# Top 50 Climate Startup Investors in Belgium in October 2023

## Limburgse Reconversie Maatschappij
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 12
- Stages: Series A, Seed
- Focus: Information Technology, Software, Biotechnology

Oxygen for growth - LRM

## Innovation Fund
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 10
- Stages: Seed, Series A
- Focus: Health Care, Manufacturing, Software

Chemical, Advanced Materials, Cosmetics, Recycling, CleanTech, Plastics and Rubber Manufacturing, Nanotechnology, Biosciences

## S.R.I.W.
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 6
- Stages: Series A, Series B
- Focus: Health Care, Biotechnology, Manufacturing

The S.R.I.W. Group is an institution at the heart of the financial market that assists entrepreneurs in creating and developing businesses in the Walloon region. It reflects the effort of Wallonian industry in facing the challenges of the creation of economic value in the 21st century.
Since its creation in 1979, the Société Régionaled’Investissement de Wallonie has continuously been expanding its abilities to adapt and anticipate as well as its flexibility in order to meet the requirements of its partners who are confronted with the evolution of the world economy. The principles of good governance, a strong business culture and shared values at the heart of the Group constitute important assets to capture the changing realities of the market and progress in a sustainable development perspective.

## Gemma Frisius Fund
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 6
- Stages: Seed, Series B, Series A
- Focus: Biotechnology, Health Care, Therapeutics

Gemma Frisius Fund KU Leuven is a seed capital fund that aims to stimulate the creation and growth of university related spin-off companies.

## Gimv
- Type: VC Fund
- Location: Antwerpen, Antwerpen, Belgium
- Relevant deals: 5
- Stages: Series B, Private Equity
- Focus: Biotechnology, Health Care, Medical

Gimv is a European investment company with over three decades of experience in private equity and venture capital.Gimv is listed on NYSE Euronext Brussels. Gimv currently manages around 1.8 billion EUR (including third party funds) of investments in 85 portfolio companies, which jointly realise a turnover of more than EUR 6 billion and employover 28,000 professionals.As a recognized market leader in selected investment platforms, Gimv identifies entrepreneurial and innovative companies with high-growth potential and supports them in their transformation into market leaders. Gimv’s four investment platforms are: Consumer 2020, Health & Care, Smart Industries and Sustainable Cities. Each of these platforms works with a skilled and dedicated team across Gimv’s home markets of the Benelux, France and Germany and can count on an extended international network of experts.More information on Gimv can be found on [www.gimv.com].

## PMV
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 5
- Stages: Series A, Seed
- Focus: Software, Biotechnology, Health Care

Do and dare company

## Meusinvest (Noshaq)
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 5
- Stages: Seed, Series A
- Focus: Health Care, Biotechnology, Medical

Noshaq offers financial services to help businesses develop.

## Qbic Fund
- Type: VC Fund
- Location: Belgium, Wisconsin, United States
- Relevant deals: 5
- Stages: Seed, Series A
- Focus: Biotechnology, Software, Health Care

The Qbic Fund is a multi-sector fund supporting spin-off companies of the Ghent, Brussels and Antwerp university associations and of VITO. Through its strategic partnership with the universities of Ghent, Brussels and Antwerp, and VITO, the Qbic Fund has early and privileged access to promising research projects at these partner universities. Ourinvestment approach is based on early in-depth and independent review and analysis followed by hands on involvement and support.In May 2012 the Qbic Fund held its first close and currently it has over € 30 million under management. The Qbic Fund is backed by several public and private investors and managed by Qbic Venture Partners.

## Finindus
- Type: VC Fund
- Location: Zelzate, Oost-Vlaanderen, Belgium
- Relevant deals: 4
- Stages: Series A, Seed
- Focus: Manufacturing, Industrial, Renewable Energy

Finindus provides early stage financing and growth capital to innovative companies active in the area of materials, material processing and sustainable manufacturing. We are funded by ArcelorMittal and the Flemish Region and linked to OCAS, the world class metals research center located in Belgium.

## The Faktory Fund
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 4
- Stages: Seed, Pre-Seed
- Focus: Software, Information Technology, Manufacturing

The Faktory is a hub for business ideas based on any disruptive technology with a high potential in international niche markets: ICT, Health, Environment, Media, Broadcast and more.

