# Top 50 Hardware Startup Investors in Belgium in May 2026

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

Do and dare company

## Limburgse Reconversie Maatschappij
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 8
- Stages: Series A, Seed
- Focus: Information Technology, Software, Biotechnology

Oxygen for growth - LRM

## Qbic Fund
- Type: VC Fund
- Location: Belgium, Wisconsin, United States
- Relevant deals: 8
- 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.

## WING by Digital Wallonia
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 8
- 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).

## Capricorn Partners
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 7
- 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

## The Faktory Fund
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 6
- 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.

## Volta Ventures
- Type: VC Fund
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 4
- 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

## 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.

## Toon Coppens
- Type: Angel
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Angel
- Focus: SaaS, Sales Automation, Artificial Intelligence

Toon Coppens (Belgium, 1981), graduated as a Master of Science in Informatics at the University of Ghent.In june 2000, during his first year at university, he successfully launched the first Belgian social networking site, which later became Redbox.be.He is the co-founder of Massive Media, the social media company behind the successfuldigital brands Netlog.com and Twoo.com. Massive Media enables members to meet nearby people instantly. Today, Over 80 million people have joined our sites on web and mobile.Toon lives in Ghent (Belgium) and London (UK), loves snowboarding and used to deejay and play volleyball a lot.>> Toon's personal Netlog (dutch)>> Twoo.com (dutch)

## Allegro Investment Fund
- Type: VC Fund
- Location: Heverlee, Vlaams-Brabant, Belgium
- Relevant deals: 4
- Stages: Series A, Series B
- Focus: Software, Hardware, Apps

Allegro Investment Fund is an open end seed capital investment fund, focussing on high-tech ventures. With a combined experience of more then 40 years of experience in high-tech start-up management, the AIF team adds smart money to your capital needs.

## Lorenz Bogaert
- Type: Angel
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Angel
- Focus: SaaS, Software, Artificial Intelligence

Lorenz Bogaert is the Founder and Director of FixForm.

## Jonas Dhaenens
- Type: Angel
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 3
- Stages: Seed, Angel, Series A
- Focus: Software, SaaS, Enterprise Software

Jonas Dhaenens - Group CEO @ team.blue Denmark

## Capital-E
- Type: VC Fund
- Location: Washington, District of Columbia, United States
- Relevant deals: 3
- Stages: Series B, Series A
- Focus: Software, Manufacturing, Hardware

Leading venture capital fund with exclusive focus on micro/nano-electronics and advanced materials

## Big Bang Ventures
- Type: VC Fund
- Location: Antwerpen, Antwerpen, Belgium
- Relevant deals: 3
- 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.

## Vives Louvain Technology Fund
- Type: VC Fund
- Location: Louvain-la-neuve, Vlaams-Brabant, Belgium
- Relevant deals: 3
- Stages: Series A, Series B
- Focus: Health Care, Biotechnology, Medical

Vives is an interregional seed and early stage technology multi-sector fund. The new fund, initiated by UCLouvain, is a unique European inter-university fund having access to world class innovations from leading EU top universities.

## Be Angels
- Type: VC Fund
- Location: Louvain-la-neuve, Vlaams-Brabant, Belgium
- Relevant deals: 3
- 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.

## Lean FUND
- Type: VC Fund
- Location: Louvain, Vlaams-Brabant, Belgium
- Relevant deals: 3
- 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)!

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

## Baekeland Funds
- Type: VC Fund
- Location: Gent, Gelderland, The Netherlands
- Relevant deals: 3
- Stages: Series B, Series C
- Focus: Biotechnology, Hardware, Software

Baekeland Funds is a seed capital fund formed to invest in companies developed at the University of Ghent.

## Flanders Future Techfund
- Type: VC Fund
- Relevant deals: 2
- Stages: Seed
- Focus: Medical, Semiconductor, Clinical Trials

Flanders Future Techfund operates as an investment firm.

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

New Economy Startups Investor & Accelerator

## Terra Drone
- Type: VC Fund
- Location: Tokyo, Tokyo, Japan
- Relevant deals: 2
- Stages: Series A, Series B
- Focus: Drones, Robotics, Software

Terra Drone Indonesia provides drone services for various industry sector such as mining, construction, oil & gas, energy, and utilities.

