# Top 40 Impact VC (Venture Capital) Funds in Belgium in October 2023

## Limburgse Reconversie Maatschappij
- Type: VC Fund
- Location: Hasselt, Limburg, Belgium
- Relevant deals: 6
- 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: 5
- Stages: Seed, Series A
- Focus: Health Care, Manufacturing, Software

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

## Gimv
- Type: VC Fund
- Location: Antwerpen, Antwerpen, Belgium
- Relevant deals: 3
- 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].

## Meusinvest (Noshaq)
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 3
- Stages: Seed, Series A
- Focus: Health Care, Biotechnology, Medical

Noshaq offers financial services to help businesses develop.

## 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.

## 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.

## QBIC II
- Type: VC Fund
- Relevant deals: 2
- Stages: Series B, Series A
- Focus: Industrial, Biotechnology, Construction

QBIC II

## Nuhma
- Type: VC Fund
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Battery, Software, GreenTech

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

## PMV
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- Stages: Series A, Seed
- Focus: Software, Biotechnology, Health Care

Do and dare company

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

New Economy Startups Investor & Accelerator

## 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

## Qbic Fund
- Type: VC Fund
- Location: Belgium, Wisconsin, United States
- Relevant deals: 2
- 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.

## 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

## 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.

## Kima Ventures
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, E-Commerce, SaaS

Kima Ventures is one of the world's most active early-stage investors, investing in 2 to 3 startups per week all over the world; providing founders with funding, network, and support for them to reach the next steps of their journey.The firm invests from seed to Series A, mostly as lead investor but also working alongside other investors;backing ambitious founders who work hard to build awesome things that more and more people use everyday. The company helps them to build a great team, to learn very quickly, to keep the right focus and execute towards growth.Kima takes pride of itself in working side-by-side with entrepreneurs. They claim to understand that fundraising is only one step in the company’s journey, that’s why they take quick decisions and make the fundraising process as smooth as possible so the founders can get back to the work of building their business. Kima considers itself not only an investor, but a network of founders and experts sharing a pay it forward mindset.Headquartered in Paris with an office in London, the company was founded and backed by Xavier Niel, founder of Iliad and supporter of entrepreneurs through such projects as 42, Station F and 101projets. Over the last 5 years Kima has invested in over 400 startups in 24 different countries.

## 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,

## Korys
- Type: VC Fund
- Location: Halle, Vlaams-Brabant, Belgium
- Relevant deals: 1
- 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.

## Otium Capital
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Software, Internet, E-Commerce

In 2015, two independant investment teams were created in Paris inside Otium Capital, Pierre-Edouard Stérin's family office:* Otium Venture, focused on Seed investments in Tech companies (€40m invested in 14 companies among which Payfit, Doctrine, Owkin...)* Otium Brands, focused on Seed & Series A investments in Consumer GoodscompaniesIn 2019, the two teams spun off to become independant investment firms:* Otium Venture became frst* Otium Brands became Eutopia

## Finindus
- Type: VC Fund
- Location: Zelzate, Oost-Vlaanderen, Belgium
- Relevant deals: 1
- 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.

## 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.

## 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

## Alychlo
- Type: VC Fund
- Relevant deals: 1
- Stages: Series D, Series E
- Focus: CRM, Life Science, Artificial Intelligence

Alychlo

## PMV Tina Fund
- Type: VC Fund
- Relevant deals: 1
- Stages: Series A, Series D, Series E
- Focus: Manufacturing, Eyewear, Printing

PMV Tina Fund is a venture capital firm that specializes in growth capital investments.

## Delaware
- Type: VC Fund
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Waste Management, Information Services, Supply Chain Management

IT consultancy, System Integrator, Change Management, Professional Services

## H&M Foundation - Global Change Award
- Type: VC Fund
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Fashion, CleanTech, GreenTech

Award for fashion start-ups

## Inventures SA
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 1
- 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.

## Gesval
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed
- Focus: Medical, Software, Wellness

A limited company of the University of Liège (ULiege).

## Apic Investments
- Type: VC Fund
- Location: Berlin, Berlin, Germany
- Relevant deals: 1
- Stages: Series A, Seed
- Focus: Real Estate, Software, Internet of Things

Apic Investments is an early-stage focused Venture Capital, investing in PropTech and RetailTech companies. Apic Investments' goal is to help build start-ups and to accelerate their business models with capital, industry expertise, and a network.

## European Union
- Type: VC Fund
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Fashion, CleanTech, GreenTech

The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe.

## Creos Luxembourg
- Type: VC Fund
- Location: Luxembourg, Luxembourg, Luxembourg
- Relevant deals: 1
- Focus: Renewable Energy, Intelligent Systems, Electrical Distribution

Creos Luxembourg is the operator of electricity networks and natural gas pipes in Luxembourg.

## Eutopia VC
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Retail, Food and Beverage, E-Commerce

Eutopia is a fund for consumer startups. We back founders who are rethinking the way we eat, shop, sleep and feel. We are backing 26 startups

## The Faktory Fund
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 1
- 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.

## 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.

## S.R.I.W.
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 1
- 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.

## 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.

## Lean FUND
- Type: VC Fund
- Location: Louvain, Vlaams-Brabant, Belgium
- Relevant deals: 1
- 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)!

## 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.

## 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.

## Capricorn Partners
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 1
- 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

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