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top vc funds in belgium by vestbee
04 October 2022·9 min read

Valerie Stupnikova


Top VC Funds In Belgium To Finance Your Startup

Besides housing some of Europe's most important financial and political institutions, Belgium also boasts a thriving multicultural environment and is a dynamic nexus of diversity and multiculturalism. Moreover, this small country has not one, but three official languages, making it a great fit for startups seeking international exposure. As a French, Dutch, and German-speaking country with a strong level of English, it is well suited to launch startups worldwide. The startup ecosystem in Belgium is dynamic, including biotechnology firms, universities, startups, and scaleups.

We've covered numerous countries' VC firms earlier, like France, Italy, the UK, and more. So now let's take a look at the Belgian business ecosystem.   


Geography: Limburg
Preferred industries: sector-agnostic
Investment ticket: undisclosed
Company stage:  early-stage

LRM is an investment company contributing to Belgium's economic growth. It provides financial, commercial, technical, and organizational support to local and foreign companies and projects. In addition, LRM offers venture capital, private equity, and mezzanine, i.e., subordinated loans between the bank and equity. Also, LRM invests in innovative real estate, business parks, and sector-specific infrastructure. The companies it financed are Deo, an AI-backed data platform helping surgeons through analytics and data model prediction, UgenTec, an intelligent software tracking samples, and Aerial Precision, an enterprise drone intelligence-driven lidar system.

Volta Ventures

Geography: Benelux
Preferred industries: internet and software
Investment ticket: €300k to €2M
Company stage: early-stage

Volta Ventures helps Benelux companies to show their potential. It cooperates with some 30 business angels, who help with funding. Volta Ventures offers assistance with new market identification, customer acquisition, senior talent hire, ongoing guidance, strategic planning, and arrangement financing rounds. The firm invested in Responsum, a privacy management software solution, Blanco, a wealth management platform, Next Gate Tech, a smart platform offering insights to investment funds, and more.

Capricorn Partners

Geography: Europe, China, United States
Preferred industries: digital, health, and clean technologies
Investment ticket: up to €6M 
Company stage: from Seed to Series B

Capricorn Partners is a VC, growth capital, and quoted equity fund helping innovative companies. It offers strategic assistance and financial return for businesses that positively impact people and the planet. Capricorn Partners manages Quest for Growth, an alternative investment fund, and numerous other business funds. The firm has an extensive entrepreneurial network and is dedicated to following ESG norms. Capricorn Partners funded Sensolus, platfrom offering an end-to-end tracking solution for supply chain and logistics, DMC, a producer of the bio-based chamicals, iSTAR, a developer of the eye care solutions, and more.    

Quest for Growth

Geography: Europe
Preferred industries: digital, health and clean technologies
Investment ticket: undisclosed
Company stage: multistage

A public alternative investment fund, Quest for Growth helps innovative European businesses with a technological and competitive advantage. It is managed by the investment team, Capricorn Partners NV, which according to the Belgian law, promotes environmental and social characteristics. In other words, the VC firm invests in companies that follow good governance practices. Quest for Growth finances growth companies listed on the European stock exchange. The firm provides long-term investment in growth and venture capital, and smaller businesses. Quest for Growth finances DMC, a company producing bio-based chemicals, EVS, which offers live video production solutions, Equasens, a software contributing to improving patient care.


Geography: Europe, UK
Preferred industries: B2B technology
Investment ticket: from €0.5M to €25M
Company stage: multistage

Smartfin supports companies to expand internationally through financing, guidance, and its close partnership with well-established companies. To get help from Smartfin, startups need a working product, initial paying customers, and a growth plan. Smartfin has invested in Zivver, a digital communications platform, an embedded analytics software, Happeo, an intranet software for better employment communication, and more. 


Geography: Europe
Preferred industries: sector-agnostic
Investment ticket: €0,5 to €7,5M
Company stage: seed to Series A

Ninepointfive builds and accelerates young companies with ambitious business leaders. The firm offers long-term coaching and finances supported by co-investment with trusted partner brands. Ninepointfive supports corporate ventures into fast-growing scale-ups, like Heylog, a communication service platform that translates messages into the driver’s language and manages orders, Penny Black, a platform that connects brands and customers during the unboxing process for a personalized experience, Mylkcubator, a global incubation program for cellular agriculture products, and more.


Geography: Brussels
Preferred industries: urban well-being, civic tech, gov tech, legal tech, democracy 2.0, urban farming, entertainment and media sectors, fintech, insurtech, AI, infrastructure, edtech, HR tech, sustainability, circular economy 
Investment ticket: from €5K to €150K
Company stage: early-stage

Finance& helps startups, scale-ups, SMEs, VSEs, and social enterprises and cooperatives through a wide variety of financial solutions. Its main goal is to boost the economy of the Brussels region through industrial, financial, and commercial management. Finance& has helped such companies as Moneytrans, a Belgian banking app, Kaspard, a non-intrusive system helping nurses in institutions, and Cohabs, a network of shared homes for nomads.

V-Bio Ventures

Geography: Europe
Preferred industries: healthcare, therapeutics, diagnostics, sustainable agriculture
Investment ticket: undisclosed
Company stage: early-stage

V-Bio Ventures is a life-science VC fund supporting entrepreneurs and scientists that want to improve people's lives. It offers finances and access to its extensive network to private companies that address unmet needs and align with the UN Sustainable Development Goals. V-Bio Ventures cooperates with VIB, a prominent Belgian life science institute. The fund invested in Animab, a biotechnology company that supports livestock health, Coave Therapeutics, which developed gene therapy programs for those suffering from neurodegenerative disorders, and Protealis, which offers sustainable plant proteins in Europe.

Inventures Investment Partners

Geography: Europe
Preferred industries: health, education, environment, economic growth, social progress
Investment ticket: undisclosed
Company stage: early-stage

The first European impact fund, Inventures Investment Partners, owns several impact VC funds through which it produces financial and social returns. The management company helps ambitious scale-ups focusing on societal development and meets at least one UN Sustainable Development Goal. Inventures backed Cowboy, a designer and manufacturer of electric bikes for urban riders, SAM Labs, an edtech startup supporting teachers through STEAM classroom solutions, Opinum, a platform for monitoring energy consumption in buildings, and others. 



Geography: Belgium
Preferred industries: industry-agnostic
Investment ticket: €300K - €500k
Company stage: early-stage

ScaleFund accelerates startups by securing the proprietary and qualitative deal flow thanks to its trusted partnerships with seed investors and business angels. The firm helps young companies with global potential and ambitious goals. ScaleFund invested in dgenious, a business monitoring platform, 456 Skin, which offers beauty products for dark skins, and Kaspard, a non-intrusive device helping older people.


Geography: Belgium, Wallonia
Preferred industries: sector-agnostic
Investment ticket: undisclosed
Company stage: multistage

SRIW finances and accelerates Belgian companies from Wallonia that aim for international expansion by offering business creation assistance, investment, and help with acquisitions and working capital. The firm provides capital investment, convertible notes, subordinated loans, joint capital, and much more. In addition, SRIW supports developing skills necessary for business development and helps join financial, industrial, and commercial networks. The firm supported such companies as ABL, a medical and diagnostic software company from Luxembourg, BIA Group, which offers products and services in the mining, quarrying, construction, transport, and energy sectors, CE+T, which offers advanced energy management solutions, and more. 

Startup Factory

Geography: Belgium
Preferred industries: sector-agnostic
Investment ticket: €100K
Company stage: multistage

Startup Factory is a corporate venture agency that offers acceleration, incubation, and financing support to aspiring entrepreneurs. Additionally, it provides legal, administrative, recruitment, and product development support and helps with web design, branding, marketing and sales. Startup Factory backed Akti, a CRM and invoicing software, FreshR, which delivers fresh products, and Imagine Belgium, a VR platform allowing traveling across Belgium. 


Geography: Benelux, France, DACH
Preferred industries: healthcare, life sciences, smart industries, sustainable cities, consumer
Investment ticket: €5M - €75M
Company stage: multistage

Gimv is an investment firm that finances entrepreneurial and innovative middle-sized companies. The firm supports organizations with strong management and clear business strategies aimed at creating sustainable value and adding social value. Apart from financial help, Gimv provides sales acceleration, growth through acquisition, and global anchoring, which open the doors to its extensive global network. Gimv backed Acceo, which offers elevator inspection and monitoring services, Babyshop Group, a baby products retailer, Ellis, a premium hamburger restaurant chain. 


Geography: global
Preferred industries: energy
Investment ticket: undisclosed
Company stage: multistage

AltasInvest is a private investment company focusing on energy assets and supporting companies that specialize in conventional and renewable energy. In addition, the company offers financial support and contributes to the digitalization of the energy sector. AltasInvest manages several funds, and it also has a substantial real estate portfolio. AltasInvest financed Varo, which focuses on low carbon and reliable energy,  Lexo Energy, a tech-led petrol station creator in East Africa, Kayrros, a platform that offers climate and energy-transition data, and more. 


Geography: global
Preferred industries: tech, mobile, internet, digital media, IoT, security, software, security, software, IT, edtech, foodtech, fintech, banking, insurtech, personal finance, payments, predictive analytics, revenue-based financing, medtech, healthcare IT, dignostics, medical devices, imaging
Investment ticket: €500K - €10M
Company stage: pre-series A, series A, late seed

FinWise supports entrepreneurs in the fundraising process. The firm offers capital and helps arrange business partnerships through its extensive network of investors and experts. To get FinWise's support, companies need to have a scale-up potential, initial traction, and proof of market fit. Finwise helped PIRPA, a Swiss pre-surgical software helping patients suffering from Post-Operative Delirium, Qollabi, a business relationship management software predicting indirect sales, and more.

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Top 45 VC Funds In Switzerland To Finance Your Startup (by Valerie Stupnikova, Vestbee)

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