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22 Leading Venture Capital Firms in Belgium

By 
Nicolás Cerdeira
 | 
Updated: 
October 30, 2022
 | 
Early StepsFundsPeopleProductFailureStoriesGrowthReviewsResourcesVC Firms

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The venture capital ecosystem in Belgium has undergone major growth over the last decade.

In this article, you will find some of the top venture capital firms in Belgium investing across various sectors and industries.

22 Venture Capital Firms in Belgium

1) Plug and Play Tech Center

Plug and Play Tech Center

Plug and Play provides an array of services including accelerators, mentorships, and capital to entrepreneurs of all backgrounds.

Details of the VC firm:

  • Country: USA, Canada, Brazil, United Arab Emirates, Netherlands, Belgium, Spain, Switzerland, Morocco, Germany, Turkey, South Africa, Italy, France, China, Japan, South Korea
  • City: Chicago, Cleveland, Detroit, São Paulo, Topeka, Toronto, Abu Dhabi, Amsterdam, Antwerp, Barcelona, Basel, Ben Guerir, Cairo, Geneva, Hamburg, Istanbul, Johannesburg, Madrid, Milan, Munich, Paris, Bangkok, Beijing, Kyōto, Ōsaka, Seoul, San Francisco
  • Started in: 2006
  • Founders: Ali Safavi, Jackie Hernandez, Saeed Amidi
  • Industries: DTC, Enterprise, Fintech, Food & Beverage, Healthcare, InsurTech, IoT, Media, Transportation, Hardware, Proptech & Real Estate, Supply Chain & Logistics, Climate & Sustainability, Travel & Hospitality, Agriculture, Energy
  • Stages: Early Stage, Series A, Series B, Series C
  • Minimum check size: $50,000
  • Maximum check size: $250,000
  • Number of investments: 1447
  • Number of exits: 140
  • Funds raised: $45,500,000
  • 3 remarkable investments: Truebill, Honey, Life360

You can find their website here.

You can send them an email at investment@plugandplaytechcenter.com.

2) Enterprise Ireland

Enterprise Ireland

Enterprise Ireland is a government organisation that provides investment support and opportunities for founders looking to build their businesses in Ireland.

Details of the VC firm:

  • Country: Ireland, Germany, Hungary, Denmark, France, Netherlands, Italy, Sweden, Spain, Czechia, United Kingdom, Belgium, Poland, Brazil, USA, Canada, United Arab Emirates, Australia, China, Japan, Singapore, Vietnam, India, South Korea, Saudi Arabia, Nigeria, South Africa, Kenya
  • City: Dublin, Düsseldorf, Budapest, Paris, Amsterdam, Milan, Stockholm, Madrid, Prague, London, Brussels, Warsaw, São Paulo, Austin, Toronto, New York, Dubai, Sydney, Hong Kong, Tokyo, Singapore, Ho Chi Minh City, Beijing, Mumbai, Seoul, Riyadh, Lagos, Johannesburg, Nairobi, Shannon, København
  • Started in: 1998
  • Industries: Life Sciences, Industrial
  • Stages: Pre-Seed, Seed, Series A, Series B, Series C
  • Maximum check size: €50,000
  • Number of investments: 686
  • Number of exits: 78
  • Funds raised: €216,100,000
  • 3 remarkable investments: Profitero, Immersive VR Education, Invinity Energy Systems PLC

You can find their website here.

You can send them an email at equitydept@enterprise-ireland.com.

3) Noshaq

Noshaq

Noshaq is a Belgium venture fund focusing on biotech, digital, industry 4.0, real estate, agri-food, culture & creative and energy & sustainability industries.

Details of the VC firm:

  • Country: Belgium
  • City: Liège
  • Started in: 1985
  • Founders: Gaëtan Servais
  • Industries: DTC, E-Commerce, Supply Chain & Logistics, Fintech, Life Sciences, Food & Beverage, Gaming, Industrial, Media, Proptech & Real Estate, Transportation, Energy
  • Stages: Early Stage
  • Number of investments: 474
  • Number of exits: 3
  • Funds raised: €115,000,000
  • 3 remarkable investments: Maana Electric, Amyl Therapeutics, Graftys

You can find their website here.

You can send them an email at info@meusinvest.be.

4) Force Over Mass

Force Over Mass

Force Over Mass Capital is a multistage venture capital backing B2B technology in Europe and the UK from seed to series B stages.

