# Top 50 Enterprise VC (Venture Capital) Funds in Belgium in October 2023

## Limburgse Reconversie Maatschappij
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 27
- Stages: Series A, Seed
- Focus: Information Technology, Software, Biotechnology

Oxygen for growth - LRM

## Volta Ventures
- Type: VC Fund
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 24
- Stages: Seed, Series A
- Focus: Software, Information Technology, Artificial Intelligence

Volta Ventures is a venture capital firm, offering seed & early stage VC for internet & software companies (SaaS) in the Benelux region

## PMV
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 23
- Stages: Series A, Seed
- Focus: Software, Biotechnology, Health Care

Do and dare company

## SmartFin
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 12
- Stages: Series B, Series A
- Focus: Software, SaaS, Analytics

Venture capital fund focussing on European B2B technology companies.

## WING by Digital Wallonia
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 12
- Stages: Seed, Convertible Note, Series A
- Focus: Software, Health Care, Internet

W.IN.G by Digital Wallonia invests in SAAS, advanced tech and deep tech startups (AI, drones, medtech, IOT,...). W.IN.G brings smart money by helping startups by bi-weekly interactions and providing an operating teams (seasonal entrepreneurs being hands-on with the portfolio).

## LeanSquare
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 11
- Stages: Seed, Series A
- Focus: Software, Music, Internet

New Economy Startups Investor & Accelerator

## Ark Angels Activator Fund
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 10
- 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,

## Capricorn Partners
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 10
- 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

## Qbic Fund
- Type: VC Fund
- Location: Belgium, Wisconsin, United States
- Relevant deals: 10
- 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.

## Newion
- Type: VC Fund
- Location: Amsterdam, Noord-Holland, The Netherlands
- Relevant deals: 9
- Stages: Series A, Seed
- Focus: Software, SaaS, Information Technology

Newion is a venture capital firm focused on early-stage investments in B2B software companies. Its mission is to support entrepreneurs in building software companies into category leaders that create sustainable impact, and in doing so generate excellent returns to its investors.

## S.R.I.W.
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 9
- 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.

## Fortino Capital
- Type: VC Fund
- Location: Zaventem, Vlaams-Brabant, Belgium
- Relevant deals: 9
- Stages: Series A, Seed
- Focus: Software, Information Technology, SaaS

We partner with exceptional B2B Software entrepreneurs across Northwestern Europe.

## Belfius Bank
- Type: VC Fund
- Location: Saint-josse-ten-noode, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 9
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, Artificial Intelligence

A for-profit PLC founded to meet local authority needs.

## Sambrinvest
- Type: VC Fund
- Location: Gosselies, Hainaut, Belgium
- Relevant deals: 8
- Stages: Seed, Series A, Series B
- Focus: Biotechnology, Health Care, Information Technology

Sambrinvest is an active venture capital player in the region of Charleroi - Thuin.

## Gimv
- Type: VC Fund
- Location: Antwerpen, Antwerpen, Belgium
- Relevant deals: 8
- 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].

## Finance.Brussels
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 7
- Stages: Seed, Series A
- Focus: Software, CleanTech, Information Technology

Regional Investment Company of Brussels

## Inventures SA
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 7
- Stages: Series A, Seed
- Focus: Health Care, Manufacturing, Biotechnology

Inventures is a European venture capital fund that builds a better world through a portfolio of investments in sustainable businesses.The firm has two funds: Inventures I & Inventures II.Inventures was created to support early stage smart and innovative European businesses, to support sustainable job growth and empower entrepreneurs.Inventures empowers citizenship co-investments through a crowdfunding platform, MyMicroInvest.

## Innovation Fund
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 6
- Stages: Seed, Series A
- Focus: Health Care, Manufacturing, Software

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

## Flanders Innovation and Entrepreneurship (VLAIO)
- Type: VC Fund
- Location: Brussel, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 6
- Stages: Grant, Pre-Seed, Seed
- Focus: Biotechnology, Health Care, Artificial Intelligence

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

## The CoFoundry
- Type: VC Fund
- Location: Antwerp, Antwerpen, Belgium
- Relevant deals: 6
- 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.

## Be Angels
- Type: VC Fund
- Location: Louvain-la-neuve, Vlaams-Brabant, Belgium
- Relevant deals: 6
- Stages: Seed, Pre-Seed
- Focus: Software, Information Technology, SaaS

Early stage Entrepreneurs Coaching and FinancingOne of Europe's leading Business Angels Networks. We connect innovative growth companies to equity finance and coaching by experienced angel investors.
The network is 250 members strong and has been assisting innovative entrepreneurs to find financing for more than 10 millions Euros in thelast 4 years.