## QBIC II
- Type: VC Fund
- Relevant deals: 4
- Stages: Series B, Series A
- Focus: Industrial, Biotechnology, Construction

QBIC II

## Capricorn Partners
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 4
- Stages: Series B, Series A
- Focus: Biotechnology, Health Care, Software

Capricorn Partners is a unique independent manager of venture capital, growth capital and quoted equity funds

## Nuhma
- Type: VC Fund
- Relevant deals: 3
- Stages: Seed, Series A
- Focus: Battery, Software, GreenTech

Namens de Limburgse gemeenten en Laakdal werken we aan duurzaamheid, energie en innovatie via gerichte participaties

## Thibaud Elziere
- Type: Angel
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 3
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Internet, SaaS

Thibaud Elzière is the Founder at Efounders.

## HCVC
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 3
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Artificial Intelligence, Manufacturing

HCVC is an early-stage Venture Capital firm backing hardtech companies worldwide. Beyond its fund, HCVC supports hardtech founders through Hardware Club, a selective global community of 500+ startups with dedicated resources, partnerships and events.

## KBC Focus Fund
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 3
- Stages: Seed, Series A
- Focus: Electronics, Semiconductor, Manufacturing

The KBC Focus Fund is a € 50 million venture capital fund that leverages the network of KBC in our investments. As we are an evergreen fund, we always strive for an exit when market conditions are favourable.

## Flanders Innovation and Entrepreneurship (VLAIO)
- Type: VC Fund
- Location: Brussel, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- Stages: Grant, Pre-Seed, Seed
- Focus: Biotechnology, Health Care, Artificial Intelligence

Basic and applied research fund of the Flemish regional government in Belgium

## Buysse & Partners
- Type: VC Fund
- Location: Antwerpen, Antwerpen, Belgium
- Relevant deals: 2
- Stages: Series A, Seed
- Focus: Software, Cloud Computing, FinTech

Buysse and Partners is a private equity investment group based in Antwerpen that offers smart equity, a growth fund, and partnerships.

## The CoFoundry
- Type: VC Fund
- Location: Antwerp, Antwerpen, Belgium
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Software, Network Security, SaaS

The CoFoundry helps entrepreneurs transform their ideas into sustainable companies. Some say we cut through the funding hype and work hard to give your business a sustainable future.

## Harold Mechelynck
- Type: Angel
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- Stages: Seed, Series A, Series B
- Focus: FinTech, Finance, SaaS

Harold Mechelynck is Founder at Ogone.

## Fidimec
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 2
- Stages: Series A, Seed
- Focus: Industrial, Semiconductor, Medical

Fidimec is a Belgium-based venture capital firm that offers investment and incubation services for seed stage startups.

## LeanSquare
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Software, Music, Internet

New Economy Startups Investor & Accelerator

## LRM
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 2
- Stages: Seed
- Focus: Manufacturing, Drones, Sensor

Oxygen for growth - LRM

## Namur Invest
- Type: VC Fund
- Location: Namur, Namur, Belgium
- Relevant deals: 2
- Stages: Series A, Seed
- Focus: Health Care, Medical Device, Auctions

Namur Invest Group provides companies with financing solutions in various forms adapted to their needs, to strengthen their financial.

## Industrya
- Type: VC Fund
- Location: Seraing, Liege, Belgium
- Relevant deals: 2
- Stages: Seed
- Focus: Industrial, B2B, SaaS

We are a hands-on investment fund that operates exclusively in the Industry 4.0, energy and new materials sectors. Industrya is an initiative of the John Cockerill industrial group, which joins together the investment funds of SFPI-FPIM, SRIW-WING, NOSHAQ and LRM.

## ABB Technology Ventures
- Type: VC Fund
- Location: Zürich, Zurich, Switzerland
- Relevant deals: 2
- Stages: Series B, Series A
- Focus: Software, Energy, Robotics

ABB Technology Ventures (ATV) is the strategic venture capital unit of ABB (NYSE: ABB). ATV scouts the globe for breakthrough power and automation technology partners aligned with ABB’s goal to write the future of industrial digitalization. Since its formation in 2009, ATV has invested nearly $200 million into high potential technology companiesspanning a range of sectors including robotics, industrial IoT, machine learning, 3D printing, cybersecurity and distributed energy. Learn more at abb.com/ventures.

## Bertrand Jelensperger
- Type: Angel
- Location: Paris, Ile-de-France, France
- Relevant deals: 2
- Stages: Seed, Series A, Angel
- Focus: E-Commerce, Apps, Organic Food

Bertrand Jelensperger is the Co-Founder and Advisory Board at TheFork.