Details of the VC firm:

  • Country: United Kingdom, Belgium
  • City: London, Antwerp
  • Started in: 2013
  • Founders: Martijn De Wever
  • Industries: AI & ML, Robotics, Big Data & Analytics, Crypto & Blockchain, Cloud, E-Commerce, Fintech, InsurTech, Gaming, Healthcare, Industrial, Legal, Supply Chain & Logistics, Marketplace, Consumer, SaaS, Cybersecurity
  • Stages: Seed, Series A, Series B
  • Number of investments: 160
  • Number of exits: 28
  • Funds raised: £115,000,000
  • 3 remarkable investments: Artificial, Weavr, Pomelo Pay

You can find their website here.

You can send them an email at clientservices@fomcap.com.

5) LRM

LRM

LRM is a Dutch venture firm focusing on real estate investment opportunities.

Details of the VC firm:

  • Country: Belgium
  • City: Hasselt
  • Started in: 1994
  • Industries: Climate & Sustainability, Internet & Mobile, Enterprise, Proptech & Real Estate, Energy
  • Stages: Seed
  • Number of investments: 136
  • Number of exits: 17
  • Funds raised: €10,000,000
  • 3 remarkable investments: Panerex, FG Pharma, Pami

You can find their website here.

You can send them an email at info@lrm.be.

6) Hummingbird Ventures

Hummingbird Ventures

Hummingbird Ventures is a seed investor valuing both data and emotional intelligence.

Details of the VC firm:

  • Country: Belgium, United Kingdom
  • City: Antwerp, London
  • Started in: 2000
  • Founders: Barend Van Den Brande
  • Industries: Crypto & Blockchain, Healthcare, Fintech, Marketplace, Gaming, Hardware, SaaS
  • Stages: Seed, Series A, Series B
  • Minimum check size: $500,000
  • Maximum check size: $5,000,000
  • Number of investments: 92
  • Number of exits: 11
  • Funds raised: $455,000,000
  • 3 remarkable investments: Deliveroo, Beat, Souqalmal

You can find their website here.

You can send them an email at hello@hummingbird.vc.

7) Capricorn Partners

Capricorn Partners

Capricorn Partners is a Belgium venture capital primarily investing in digital, health and clean technologies.

Details of the VC firm:

  • Country: Belgium
  • City: Leuven
  • Started in: 1993
  • Founders: Jos B. Peeters
  • Industries: Health & Wellness, Climate & Sustainability, Internet & Mobile
  • Stages: Early Stage, Growth
  • Number of investments: 88
  • Number of exits: 23
  • Funds raised: €328,700,000
  • 3 remarkable investments: Sequana Medical, Innovium, Mainstay Medical

You can find their website here.

You can send them an email at capricorn@capricorn.be.

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8) Bonsai Venture Capital

Bonsai Venture Capital

Bonsai Venture Capital has been investing in early-stage companies since 1999.

Details of the VC firm:

  • Country: Turkey, Belgium, Spain, Saudi Arabia, Colombia
  • City: Riyadh, Brussels, Madrid, Istanbul, Bogotá, Medellín
  • Started in: 2006
  • Founders: Alfonso De León
  • Industries: Gaming, Fintech, Healthcare, Cybersecurity, Travel & Hospitality
  • Stages: Early Stage, Growth
  • Minimum check size: €250,000
  • Maximum check size: €2,500,000
  • Number of investments: 63
  • Number of exits: 38
  • Funds raised: €3,500,000
  • 3 remarkable investments: Frenetic, Signaturit, Miss Tipsi

You can find their website here.

9) Astanor Ventures

Astanor Ventures

Astanor Ventures invest in founders building technology-enabled solutions to reimagine the agriculture sector.

Details of the VC firm:

  • Country: Belgium
  • City: Brussels
  • Started in: 2017
  • Founders: Eric Archambeau, George Coehlo
  • Industries: Agriculture, Climate & Sustainability, DTC, Food & Beverage
  • Stages: Seed, Early Stage
  • Number of investments: 42
  • Number of exits: 1
  • Funds raised: $325,000,000
  • 3 remarkable investments: Planetary, Umiami, Melibio

You can find their website here.

10) Inventures Investment Partners

Inventures Investment Partners

Inventures Investment Partners is an impact fund for European startups.

Details of the VC firm:

  • Country: Belgium
  • City: Brussels
  • Started in: 2011
  • Founders: Charles-Albert De Radzitzky, Gilles Van Der Meerschen, Guillaume Desclée, José Zurstrassen, Olivier De Duve
  • Industries: Enterprise, SaaS, Transportation
  • Stages: Early Stage, Seed
  • Minimum check size: €500,000
  • Maximum check size: €2,500,000
  • Number of investments: 40
  • Number of exits: 3
  • Funds raised: €90,000,000
  • 3 remarkable investments: Aproplan, Opinum, Zencar

You can find their website here.