## Hummingbird Ventures
- Type: VC Fund
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 5
- Stages: Series A, Seed, Series B
- Focus: Software, E-Commerce, Financial Services

Supporting Exceptional entrepreneurs. We value emotional intelligence as much as data, growing internal culture as much as growing revenue, and forming strong, personal bonds with founders. We recognize patterns where other don't.

## 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.

## Saffelberg Investments
- Type: VC Fund
- Location: Gooik, Vlaams-Brabant, Belgium
- Relevant deals: 5
- 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.

## The Faktory Fund
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 5
- 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.

## ING Group
- Type: VC Fund
- Location: Amsterdam, Noord-Holland, The Netherlands
- Relevant deals: 5
- Stages: Debt Financing, Series B
- Focus: FinTech, Renewable Energy, Energy

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services. They serve more than 85 million private, corporate and institutional customers in Europe, North and Latin America, Asia and Australia. They draw on our experience and expertise, their commitment to excellent service andtheir global scale to meet the needs of a broad customer base, comprising individuals, families, small businesses, large corporations, institutions and governments.

## Peak
- Type: VC Fund
- Location: Amsterdam, Noord-Holland, The Netherlands
- Relevant deals: 5
- Stages: Seed, Pre-Seed
- Focus: Software, SaaS, E-Commerce

We're the early-stage venture capital fund backed 100% by founders. Pre-Seed and Series A for SaaS, Marketplaces & Platforms.

## E-Merge
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 5
- Stages: Seed, Series A
- Focus: Software, SaaS, E-Commerce

Find out if E-Merge is the right fit for your future career! Explore jobs, salary, equity, and funding information. Read about work-life balance, perks, benefits, and the company culture!

## KBC Focus Fund
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 4
- 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.

## Seeder Fund
- Type: VC Fund
- Location: Anderlecht, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 4
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Information Technology, Financial Services

Seeder Fund is an early-stage financing and growth capital for digital startups. For young start-ups with a start in commercial traction it offers seed funding of up to EUR 100,000 in the form of a convertible loan is intended to validate their value proposition and product-market fit. For start-ups preparing for Series A it provides funding of upto EUR 200,000 in the form of a convertible loan aims to confirm the growth potential and move closer to break-even. For scale-ups, the Seeder Fund can also help finance the company's growth, this time in the form of a capital stake of up to 1,000,000 EUR.

## Big Bang Ventures
- Type: VC Fund
- Location: Antwerpen, Antwerpen, Belgium
- Relevant deals: 4
- Stages: Series A, Series B
- Focus: Software, Cloud Computing, Apps

Supporting Exceptional entrepreneurs. We value emotional intelligence as much as data, growing internal culture as much as growing revenue, and forming strong, personal bonds with founders. We recognize patterns where other don't.

## Lean FUND
- Type: VC Fund
- Location: Louvain, Vlaams-Brabant, Belgium
- Relevant deals: 4
- Stages: Seed, Series B
- Focus: Internet, Apps, Software

Startups, increase your value by 3 within 9 months thanks to Power 3 by Leanfund (www.leanfund.com)!

## Angelwise
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 4
- Stages: Seed, Series A
- Focus: Software, SaaS, Data Integration

Angelwise Vlaams Investeringsfonds

## KPN Ventures
- Type: VC Fund
- Location: Rotterdam, Zuid-Holland, The Netherlands
- Relevant deals: 4
- Stages: Series A, Series B, Seed
- Focus: Software, Internet of Things, Information Technology

KPN Ventures is a corporate venture arm of KPN that aims to partner with innovative technology companies, providing access to capital, expertise, network, and customer channels. It focuses on early growth-stage European companies in networking technology, internet of things, smart home, digital healthcare, cyber security, mobile and video (OTT)services, cloud computing, data, and analytics. It began operation on June 1, 2015, with its headquarters in Rotterdam in the Netherlands.

## KBC
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 4
- Stages: Seed, Series A, Series B
- Focus: Biotechnology, Health Care, Software

KBC Private Equity - the investment company of KBC Group - provides development capital and finances buy-outs to medium-sized companies in Belgium and in Central and Eastern Europe, KBC's home markets.Boasting an experienced team of 28 people, it has more than 60 active investments in portfolio with a market value in excess of EUR 400million.KBC Private Equity aims to become one of the leading private equity providers on KBC Group's home markets. As an active shareholder with a long-term perspective, KBC Private Equity is involved in taking strategic decisions and providing support to management teams.

## Pitchdrive
- Type: VC Fund
- Location: Antwerp, Antwerpen, Belgium
- Relevant deals: 3
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, SaaS, Information Technology

Pitchdrive is a pre-seed investor run by experienced tech entrepreneurs backing founders during their crazy startup ride. Buckle up.

