Polish startups hit record funding, ElevenLabs and ICEYE lead the way

The Polish venture capital market experienced a record-breaking first half of 2026, with total transaction values surpassing 4.6 billion Polish zloty. This surge was largely propelled by substantial funding rounds secured by two prominent startups: ElevenLabs and ICEYE.

Despite the record figures, experts caution that the market remains competitive and challenging when these two major deals are excluded. However, a positive trend observed is the increasing number of co-investments involving both venture capital funds and angel investors. This growing collaboration is enhancing startups' access to capital and fostering greater competition among investors.

In other economic news, Brent crude oil prices remain above $85 per barrel amid ongoing tensions between the United States and Iran. While U.S. President Donald Trump has withdrawn a proposal to charge for protecting ships in the Strait of Hormuz, suggesting increased investment in the U.S. instead, threats from Yemen's Houthi rebels targeting vessels in the Bab al-Mandab strait add further risk to the market.

Meanwhile, China's exports saw a significant year-on-year increase of 27 percent in June, driven by its automotive, photovoltaic, and artificial intelligence sectors. This export growth, particularly the record monthly export of over one million cars, has prompted the European Commission to announce further measures to curb the influx of cheap Chinese products before upcoming trade negotiations.

Russian oil refineries are facing increasing pressure, with Ukrainian drones targeting facilities like Gazprom Neft's largest refinery in Bashkortostan. Reports indicate that Ukraine has struck 24 of Russia's 34 largest refineries in the past 100 days, reducing processing capacity by over 3 million barrels daily and pushing production to its lowest level since 2022.

On the domestic front, the WIG20 index in Warsaw reached its highest level since 2007, nearing a historical record. Economists express optimism about Poland's economic outlook, citing investments funded by the National Recovery Plan, EU funds, and defense spending as key drivers. The daily economic podcast "Twój Biznes" provides daily updates on these and other financial market news.