## Elia System Operator
- Type: VC Fund
- Location: Brunelles, Centre, France
- Relevant deals: 2
- Stages: Seed, Series A, Private Equity
- Focus: Energy, Solar, Software

With a reliability level of 99.999 percent, Elia Group provides society with a robust electricity grid. We operate an electricity transmission system with voltage levels between 30 and 400 kilovolt (kV), and 50Hertz transports electricity over high-voltage levels of 150, 220 and 380 kilovolts (kV). 

## Finance.Brussels
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Software, CleanTech, Information Technology

Regional Investment Company of Brussels

## Index Ventures
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 2
- Stages: Series A, Series B, Seed
- Focus: Software, E-Commerce, Internet

Index Ventures is an international venture capital firm with dual headquarters in San Francisco and London, investing in technology-enabled companies with a focus on e-commerce, fintech, mobility, gaming, infrastructure/AI, and security.

## Fred Potter
- Type: Angel
- Location: Paris, Ile-de-France, France
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Artificial Intelligence, SaaS, Software

Engineer from Telecom ParisTech and holder of a PHD in Microelectronics, Fred is a passionate entrepreneur who has been reinventing objects we use in our everyday lives for over 20 years.
In 1999, he started CIRPACK, a telecommunications supplier, later bought by TECHNICOLOR; and WITHINGS, sold to NOKIA, before creating NETATMO in 2011.
His vision:a company where every employee knows how the business and projects grow and where daily life is driven by a strong sense of innovation, empowerment, hard work and sharing.

## Francis Nappez
- Type: Angel
- Location: Paris, Ile-de-France, France
- Relevant deals: 2
- Stages: Seed, Angel, Series A
- Focus: Software, Internet, SaaS

Francis leads the technical and product evolution of BlaBlaCar and has been instrumental in building the platform since 2006, allowing it to grow from hosting a few thousand members to millions today. He knows how to turn ambitious ideas into reality, and believes in building robust solutions which can adapt to fast growth and stay relevant for thelong-term. Francis cares about building agile cross-functional teams across locations to deliver efficiently on ambitious objectives. Pragmatic and result-oriented, he is driven by the opportunity to create disruptive solutions which better the user experience. Before joining BlaBlaCar, Francis led major technical developments for big names in European consumer internet which drove impactful disruptions in their respective sectors, including Free and Meetic. Francis holds a degree in Technology and Communications Research from the Joseph Fourier University. Find him @fnapz.

## Ark Angels Activator Fund
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 2
- Stages: Series A, Seed
- Focus: Software, Information Technology, SaaS

Ark Angels Activator Fund SA is a closed venture capital fund (closed-end private equity investment fund) with a capital of 14.8 M EUR. The Fund is recognized as ARKIV and has obtained the status of Private Privak under Belgian law. The Fund is managed by a management company set up by BAN Vlaanderen VZW, ING Belgium & the two fund managers.The Fund initially acted primarily as a co-investor in investments made by business angels who are members of BAN Vlaanderen, but then also co-invested with other capital providers.
It focuses not only on investments in young growth companies, but also on companies in the growth or transfer phase with an operating office in Flanders,

## Greyhound Capital
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 2
- Stages: Series B, Seed, Series D
- Focus: FinTech, Financial Services, Banking

Global growth equity investment firm focused on technology-enabled businesses improving everyday lives

## Edgard Vermeersch
- Type: Angel
- Location: Ghent, Oost-Vlaanderen, Belgium
- Relevant deals: 1
- Focus: CRM, Energy, Software

Edgard Vermeersch - Owner @ Itineris

## Clement Benoit
- Type: Angel
- Relevant deals: 1
- Stages: Seed, Series A, Pre-Seed
- Focus: E-Commerce, Software, FinTech

Clement Benoit - Founder and CEO @ Fithouse

## Airborn
- Type: VC Fund
- Location: Antwerp, Antwerpen, Belgium
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Waste Management, Information Services, Supply Chain Management

Airborn fund is investing in founders with impact

## Nivelinvest
- Type: VC Fund
- Location: Louvain-la-neuve, Vlaams-Brabant, Belgium
- Relevant deals: 1
- Stages: Series A, Seed
- Focus: Biotechnology, iOS, Construction

Nivelinvest is a venture capital firm based in Belgium that finances seed stage investments of Small and Medium Enterprises.

## Finorpa
- Type: VC Fund
- Location: Lens, Nord-Pas-de-Calais, France
- Relevant deals: 1
- Stages: Seed, Debt Financing
- Focus: Manufacturing, Industrial, Software

Finorpa is a venture capital firm based in France that finances seed and early stage investments of Small and Medium Enterprises.