You can send them an email at info@inventures.fund.

11) Qbic Fund

Qbic Fund

Qbic is a sector-agnostic venture fund investing in early-stage companies that have technology links with their partner universities and research institutions.

Details of the VC firm:

  • Country: Belgium, USA
  • City: Gent
  • Started in: 2012
  • Founders: Sofie Baeten
  • Industries: Deep Tech & Hard Science, Biotech, Healthcare, SaaS
  • Stages: Early Stage, Seed
  • Number of investments: 37
  • Number of exits: 10
  • Funds raised: €300,000,000
  • 3 remarkable investments: Crowd Scan, Abscint, QustomDot

You can find their website here.

You can send them an email at info@qbic.be.

12) Volta Ventures

Volta Ventures

Volta Ventures is a seed investor for SaaS in the Benelux region.

Details of the VC firm:

  • Country: Netherlands, Belgium
  • City: Amsterdam, Gent
  • Started in: 2014
  • Founders: Frank Maene, Sander Vonk
  • Industries: Deep Tech & Hard Science, Fintech, Devops, Healthcare, Proptech & Real Estate, Gaming, Cybersecurity, Travel & Hospitality, Hardware & Industrials, SaaS
  • Stages: Seed, Early Stage
  • Minimum check size: €300,000
  • Maximum check size: €2,000,000
  • Number of investments: 30
  • Number of exits: 8
  • Funds raised: €100,000,000
  • 3 remarkable investments: Cashforce, TerminusDB, Sentiance

You can find their website here.

You can send them an email at info@voltaventures.eu.

13) Kharis Capital

Kharis Capital

Kharis Capital invests in consumer-focused companies in Asia and Europe.

Details of the VC firm:

  • Country: Switzerland, Belgium, Luxembourg
  • City: Brussels, Hong Kong, Luxembourg, Zug
  • Started in: 2015
  • Founders: Daniel Grossmann
  • Industries: Consumer
  • Stages: Early Stage
  • Number of investments: 29
  • Number of exits: 2
  • Funds raised: €90,000,000
  • 3 remarkable investments: Livspace, QSRP, StockViva

You can find their website here.

You can send them an email at info@khariscapital.com.

14) Theodorus

Theodorus

Theodorus is a Belgium seed-stage venture capital firm focusing on biotech, medtech, digital and engineering applications domains.

Details of the VC firm:

  • Country: Belgium, Canada
  • City: Montréal, Brussels
  • Started in: 2003
  • Founders: Olivier Belenger
  • Industries: Biotech, Healthcare
  • Stages: Seed, Series A
  • Minimum check size: €250,000
  • Maximum check size: €2,500,000
  • Number of investments: 22
  • Number of exits: 2
  • Funds raised: €70,000,000
  • 3 remarkable investments: Ogeda, Epsynomics, CluePoints

You can find their website here.

You can send them an email at info@theodorus.be.

15) AID Partners

AID Partners

AID Partners invests in companies within the technology, lifestyle, health tech and finance sectors.

Details of the VC firm:

  • Country: USA, Hong Kong, China, Japan, South Korea, United Kingdom, Taiwan, France, Belgium, Israel
  • City: Los Angeles, Hilo, Beijing, Shanghai, Shenzhen, Singapore, Tokyo, Seoul, London, Paris, Brussels, Tel Aviv-Yafo, San Francisco
  • Started in: 2007
  • Founders: Kelvin Wu, Joel Chang
  • Industries: Biotech, Healthcare, Gaming, Entertainment, DTC, Food & Beverage
  • Stages: Late Stage, Growth
  • Number of investments: 20
  • Number of exits: 2
  • Funds raised: $650,000,000
  • 3 remarkable investments: Cmge, Legendary Entertainment, SIRIN Labs

You can find their website here.

You can send them an email at info@8088inc.com.

16) Smartfin

Smartfin

Based in Belgium, Smartfin is an investment firm exclusively investing in European B2B tech companies.

Details of the VC firm:

  • Country: Belgium
  • City: Antwerp, Brussels
  • Started in: 2014
  • Founders: Jürgen Ingels, Bart Luyten
  • Industries: Fintech, Big Data & Analytics, Enterprise, SaaS
  • Stages: Early Stage
  • Minimum check size: €500,000
  • Maximum check size: €25,000,000
  • Number of investments: 19
  • Number of exits: 3
  • Funds raised: €380,000,000
  • 3 remarkable investments: MariaDB, Zivver, Silverfin

You can find their website here.

You can send them an email at info@smartfincapital.com.

