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

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Limburgse Reconversie Maatschappij | 6 | Belgium, United States, The Netherlands | Series A, Seed | Information Technology, Software, Biotechnology |
| Innovation Fund | 5 | Belgium, France, Luxembourg | Seed, Series A | Health Care, Manufacturing, Software |
| Gimv | 3 | Belgium, United States, France | Series B, Private Equity | Biotechnology, Health Care, Medical |
| Meusinvest (Noshaq) | 3 | Belgium, France, Germany | Seed, Series A | Health Care, Biotechnology, Medical |
| Gemma Frisius Fund | 3 | Belgium, France | Seed, Series B, Series A | Biotechnology, Health Care, Therapeutics |
| ABB Technology Ventures | 2 | United States, United Kingdom, Israel | Series B, Series A | Software, Energy, Robotics |
| QBIC II | 2 | Belgium | Series B, Series A | Industrial, Biotechnology, Construction |
| Nuhma | 2 | Belgium | Seed, Series A | Battery, Software, GreenTech |
| PMV | 2 | Belgium, The Netherlands, United States | Series A, Seed | Software, Biotechnology, Health Care |
| LeanSquare | 2 | Belgium, France, United States | Seed, Series A | Software, Music, Internet |
| