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30 Best Active Investors in Belgium in 2024

Over the past decade, Europe has become the second largest technology ecosystem in the world, creating startups solving problems worth solving in society. Behind many of these companies are investors who provide not just funds but also guidance and support.


Our 2024 list brings together the most notable investors from across the continent, with everyone listed having a track record of making strategic investments in generation-defining companies. These rankings are the result of tracking investment activity across 17,000+ companies and +2,500 venture capital investors Europe, and includes funds who have invested in at least 5 European companies in the past year, regardless of where they are HQ'd.


Whether you're a budding entrepreneur seeking the right funding partner, an investor looking for co-investment opportunities, or simply curious about the financial powerhouses investing in Europe, this list provides invaluable insights into the region.


Last update to the database: Dec 10, 2024. See changelog.


Icon Investor Rankings are calculated using our ÐÓ°ÉÔ­´´ Score – a 1 to 100 score that uses quantitative and qualitative data points (like the size of their fund or the quality of the companies they invested in) to signal the strength behind an investor. A score closer to 100 indicates an investor is worth watching closely.

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List of 30 top Belgium VCs

Hummingbird Ventures is a venture capital partner.

36

Offices:

Ghent (HQ)

London

Antwerp

Investment Stage:

Pre Seed, Seed, Series A, Series B, Unknown

Check Size:

$2.5M - $40M

Industries:

Health Tech, FinTech, Gaming

Top investments in Belgium:

Automata (
52)
, Monumental (
48)
, Anima (
44)

AMAVI Capital is a Belgium-based company founded in 2020.

35

Offices:

Brussels

Investment Stage:

Series A, Series B

Check Size:

$10M - $40M

Industries:

Proptech & Real Estate, Energy & Nuclear, Business Intelligence

Top investments in Belgium:

Myrspoven (
56)
, Cintoo (
28)

Sambrinvest is a venture capital fund based in Brussels. It supports startups and small businesses, particularly in biotech and deep tech, with a focus on Series B investments. Beyond funding, Sambrinvest offers expert advice to help entrepreneurs develop their projects while maintaining independence. One of its portfolio companies is Minoryx Therapeutics. By partnering with businesses at critical stages, Sambrinvest fosters innovation and growth.

35

Offices:

Brussels

Investment Stage:

Series B

Check Size:

$30M - $40M

Industries:

Biotech, Deep Tech

Top investments in Belgium:

Minoryx Therapeutics (
56)

Bioqube Ventures, based in Brussels, is a venture capital fund specializing in biotechnology and health technology companies at stages from seed to Series B. The fund focuses on supporting European life sciences startups that aim to improve health and medical outcomes. Their notable investments include SynOx Therapeutics, Egle Therapeutics, and Commit Biologics.

33

Offices:

Brussels (HQ)

Investment Stage:

Seed, Series B, Series D, Unknown

Check Size:

$20M - $250M

Industries:

Health Tech, Biotech

Top investments in Belgium:

CatalYm (
56)
, SynOx Therapeutics (
56)
, Egle Therapeutics (
52)

Gimv is a European investment company with four main investment platforms: Connected Consumer, Health and Care, Smart Industries and Sustainable Cities.

31

Offices:

Antwerp (HQ)

Investment Stage:

Series A, Series B, Series C, Unknown

Check Size:

$20M - $250M

Industries:

Health Tech, FinTech, Hardware

Top investments in Belgium:

Complement Therapeutics (
60)
, SynOx Therapeutics (
56)
, FIRE1 (
52)

GBV Capital, based in Ghent, is a venture capital fund focusing on early-stage startups in fields like crypto, web3, and AI. They provide tailored funding to help new companies grow, with investments ranging from small to larger amounts. Notable support includes the company Ta-da. Their goal is to back talented entrepreneurs and impactful projects.

31

Offices:

Ghent

Investment Stage:

Seed

Check Size:

$5M - $10M

Industries:

Crypto & web3, AI

Top investments in Belgium:

Ta-da (
41)

Belcube is a venture capital fund in Brussels, founded by Jean Zurstrassen and Grégoire de Streel, co-founders of Belgacom Skynet, Keytrade Bank, and Tunz.com. Belcube focuses on seed-stage investments in startups within the insuretech and service sectors. Their investments, which range from small to moderate amounts, aim to support early-stage growth. Notable investments include Qover. Belcube's mission is to help new businesses grow through strategic funding and guidance.

30

Offices:

Brussels

Investment Stage:

Seed

Check Size:

$2.5M - $5M

Industries:

Insuretech, Service industry

Top investments in Belgium:

Qover (
48)

Innovation Fund is a venture capital fund based in Brussels, investing in Series B stage companies within biotechnology, manufacturing, and health technology sectors. Notable investments include Univercells. The fund provides financial support with check sizes between $250k and $5M to help companies grow. Innovation Fund focuses on backing firms with strong potential in specialized fields.

30

Offices:

Brussels

Investment Stage:

Series B

Check Size:

$20M - $30M

Industries:

Health Tech, Biotech, Manufacturing

Top investments in Belgium:

Univercells (
48)

imec.xpand is an accelerator company.

28

Offices:

Brussels

Investment Stage:

Seed, Series A, Series B

Check Size:

$10M - $50M

Industries:

Health Tech, Hardware, Biotech

Top investments in Belgium:

MICLEDI Microdisplays (
56)
, Luma Vision (
48)
, Inbrain Neuroelectronics (
28)

Force Over Mass Capital is a London-based venture capital fund investing in early-stage technology companies. They focus on sectors such as ecommerce, fintech, AI, and cybersecurity. The fund supports businesses with investments from $250,000 to $1 million. Notable portfolio companies include Sprinque, Seldon, and Admix.

27

Offices:

London (HQ)

Antwerp

Investment Stage:

Pre Seed, Seed, Series A, Series B, Unknown

Check Size:

$100k - $40M

Industries:

Climate Tech & Green Tech, Edtech, FinTech

Top investments in Belgium:

Artificial Labs (
56)
, CausaLens (
56)
, Admix (
52)

Korys is the investment company of the Colruyt family.

27

Offices:

Brussels

Investment Stage:

Series B, Series C

Check Size:

$30M - $100M

Industries:

Agritech, Biotech, Space Tech

Top investments in Belgium:

OroraTech (
46)
, Aphea.Bio (
43)

Ninepointfive is a venture capital fund based in Antwerp. It invests in tech startups from pre-seed to series A stages, with check sizes ranging from $500,000 to $7,500,000. Focusing on industries such as manufacturing, ecommerce, and sales and marketing, Ninepointfive co-invests with other companies to aid startup growth. Notable investments include Penny Black and MakerVerse.

26

Offices:

Antwerp (HQ)

Investment Stage:

Pre Seed, Seed, Series A

Check Size:

$500k - $20M

Industries:

Manufacturing, Sales and Marketing, Ecommerce

Top investments in Belgium:

MakerVerse (
44)
, Penny Black (
30)

Astanor Ventures is a Brussels-based venture capital firm focusing on technology-enabled European companies in the agri-food sector.

26

Offices:

No data available

Investment Stage:

No data available

Check Size:

$100k - $500k

Industries:

No data available

Top investments in Belgium:

No data available

Astanor Ventures is a Brussels-based venture capital firm focusing on technology-enabled European companies in the agri-food sector.

26

Offices:

Brussels (HQ)

Brussels (HQ)

Investment Stage:

Seed, Series A, Series B, Series C, Series D, Unknown

Check Size:

$100k - $250M

Industries:

Climate Tech & Green Tech, Health Tech, FinTech

Top investments in Belgium:

Ynsect (
60)
, Calyxia (
59)
, Reshape Biotech (
56)

Offices:

Brussels

Investment Stage:

Series A

Check Size:

$20M - $30M

Industries:

Foodtech, Biotech

Top investments in Belgium:

Onego Bio (
41)

AG Real Estate is a venture capital fund based in Brussels, focusing on debt financing in areas like property technology, real estate, the service industry, and travel technology. Acting as both an investor and developer, they manage a diverse portfolio and have invested in companies like Cohabs. Operating in Belgium, France, Luxembourg, and select European markets, AG Real Estate aims to work sustainably and in the best interest of their clients and partners.

25

Offices:

Brussels

Investment Stage:

Debt Financing

Check Size:

$50M - $70M

Industries:

Proptech & Real Estate, Travel Tech, Service industry

Top investments in Belgium:

Cohabs (
40)

Mediahuis Ventures is a corporate venture capital company.

