Belgium's startup ecosystem has entered a phase of early maturity, marked by significant growth and increasing international recognition. In the first half of 2024, private capital investment in Belgian startups surpassed €470 million, already exceeding the total funding of €424 million for the entire year of 2023. This surge in investment activity signals a robust and evolving tech landscape that is attracting both domestic and foreign investors. This article provides a comprehensive list of VC funds and angel investors in Belgium that are shaping Belgium's entrepreneurial landscape, fueling the next generation of tech giants and innovative startups across the country's diverse regions.
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Venture Capitalist Funds in Belgium
The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2013
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: Supersect, Neveo, Sortlist, Koalect, Cheqroom
Year of Inception: 2012
Stage: Pre Seed, Seed, Series A
Focus: Technology
Notable Portfolio: Amphistac, Tanai Therapeutics, VoxelSensors, Weavely
Year of Inception: 2019
Stage: Pre Seed, Seed, Series A, Series B
Focus: Web 3.0
Notable Portfolio: Blockpit, Casa, Holly, Gem, Exclusible
Year of Inception: 2003
Stage: Seed, Series A
Focus: BioTech, MedTech, Digital and Engineering
Notable Portfolio: Calyos, Simmunome, Classcraft, Cluepoints, HypnoVR
Year of Inception: 2015
Stage: Seed, Series A
Focus: Life Sciences
Notable Portfolio: Catalym, Spica Therapeutics, SynOx Therapeutics
Year of Inception: 2017
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Makerverse, Eccocar, Falcker, Heylog, Kando
Year of Inception: 2017
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Passbolt, Moonbird, Naki, Phasya
Year of Inception: 2014
Stage: Seed, Series A
Focus: Software
Notable Portfolio: Fero, Propellant, Next Gate Tech, Blanco, BITA
Year of Inception: 2013
Stage: Seed, Series A, Series B
Focus: B2B Technology, Industry 4.0, Artificial Intelligence, Fintech
Notable Portfolio: Ai Build, Banked, Causalens, Payflow, Pelago
Year of Inception: 2017
Stage: Seed, Series A, Series B, Series C
Focus: AgriFood
Notable Portfolio: Plantible, Apeel, Ynsect, Calyxia, The Gut Stuff
Year of Inception: 2010
Stage: Seed, Series A, Series B, Series C
Focus: Blockchain, Healthcare, Fintech, Marketplace, Gaming, Hardware, Engineering Biology, SaaS
Notable Portfolio: Kraken, Serna Bio, Vance, Automata, Deliveroo
Year of Inception: 1985
Stage: Seed, Series A, Series B, Series C
Focus: Sector Agnostic
Notable Portfolio: Plugnotes, Bloomlife, Novobiom, Myocene
Year of Inception: 2017
Stage: Series A, Series B
Focus: Life Sciences
Notable Portfolio: EsoBiotec, Splice Bio, Code Bio, Switch Therapeutics
Year of Inception: 2016
Stage: Series A, Series B
Focus: Nanotechnology, Microelectronics, Internet of Things
Notable Portfolio: Pridiktif, Axign, Pharrowtech, Blanco, ArtiQ
Year of Inception: 2009
Stage: Series A, Series B
Focus: Renewables
Notable Portfolio: Mekanika, Eclo, CleanEdison, ChromaSun
Year of Inception: 2007
Stage: Series A, Series B, Series C
Focus: Agriculture
Notable Portfolio: Animab, Biotalys, Protealis, GreenYard
Year of Inception: 1993
Stage: Series A, Series B, Series C
Focus: Digital Technologies, Health, Clean Technologies
Notable Portfolio: Noona, BlueBee, Neotiv, Trensition, Xenomatix, Exculture
Year of Inception: 2009
Stage: Series A, Series B, Series C
Focus: Impact
Notable Portfolio: Cadentia, Avenue Biosciences, MONCYTE Health
Year of Inception: 2015
Stage: Series A, Series B, Series C
Focus: Life Sciences
Notable Portfolio: Animab, ApheaBio, Coave Therapeutics, Exevir, Dualyx
Year of Inception: 2017
Stage: Series A, Series B, Series C
Focus: Life Sciences, Major Disease Areas, Diversified Technologies for Patient Solutions
Notable Portfolio: Santero Therapeutics, Dim3, Synergia, EditForce
Year of Inception: 1926
Stage: Series A, Series B, Series C
Focus: Materials, Sustainable Manufacturing, Industry 4.0
Notable Portfolio: HyperHeat, Ventory, Robovision, Xenomatix
Year of Inception: 2014
Stage: Series A, Series B, Series C
Focus: Technology
Notable Portfolio: Emma, Payflip, Timefold, Happeo, Willow
Year of Inception: 2019
Stage: Series A, Series B, Series C
Focus: Technology
Notable Portfolio: eFarmz, Loop Earplugs, Calltic, Moonbird
Year of Inception: 2019
Stage: Series A, Series B, Series C
Focus: Food and Beverage, Sustainability, Food Tech
Notable Portfolio: AuraBora, FitJoy, The Good Crisp Company, IQBar
Angel Investors in Belgium
The Angel investors listed below are part of an Angel community located throughout Belgium. They may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Forcebit, Shifter, DeftHedge, Playtreks, Flowchase
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Exobiologics, Hashting, Typetone, Foodiz, Forcebit
Frequently Asked Questions on VC Funds and Angel Investors in Belgium
What makes Belgium an attractive location for startups and investors?
Belgium is attractive for startups and investors due to:
Strong startup ecosystem
Ranked 24th globally
StartupNation reports that in 2021, Belgian startups created 12,000 new jobs and contributed €1.6 billion to the national GDP
Strategic location in Europe
Easy access to major markets
Excellent transportation links, including high-speed rail networks and world-class ports like Antwerp
Strong government support
Favorable legal and fiscal framework for startups and social enterprises
Tax breaks and funding programs for entrepreneurs
Successful unicorns and exits
Four 'unicorns' have emerged: team.blue, Collibra, Odoo, and Deliverect
Increasing number of exits, from 13 in 2018 to 36 in 2023
What are some unique aspects of the Belgian VC and angel investment landscape?
Some unique aspects of the Belgian landscape:
Focus on sustainable investments
Active corporate-VC collaboration
Deep tech specialization
Regional diversity (Distinct ecosystems in Flanders, Wallonia, and Brussels)
Sector-specific expertise (Strong focus and specialized funds on fintech, healthtech, logistics tech, and other specialties)
What sectors are Belgian VCs most interested in?
Belgian VCs show interest in diverse sectors, including:
Fintech
Digital technologies
Cleantech
Healthtech
Software and SaaS
Artificial Intelligence
Sustainable technologies
How much do Belgian VC firms typically invest?
Investment ranges vary, but generally:
Seed stage: €300K - €1M
Series A: €1M - €3M
Later stages: Up to €7.5M or more
Are Belgian VCs and angel investors open to investing in startups from other countries?
Belgian VCs and angel investors are increasingly open to investing in startups from other countries, reflecting the maturation of Belgium's tech ecosystem. Some Belgian venture capital firms, like Volta Ventures, explicitly focus on opportunities in the broader Benelux region. Belgian investors are particularly interested in startups aligned with the country's growing focus on areas such as AI, deep tech, and sustainable technologies, regardless of their country of origin.
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