The Report presents the characteristics of angel investments made by the best business angels in Poland. It is a perfect source of knowledge for present and future private investors.
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and detailed information on investments
and plans to launch new funds
with business angels involvement in 2023
on the startup investment market
The Report shows the specifics of the Polish angel investment market. By reading the Report you will find out:
Who are the business angels?
How do they invest?
How were they active in 2023?
These are some of the many questions we answer. We present the profiles of top Polish business angels based on interviews. What's more, the report highlights key events and investments that took place in 2023.
Access to financing is also an important factor affecting the rate at which technology companies can increase revenues (especially until they start generating positive cash flow),
but VC funds are now much slower to invest than they were just 2-3 years ago.
We need more companies actively improving the state of the world, which, while increasing their value and revenue, also solve the world's problems rather than create them.
Impact-driven startups are born out of the founders' immense passion, a profound social mission, a dominant need to fix the world, thinking in terms of the common good, and addressing the most crucial challenges we face.
The advent of artificial intelligence is undoubtedly changing the face of the market investment,
introducing new industries and trends and modifying investment strategies.
It is with particular enthusiasm and undisguised admiration that I support teams that implement impact ideas, i.e. ideas that help solve real social problems.
Success in this case is twofold - solving a real problem and financial gain.
Especially in the early rounds, I see a big role for organizations
such as COBIN Angels or investor clubs formed around funds - this gives individual angels a chance to minimize the risk of bad investment decisions.
I have never been so positively inclined towards investing in Polish and regional innovations as I am now.
The last several months have been the most challenging period in the technology sector for many years. (...) It's no longer just about rapid growth, but the path to actual profits and the idea of how to build it.
I think that the Polish market will not deviate too much from the global
exchanges, while we need new issuers who really want to be associated with artificial intelligence. These could be already listed companies that will offer new services, or issuers that are now raising capital from business angels and venture funds, and then decide to be listed on the Polish market
The activity reports in many countries across the EU indicate there was a contraction of angel investment activity in 2023. This is due to multiple factors such as venture capital pullback in later stages of investment, difficult exit market and lower exit multiples, macroeconomic conditions including inflation, political uncertainty as well as high interest rates driving asset allocation to lower risk investments.
A window of opportunity is opening for investors to pick out investment gems before valuations begin to soar.
Comparing the number of business angel activities in Poland to Western European countries, gives the impression that in this area, we can develop with even greater dynamism.
The voice of the new generation, which understands its role in the world differently than just generating profits, is becoming increasingly audible.
The market is more demanding, there is less money in the VC sector, so securing funding has become much more difficult.
I believe that the toughest time is behind us, and the determination and more and more people appearing on the Polish business angel market will meet the demand of startups looking for investment, and certainly those startups that particularly stand out.
I also see a positive trend of increased business angel activity within the COBIN Angels business, where the first half of 2024 was a record year in terms of investment value.
AI can be both a disruptive innovation, which favors startups, and a sustaining innovation, which favors already established players.
The answer to the question “Will AI cause a rash of unicorns or add a trillion dollars to Microsoft's capitalization?” is “Yes.”
The way business angels invest their capital, co-create new solutions and oversee their development is an inspiration for our products and services.
Investing in startups allows me to realize more good projects, very often innovative and diverse. I am happy to help materialize the assumptions of these projects, and help create and execute the strategy of the startups.
We believe that the experience of 2023 and 2024 will leave the market stronger and “cleansed” from the exaggeration, lack of reason or inflated valuations that occurred before.
Funds associated with PFR Ventures have attracted nearly 500 angel investors. They have funded the development of projects such as Fresh Inset, HiPets, Tomorrow Medical, Plenti, Talkin' Things and Zeme.
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The report presented here has important practical implications for the entire economy. I am glad that the SGH community had the opportunity to co-create this document,
proving that cooperation between business and universities brings extraordinary benefits to both sides
To fully realize the potential that startups bring, building an internal culture of innovation is key. This is not only about education and training,
but also about creating an environment that promotes openness to change, experimentation and collaboration among teams.
In addition to financial gain, it is also important for me to support the development of the Polish innovation sector, because I believe in the enormous intellectual and technological potential of our country.
Investment in startups, as the real estate market overheats and interest rates fall, may be an even better investment than a year earlier.
Experiences from the Polish or American market show that investments made by business angels should be supported by other elements of the financial ecosystem enabling further development of enterprises and exit of shareholders.
The fashion for investing in AI startups will falter, but the technology itself will nevertheless have an impact on the shape of the investment market, primarily as a tool to help investors quickly and efficiently analyze data, assess risk, forecast market trends and support the selection of assets for a portfolio.
In our case, business angels give you the feeling that you are working directly with a human being, often experienced in business, and this relationship works both ways.
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In the coming years, we plan to invest in 12 funds with a co-investment profile, half of which will be tailored for business angels. This may translate into 300-600 million PLN in investments
(not including the public contribution, which will be the other half).
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