24

Offices:

Amsterdam (HQ)

Antwerp

Investment Stage:

Seed, Series A, Series B, Series C, Unknown

Check Size:

$2.5M - $50M

Industries:

Edtech, AI, Fitness

Top investments in Belgium:

Lepaya (
52)
, ±Ê±ð°ù±ô±ð²µ´Ç (
46)
, Alleo (
41)

Ingka Investments is the venture capital arm of Ingka Group, the largest IKEA Retail operator. Focusing on Series A investments in the Insuretech sector, they aim to generate long-term financial returns and support Ingka Group's sustainability goals. They also manage assets like wind and solar parks, and forestland. The team includes investment managers, sales and operations managers, and forest rangers, all dedicated to entrepreneurship and the environment. Notable investments include Urban Jungle. Ingka Investments oversees six portfolios, 25 minority investments, three acquisitions, and extensive renewable energy resources and forestland.

23

Offices:

Leuven

Investment Stage:

Series A

Check Size:

$20M - $30M

Industries:

Insuretech

Top investments in Belgium:

Urban Jungle (
37)

Keyrock, founded in Belgium in 2017, is a venture capital fund specializing in pre-seed investments in deep tech. Known for their focus on cryptocurrency, Keyrock develops scalable, self-adaptive algorithmic technologies to support digital asset markets. Using in-house tools and high-frequency trading infrastructure, they provide liquidity services to tokens, exchanges, and brokerages. Keyrock is committed to transparency, operational integrity, and regulatory compliance. One notable investment is Rho Protocol.

23

Offices:

Brussels

Investment Stage:

Pre Seed

Check Size:

$2.5M - $5M

Industries:

Deep Tech, Investing

Top investments in Belgium:

Rho Protocol (
37)

Solvay Ventures, the venture capital arm of Solvay, operates with a $100 million evergreen fund based in Brussels. They invest between $500,000 and $3 million in Series A and Series B stage companies. Solvay Ventures focuses on sectors such as space technology, health technology, climate technology, manufacturing, and transportation. Notable investments include Kumovis, Tau Group, and 9T Labs, highlighting their interest in innovative and sustainable solutions.

22

Offices:

Brussels (HQ)

Investment Stage:

Series A, Series B, Unknown

Check Size:

$5M - $30M

Industries:

Climate Tech & Green Tech, Health Tech, Hardware

Top investments in Belgium:

iCOMAT (
48)
, 9T Labs (
34)
, Kumovis (
28)

BlackFin Tech is a venture capital fund based in Paris and part of BlackFin Capital Partners. They focus on high-growth sectors such as fintech, cybersecurity, and mobility, investing in early to mid-stage companies, including seed, series A, and series C rounds, with investments ranging from $1 million to $30 million. Notable investments include Ravelin, Likvido, Hypatos, and ViaBill. BlackFin Tech supports visionary entrepreneurs shaping the future of technology across various industries.

21

Offices:

Paris (HQ)

Brussels

Frankfurt

Investment Stage:

Seed, Series A, Series C

Check Size:

$5M - $30M

Industries:

FinTech, Legal Tech, Cybersecurity

Top investments in Belgium:

Ravelin (
52)
, Hypatos (
37)
, Likvido (
25)

Green Park Investment Partners is a venture capital fund based in Ghent. They focus on promising startups in fields such as artificial intelligence and social platforms. Check sizes range from $500,000 to $5,000,000, supporting early-stage companies. Notable investments include TechWolf. Green Park aims to help new businesses reach their full potential through strategic financial support.

21

Offices:

Ghent (HQ)

Amsterdam

Investment Stage:

Unknown

Check Size:

$2.5M - $5M

Industries:

AI, Consumer Social

Top investments in Belgium:

TechWolf (
33)

Telos Impact is a Brussels-based venture capital fund specializing in Series A investments in manufacturing and food technology sectors. Investing between €0 and €10 million, they aim to create positive social and environmental impacts. Their mission includes providing professional advisory services and promoting philanthropic and impact investing in Europe. They collaborate with international partners and experts to support their goals. Noteworthy investments include Kern Tec.

