PIE: 2020 good for Polish start-ups

"VC (Venture Capital) funds invested PLN 2.1 billion in start-up development, and the total investment increased by 70 percent. Behind these figures, however, there is still an unfulfilled dream of breeding a Polish unicorn – an innovative company valued at over $1 billion," the Polish Economic Institute (PIE) stated.

It has already been noted, inter alia, in Estonia, Romania, or Lithuania. According to PIE, the candidates for the title of the Polish unicorn are, inter alia, companies that recorded "investment mega-rounds" in recent years, that is, worth more than $100 million. It's about DocPlanner (in 2019) and Iceye, Booksy, and Brainly (in 2020).

"Each of these companies operates globally, providing specialized solutions," we read.

As PIE explained, DocPlanner and Booksy are services for planning and booking visits (DocPlanner - addressed to doctors, Booksy - to the beauty industry), Iceye is based on SAR microsatellites providing up-to-date photos and satellite data, and Brainly creates an educational portal that allows students to exchange knowledge.

PIE notes that the region of Central and Eastern Europe is gaining popularity among investors. In the years 2015-2019, there was a five-fold increase in the funds invested by Venture Capital funds in our region, in contrast to the countries of Western Europe, where investments grew on average about twice. Nevertheless, in relation to the population of the region, Venture Capital investments are definitely lower than in the western part of Europe.

According to PIE, the currently highest-valued unicorn from Central and Eastern Europe is the Romanian UIPath ($35 billion), which creates office automation systems (Robotic Process Automation - RPA). Recently, the $1 billion barrier was exceeded by the Lithuanian company Vinted, which creates an internet platform for trading second-hand clothes. Estonian Bolt is also a unicorn from the region.

(PAP)