Venture capital in Poland is a segment of the private equity market that finances early-stage high-risk companies based in Poland, with the potential for fast growth. As of March 2019, there is a total of 130 active VC firms in Poland, including local offices of international VC firms, and VC firms with mainly Polish management teams. Between 2009–2019, these entities have invested locally in over 750 companies, which gives an average of around 9 companies per portfolio. The Polish venture market accounts for 3% of the entire European ecosystem of VC investments, mainly in the digital space. Since 2016, the institutions of an Alternative Investment Company, and a Closed-End Investment Fund have been established for entities implementing investments in enterprises in the seed or startup phase. In 2018, venture capital funds invested in Polish startups (0.033% of GDP). According to Startup Poland, as of March 2019, total assets managed by VC companies operating in Poland are estimated at . The total value of investments of the Polish VC market is worth . History of VC funds in Poland Early 90s As a form of financing enterprises, first venture capital funds appeared in Poland at the beginning of the 1990s. As Polish terminology lacks an adequate equivalent for the concept of venture capital, the English version is widely used, next to the terms “speculative capital”, and “capital engaged in risky transactions,” to determine this form of financing. First capital investors appeared on the Polish market as funds financed from public aid funds, with the mission of developing the private sector (e.g. the Polish-American Entrepreneurship Fund, with capital of ), or private funds (e.g. Invesco). In 1990, the investment activity was also undertaken by the Danish Fund for Central and Eastern Europe, which would support investments in Poland using government capital. In 1991, the Society for Social and Economic Initiatives started its activities, and in 1992 further key institutions including the Care Small Business Assistance Corporation, the Cooperation Fund, the Foundation for the Development of Polish Agriculture, and the European Bank for Reconstruction and Development. In the second half of the 1990s, there was an increase in interest from investors. In 1992, the Polish Private Equity Fund I and II () began operations, and in 1994, the Poland Partners fund () have also appeared on the market, along with the Poland Investment Fund (with the participation of EBRD and IFC), the Renaissance