21

Offices:

Brussels

Investment Stage:

Series A

Check Size:

$20M - $30M

Industries:

Foodtech, Manufacturing

Top investments in Belgium:

Kern Tec (
33)

Nomainvest is a venture capital fund based in ³¢¾±Ã¨²µ±ð, investing in Series A stages within the semiconductor, energy, and nuclear industries. Known for strategic partnerships, the fund supports long-term growth projects. Its investment range is $250k to $5M, targeting development in Belgium, Germany, France, Luxembourg, and the Netherlands. Portfolio companies include e-peas. Nomainvest also focuses on sustainable solutions in construction, mobility, and healthcare linked to industrial and technological advancements.

21

Offices:

³¢¾±Ã¨²µ±ð

Investment Stage:

Seed, Series A

Check Size:

$5M - $20M

Industries:

Health Tech, AR / VR, Energy & Nuclear

Top investments in Belgium:

e-peas (
41)
, CUREosity (
26)

Offices:

Ghent (HQ)

Investment Stage:

Seed, Series B, Unknown

Check Size:

$2.5M - $30M

Industries:

Climate Tech & Green Tech, Proptech & Real Estate, Energy & Nuclear

Top investments in Belgium:

Kraftblock (
44)
, JuuNoo (
15)

Agfa Gevaert is a venture capital fund based in Antwerp, focusing on early-stage companies in eCommerce and Sales and Marketing. They typically support startups during seed and pre-seed stages, aiding new businesses with essential funding. A notable investment is Penny Black. Originating from developing imaging systems and IT solutions primarily for printing and healthcare, Agfa Gevaert demonstrates a strong commitment to technological growth. The parent company is located in Mortsel, Belgium.

19

Offices:

Antwerp

Investment Stage:

Pre Seed, Seed

Check Size:

$500k - $2.5M

Industries:

Sales and Marketing, Ecommerce

Top investments in Belgium:

Penny Black (
30)

Pitchdrive is a venture capital fund based in Antwerp, focusing on early-stage European startups. They invest in sectors such as fintech, health tech, and artificial intelligence, providing support from pre-seed to series A stages. Notable portfolio companies include Silo Team and Version Lens. Founded by entrepreneurs, Pitchdrive uses a data-driven approach to meet the needs of founders and drive their success.

18

Offices:

Antwerp (HQ)

Amsterdam

Berlin

Investment Stage:

Pre Seed, Seed, Series A, Unknown

Check Size:

$500k - $20M

Industries:

Health Tech, FinTech, Crypto & web3

Top investments in Belgium:

WAY.so (
39)
, Henchman (
33)
, Oper (
33)

Fortino Capital, based in Brussels, is a venture capital fund that supports and advises companies in property technology, sales and marketing, artificial intelligence, and business intelligence. They invest in early-stage startups to foster growth and success. Past investments include Billy Grace, Letsbuild, and Altura Platform.

18

Offices:

Brussels (HQ)

Investment Stage:

Pre Seed, Seed, Series A, Series B, Unknown

Check Size:

$2.5M - $50M

Industries:

AI, Proptech & Real Estate, Legal Tech

Top investments in Belgium:

TechWolf (
41)
, LegalFly (
33)
, Letsbuild (
31)

Aconterra is a venture capital fund based in Antwerp that invests in European early-stage companies focused on making buildings smarter and more energy-efficient. With investments ranging from €500,000 to €3,000,000 in seed and series A stages, Aconterra targets areas like privacy and security, real estate tech, data, and developer tools. Notable investments include Bisly, Sensative, Chainels, and Basking.io. The fund offers both capital and expertise to help these companies grow.

17

Offices:

Antwerp (HQ)

Investment Stage:

Seed, Series A, Unknown

Check Size:

$100k - $10M

Industries:

Hardware, AI, Deep Tech

Top investments in Belgium:

Bisly (
34)
, Basking.io (
25)
, Sensative (
21)

Freshmen Fund, based in Antwerp, is a venture capital fund specializing in early-stage companies. With investments ranging from €100,000 to €5 million, they primarily support fintech businesses. Notable investments include Levenue. Freshmen Fund is committed to helping startups grow through financial backing and active support.

17

Offices:

Antwerp (HQ)

Investment Stage:

Series A

Check Size:

$10M - $20M

Industries:

FinTech

Top investments in Belgium:

Levenue (
28)