## Wallonie Entreprendre
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed
- Focus: Health Care, Biotechnology, Health Diagnostics

Your partner ! WE is Wallonia's economic and financial tool at the service of businesses. We provide the means necessary for the development of activity in all sectors. Our investments and financing respond to a logic of creation, growth, transmission or relaunch of companies. We ensure compliance with social and environmental standards.

## Saffelberg Investments
- Type: VC Fund
- Location: Gooik, Vlaams-Brabant, Belgium
- Relevant deals: 1
- Stages: Series A, Seed
- Focus: Software, Fashion, E-Commerce

Saffelberg Investments is an independent investment company with a 250 million EUR capital base. We focus on long term investments by taking both majority stakes and substantial minorities in fast-growing ventures through risk-bearing capital.

## Spreds
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 1
- Stages: Series A, Seed, Series B
- Focus: Health Care, Information Technology, Food and Beverage

We empower high-potential entrepreneurship and democratize venture capital. Discover promising start-ups & SMEs and invest alongside business angels.

## DDM Holding AG
- Type: VC Fund
- Location: Baar, Zug, Switzerland
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Waste Management, Information Services, Supply Chain Management

DDM Holding AG acquires and manages distressed asset portfolios with a focus on non-performing loans in Eastern Europe.

## Engie Fabricom
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 1
- Stages: Series A
- Focus: Industrial, Service Industry, Internet of Things

Engie Fabricom is the leading Belgian company that specialised in the design, implementation, and maintenance of multi-technical installations and services.
Engie Fabricom's core capabilities include process safety consultancy, engineering & design, project management, procurement, manufacturing, construction, and commissioning.

## General Motors Ventures
- Type: VC Fund
- Location: Warren, Michigan, United States
- Relevant deals: 1
- Stages: Series A, Series B
- Focus: Automotive, Software, Energy

GM Ventures combines investing in automotive-related tech startups with General Motors support to drive innovation and advance the future of mobility.

## Innogy Venture Capital
- Type: VC Fund
- Location: Essen, Nordrhein-Westfalen, Germany
- Relevant deals: 1
- Stages: Series A, Series B
- Focus: Energy, CleanTech, Energy Management

Innogy Venture Capital is a fund management company in distributed energy solutions. The company focuses on investments in European startup companies that provide solutions and new business models shaping the future energy market. With a final closing size of EUR 115 million, the currently managed "Innogy Renewables Technology Fund I" isa leading early stage investor in this segment in Europe. The fund's sponsors are RWE Innogy and CEE Holding. RWE Innogy pools within the German utility RWE the expertise for construction and operation of renewable energy generation assets. CEE Holding is an investment company of Bankhaus Lampe Group, focusing on renewable energy generation.

## SIDBI Venture Capital
- Type: VC Fund
- Location: Mumbai, Maharashtra, India
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Manufacturing, Information Technology, Software

SIDBI Venture Capital is a venture capital arm of Small Industries Development Bank of India.

## Merieux Developpement
- Type: VC Fund
- Location: Lyon, Rhone-Alpes, France
- Relevant deals: 1
- Stages: Series C, Series B
- Focus: Health Care, Biotechnology, Medical Device

Mérieux Développement is specialized in Growth and Venture capital transactions in the healthcare and nutrition sectors. We support companies with products or services offering true differentiation and capacity to create substantial value over the long term. Our investment team, based in Europe and North America, brings its expertise andinternational network to help entrepreneurs disrupt and grasp substantial market opportunities. Mérieux Développement is an affiliate of Institut Mérieux, which employs approximately 17,000 employees worldwide, with consolidated revenues exceeding 2.5 billion Euros in 2017.

## Ventech
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 1
- Stages: Series A, Series B
- Focus: Software, E-Commerce, Biotechnology

On-the-ground expert investors in early-stage digital. Ready to meet you, wherever you are.

## AMAVI Capital
- Type: VC Fund
- Relevant deals: 1
- Stages: Series A
- Focus: Information Technology, Real Estate, Software

AMAVI is an independent and dedicated Pan-European investor established to support growth of the leading and most promising companies active in the PropTech industry, with a geographical focus on the Benelux, Nordics, Germany, Switzerland and France. AMAVI aims to create a bridge between the traditional real estate industry on the one hand and themost groundbreaking European PropTech companies on the other hand, by leveraging on its combined expertise and network from the real estate, technology and private equity industry. AMAVI partners with the world-shapers, creating companies that radically change the places we live, work and relax in today.

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