## 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

## Meusinvest (Noshaq)
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Health Care, Biotechnology, Medical

Noshaq offers financial services to help businesses develop.

## Akiles
- Type: VC Fund
- Location: Rhode-saint-genèse, Vlaams-Brabant, Belgium
- Relevant deals: 2
- Stages: Private Equity, Series A
- Focus: Health Care, Software, Wellness

Akiles is a Belgian Evergreen Investment Company focussing on Growth Capital. Managed by Christophe Rousseaux, Kurt Huyghe, Laurent Puissant Baeyens and 

## 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

## Inventures SA
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- 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.

## PROfounders Capital
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 2
- Stages: Seed, Series A, Series B
- Focus: Software, Apps, Travel

We are PROfounders. We are the proactive European early-stage venture fund.

## KPN Ventures
- Type: VC Fund
- Location: Rotterdam, Zuid-Holland, The Netherlands
- Relevant deals: 2
- 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.

## European Commission
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- Stages: Grant, Seed, Pre-Seed
- Focus: Software, Biotechnology, Health Care

The official website of the European Commission, providing access to information about its political priorities, policies and services

## Innovation Fund
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- 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: 2
- 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.

## Airbus Ventures
- Type: VC Fund
- Location: Menlo Park, California, United States
- Relevant deals: 2
- Stages: Series A, Series B, Seed
- Focus: Software, Aerospace, Information Technology

Empowering our entrepreneurs to shift the future of aerospace.

## Vesalius Biocapital Partners
- Type: VC Fund
- Location: Strassen, Luxembourg, Luxembourg
- Relevant deals: 2
- Stages: Series B, Series A, Series C
- Focus: Biotechnology, Health Care, Medical

Vesalius Biocapital Partners invests in companies active in human health through venture capital funds raised since 2007. They have contributed to developing 20 companies since inception.With more than € 150 million under management in two funds. Vesalius Biocapital Partners plays the role of lead investor in the large majority of its financingrounds.Their companies are based in Europe allowing easy interaction with management.They invest in all stages of development and do not shy away from relatively early-stage projects with a sound proprietary technology and corresponding IP, unique team skills and a clear competitive edge based on solid data.

## Partech
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 2
- Stages: Series A, Seed, Series B
- Focus: Software, E-Commerce, Financial Services

Partech is a global venture capital firm with offices in San Francisco, Paris, Berlin and Dakar. Partech invests in Internet and information technology startups at seed, venture and growth stages.

## TheClubDeal
- Type: VC Fund
- Location: Uccle, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- Stages: Series A, Series B, Seed
- Focus: Health Care, Biotechnology, Information Technology

TheClubDeal is a Brussels-based Venture Capital-Private Equity fund manager investing in scale-ups and SMEs located in Belgium and northern France.

## Olivier Coune
- Type: Angel
- Relevant deals: 2
- Stages: Seed
- Focus: Outdoors, Software, Lifestyle

Olivier Coune

## Gemma Frisius Fund
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 2
- 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.

## Quest for Growth
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 2
- Stages: Series B, Series C
- Focus: Biotechnology, Software, Hardware

Quest for Growth (QGPLF) is an Internet company located in 19 Lei, Leuven, Flanders, Belgium.

## Boris Bogaert
- Type: Angel
- Location: Antwerp, Antwerpen, Belgium
- Relevant deals: 2
- Stages: Seed, Pre-Seed
- Focus: Software, FinTech, Enterprise Software

Startup Enabler & Angel Investor. In 2011 I co-founded Cardwise that later became Xpenditure NV an innovative product for managing expenses. Which was acquired by Sodexo Group (EURONEXT:SDXOF) in March 2017 after a very succesfull growth phase with more then 6000 customers globally (eg. Deloitte, Henkel, PWC,....) Reinvested partly in the newventure with Sodexo & iAlbatros. We launched this new corp-up venture in June 2018 under the name of RYDOO and I'm acting COO and board member.. Next to that I'm also investing in promising early stage startups with Tumbzup bvba.In the early 90ies I've been involved in commercialisation of the first Internet solutions. My passion has always been making new innovative products marketable towards B2B markets. I've pioneered in the internet sector and have been involved in the launch of Europe's first Internet service providers PING (Eunet) and Yucom (JV BT & ING), now both part of Belgacom (BELG:BB).Later, I became Chief Commercial Officer at SpaceChecker and after the acquisition by Punch Telematix, I became Country Manager. Punch Telematix is now owned by Trimble (NASDAQ: TRMB). In 2007, I joined Massive Media (publishers of Netlog & TWOO), a leading European on-line community that has recently been acquired by IACI (NASDAQ:IACI). As Director of Business Development, I successfully set-up the complete business development strategy and team from scratch.

