsson Group which owns brands like Rizk casino. The result is a vibrant and growing tech and startup scene that is becoming the economic powerhouse of Poland.
Poland is transforming into a Major European Tech Hub
Poland is probably one of the best European economic success stories in the last 30 years. The country has made a remarkable transformation from a communist regime to a thriving democracy and market economy. Now, it is one of the most dynamic economies in the European Union with strong growth prospects. Poland is even receiving a very flattering comparison by being called the “Silicon Valley of Europe”. It might seem far-fetched, but there’s a good reason behind. US tech giants Google and Microsoft alone invested almost 3 billion euros in new cloud data centers and cloud-computing data hubs.
Startup investment in Poland grew by more than 500% between 2016 and 2017. In 2021, Poland ranked fifth globally for foreign investment in new projects. Unlike many other Central and Eastern European countries that are still struggling to build a solid economy, Poland has managed to do so relatively successfully. It has a very well-educated workforce, a rapidly growing middle class, and a favorable business environment. This has all made Poland a “hot spot” for tech talent and foreign capital.
History of successful startups
The country has a long history of successful tech startups and a long tradition in the gaming industry. CD Projekt Red, the studio behind the hugely popular Witcher series of video games, is one of the best examples. The company was founded in 2002 and today it is worth over $1 billion. But CD Projekt Red was started with private funds. What about companies backed by venture capital?
Two notable Polish startups include Brainly, a social learning network for students, which raised $68 million funding in 2015, and DocPlanner, a medical appointment booking platform that raised $140 million in total fundings. Those are probably the most successful and best known Polish startups to this date.
Other successful startups are Booksy, a SaaS-enabled marketplace which raised almost $50 million and Cosmose AI Data-as-a-Service which raised total of $27 million. But the list doesn’t stop here. It wouldn’t be fair not to mention other great Polish startups like Codility, Infermedica, Tylko, Packhelp, Uncapped and Nomagic.
It’s worth mentioning that round sizes are getting bigger with new startups. For example, DocPlanner gathered $10 million in Series B round back in 2015, while Uncapped gathered $11 million in 2019 seed. So in the future, we might see even bigger rounds that will push new startups in favorable advantage over the older firms.