17) V-Bio Ventures

V-Bio Ventures

V-Bio Ventures is a life science investment firm financing sustainable agriculture, medical therapies and therapeutics niches in Belgium.

Details of the VC firm:

  • Country: Belgium
  • City: Gent
  • Started in: 2015
  • Founders: Christina Takke, Willem Broekaert
  • Industries: Healthcare, Biotech
  • Stages: Series A, Series B
  • Minimum check size: €10,000,000
  • Maximum check size: €50,000,000
  • Number of investments: 16
  • Number of exits: 2
  • Funds raised: €185,000,000
  • 3 remarkable investments: Animab, Oxular, Biodol Therapeutics

You can find their website here.

You can send them an email at info@v-bio.ventures.

18) Acadian Ventures

Acadian Ventures

Acadian Ventures are backing bold founders reimagining the future of work across North America and Germany.

Details of the VC firm:

  • Country: USA, Canada, Mexico, Israel, France, Germany, United Kingdom, Belgium, Ireland, Malaysia
  • City: Los Angeles, Toronto, Boise, San Jose, San Francisco, Salt Lake City, Mexico City, Tel Aviv-Yafo, Paris, Marseille, Berlin, London, Dublin, Kuala Lumpur, New York, Gent
  • Started in: 2019
  • Founders: Jason Corsello
  • Industries: SaaS, Productivity, Health & Wellness, Future of Work, Human Resources
  • Stages: Early Stage
  • Minimum check size: €250,000
  • Maximum check size: €500,000
  • Number of investments: 12
  • Number of exits: 1
  • 3 remarkable investments: Mighty Labs, Fifty.Do, Utmost, Arist, Oyster

You can find their website here.

You can send them an email at hello@acadianventures.com.

19) Lean FUND

Lean FUND

Based in Belgium, Lean fund is a seed investment fund for European companies.

Details of the VC firm:

  • Country: Belgium
  • City: Louvain
  • Started in: 2013
  • Founders: Benoit Lips, Jean Dessain, Toon Vanagt
  • Industries: Productivity, SaaS, Supply Chain & Logistics, Climate & Sustainability, Sports
  • Stages: Early Stage, Seed, Pre-Seed
  • Minimum check size: €25,000
  • Maximum check size: €100,000
  • Number of investments: 12
  • Number of exits: 1
  • Funds raised: €33,000,000
  • 3 remarkable investments: Supersec, Neveo, Sortlist

You can find their website here.

You can send them an email at contact@leanfund.com.

20) Scale Fund

Scale Fund

Scale-fund is an industry-agnostic investment fund in Belgium.

Details of the VC firm:

  • Country: Belgium
  • City: Brussels
  • Started in: 2017
  • Founders: Claire Munck
  • Industries: SaaS, DTC, Big Data & Analytics, Developer Tools, AI & ML, Education
  • Stages: Early Stage
  • Minimum check size: €300,000
  • Maximum check size: €1,000,000
  • Number of investments: 12
  • Number of exits: 3
  • Funds raised: €8,000,000
  • 3 remarkable investments: Dgenious, Aquilon Pharmaceuticals, Wooclap

You can find their website here.

You can send them an email at info@scale-fund.com.

21) 9.5 Ventures

9.5 Ventures

9.5 Ventures specialises in funding, building and accelerating corporate ventures.

Details of the VC firm:

  • Country: Belgium
  • City: Antwerp
  • Started in: 2019
  • Founders: Paul Emmerick, Pieter Van De Velde
  • Industries: SaaS, Food & Beverage, Entertainment, DTC
  • Stages: Early Stage, Seed, Series A
  • Minimum check size: €500,000
  • Maximum check size: €7,500,000
  • Number of investments: 6
  • Funds raised: €34,000,000
  • 3 remarkable investments: The Park Playground, Makerverse, Penny Black

You can find their website here.

You can send them an email at hello@ninepointfive.vc.

22) Blackfin Tech

Blackfin Tech

Blackfin Tech is a European venture capital firm investing in late-stage fintech and insurtech companies.

Details of the VC firm:

  • Country: France, Belgium, Germany
  • City: Paris, Brussels, Frankfurt
  • Started in: 2016
  • Founders: Paul Mizrahi, Eric May, Bruno Rostain, Laurent Bouyoux
  • Industries: Fintech, InsurTech
  • Stages: Late Stage, Series A, Series B, Series C
  • Minimum check size: €1,000,000
  • Maximum check size: €30,000,000
  • Funds raised: €530,000,000
  • 3 remarkable investments: Agicap, Bdeo, Epsor

You can find their website here.

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