## Gimv
- Type: VC Fund
- Location: Antwerpen, Antwerpen, Belgium
- Relevant deals: 2
- 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].

## YFM Equity Partners
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 1
- Stages: Private Equity, Series A
- Focus: Software, Information Technology, Biotechnology

YFM Equity Partners is an independent private equity business owned by its senior management and investment team. They invest up to £10 million of equity through offices in Leeds, London, Manchester, Birmingham and Sheffield.

## Dental Innovation Alliance
- Type: VC Fund
- Location: Raleigh, North Carolina, United States
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Software, SaaS, Dental

Dental Innovation Alliance (DIA) is a venture capital company that invests in, advises on, and accelerates the growth of early-stage companies that are transforming dentistry through technology.

## Ark Angels Activator Fund
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 1
- 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,

## 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.

## Luc Kindt
- Type: Angel
- Location: Bruges, Aquitaine, France
- Relevant deals: 1
- Stages: Series A
- Focus: Telecommunications

Luc Kindt is currently Managing Principal and CEO of the private equity group Leeward in Luxemburg, after having been for 6 years the Executive Board & Managing Partner of the venture capital and private equity QAT group, also in Luxemburg. Prior to his engagements in the private equity world, Luc has been a Group Senior Vice President of BarcoNV, where he has held several positions, among others, President Global Sales & Services and CEO of Barco Projection Systems. Luc is an independent board member and advisor in various high-tech companies, is a member of IMEC’s Scientific Advisory Board, is an advisor for eHealth to Agoria and is Chairman of the Board of the RVO Society Foundation.Luc holds a Master in Electronics Engineering from the University of Leuven, Belgium and an MBA from the Vlerick Management School of Ghent, Belgium.

## Fortino Capital
- Type: VC Fund
- Location: Zaventem, Vlaams-Brabant, Belgium
- Relevant deals: 1
- Stages: Series A, Seed
- Focus: Software, Information Technology, SaaS

We partner with exceptional B2B Software entrepreneurs across Northwestern Europe.

## Hummingbird Ventures
- Type: VC Fund
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 1
- 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.

## iAM Capital
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 1
- Stages: Series A
- Focus: Wearables, Navigation, Consumer Electronics

iAM Capital is a global investment firm. They specialise in sourcing, structuring, and executing on opportunistic investments during both stable and volatile markets. They offer investors the prospect of superior returns not typically available through traditional funds. Their real estate investments include carefully selected properties in Milanand Rome, Italy, Paris, France, and Miami, Florida. They consistently invest together with local partners who contribute their own funds and who proactively manage and monitor performance on the ground. Through a sophisticated understanding of local markets, creative structured financing, investments in select distressed assets in recovering markets, and setting pre-defined achievable exist strategies under a variety of scenarios, they have generated attractive returns and endeavour to continue to do so. iAM Capital arranged and participated in the equity financing, sourced and negotiated third-party mezzanine financing, and consolidated senior debt financing on significantly more favourable terms. They also explore and participate in other opportunities as they arise.

## Join
- Type: VC Fund
- Location: Tokyo, Tokyo, Japan
- Relevant deals: 1
- Stages: Series B
- Focus: Drones, Software, Aerospace

JOIN is a new form of infrastructure investment fund that supports Japanese companies engaging in overseas infrastructure projects through the utilization of Japanese knowledge, technology and experience acquired over the long history of their business.

# About Shizune
Shizune.co is an investor database. Core features:
- 48,091 startup investors (angels, VCs, accelerators, and others)
- Email, phone, LinkedIn (for intros), socials, and other contact data
- Updated daily from public funding news
- CSV and Excel export

The User can access the full database FOR FREE after signing up: shizune.co