## QuaeroQ
- Type: VC Fund
- Relevant deals: 3
- Stages: Series A
- Focus: GovTech, CivicTech, Communities

QuaeroQ is a privately-held investment fund that invests in and supports small and midsize companies in Europe with a long-term approach as an involved minority shareholder with a co-owner mindset and in close relationship with their management.
It was founded in 2003 and is headquartered in Waregem, Belgium.

## Pamica NV
- Type: VC Fund
- Location: Antwerp, Antwerpen, Belgium
- Relevant deals: 3
- Stages: Seed, Series A
- Focus: FinTech, Finance, Financial Services

Pamica NV is the investment company of Michel Akkermans.

## Medici Ventures
- Type: VC Fund
- Location: Salt Lake City, Utah, United States
- Relevant deals: 3
- Stages: Series A, Seed
- Focus: Blockchain, FinTech, Financial Services

Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to manage and oversee the company’s investments in firms building solutions leveraging and servicing blockchain technologies. Medici Ventures has a growing portfolio of groundbreaking new companies and tech businesses.

## BNP Paribas Fortis
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 3
- Stages: Debt Financing, Series B
- Focus: Biotechnology, Logistics, Software

BNP Paribas Fortis is a bank that provides personal and business banking services.

## Korys
- Type: VC Fund
- Location: Halle, Vlaams-Brabant, Belgium
- Relevant deals: 3
- Stages: Series A, Series B
- Focus: Biotechnology, Information Technology, E-Commerce

Korys is the name chosen by the Colruyt family for their investment structure. The name Korys is derived from the Latin word for hazelnut tree – Corylus - which is at the origin of the Colruyt name.Their multi-disciplinary approach enables us to create a well-balanced, diversified portfolio of listed stocks and bonds, private equity funds, anddirect participations in small and medium-sized companies. Through their investments, they aim to make a positive impact on people and the planet, while generating attractive returns. A “three P” approach (People, Planet, Profit) forms the cornerstone of their investment strategy. They invest for the long term, as they realize that it takes time to achieve the sustainable impact they are aiming for. They focus their investments in sectors in which they have built substantial expertise as a team: Cleantech, consumer goods & retail and life sciences.

## Force Over Mass Capital
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 3
- Stages: Seed, Series A
- Focus: Software, Information Technology, FinTech

Force Over mass are reinventing Venture Capital. With over a decade of experience in investing in innovation we are at the forefront of innovation.  Introducing FOM 2.0, an unprecedented fund that combines unparalleled liquidity with uncompromised privacy. This unique initiative emphasizes complete transparency and aims to empower our entrepreneurs for success. With expertise in both technology and finance, we comprehensively grasp the complexities of the private markets, enabling us to innovate collaboratively. FOM 2.0 is poised to deliver on its promises of transparency, liquidity, and control.

## SFPI-FPIM
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 3
- Stages: Series B, Series A
- Focus: Health Care, Biotechnology, Medical

The Federal Holding and Investment Company (SFPI-FPIM) centrally manages the federal government’s shareholdings, cooperates with the government on specific projects and pursues its own investment policy in the interests of the Belgian economy.

## Spreds
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 3
- 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.

## Brustart
- Type: VC Fund
- Location: Brussel, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 3
- Stages: Seed, Series A
- Focus: Big Data, Internet, Software

More than financing alone!The Brussels Regional Investment provides financial support for the creation, reorganization and expansion of private corporations located in the Brussels Capital Region.The G.I.M.B. is an investment company with an overall mission that is open to the vast majority of economic sectors.Application through its ownfunds or quasi-equity funds helps GIMB SMEs in their creation and development: it brings about a financial leverage, to the extent that its intervention allows companies to obtain bank financing easier.Interventions are tailored to the specific nature of each project, either in the form of an investment in capital (minority interest) or in the form of a loan.Besides the investment in the strict sense, the company strives to be the promoters at any time to monitor and assist their company when a decision must be taken.Currently receive more than 350 Brussels companies, which insure thousands of workshops, support GIMB and its affiliates.

## Axeleo Capital
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 3
- Stages: Seed, Series A
- Focus: Software, Information Technology, SaaS

Axeleo is the leading Enterprise Technology acceleration platform (both VC and Accelerator), backed by a partnership of over 60 entrepreneurs and executives, and the French Tech Acceleration Fund.

## Gemma Frisius Fund
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 3
- 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.

## 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.

## 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.

## SoFi
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 2
- Stages: Series A, Seed
- Focus: Apps, Biotechnology, Information Technology

SoFi is a finance company that offers a range of lending and wealth management services. The company primarily caters to early-stage professionals and offers variable and fixed rate parent, personal, and MBA loans, mortgage refinancing, and more. They create modern financial products and services that help people borrow, save, spend, invest, andprotect their money better so that they can achieve financial independence and realize their ambitions from owning a home to saving for retirement, paying off their student loans, and more.It was founded in 2016 and is headquartered in San Francisco, California.

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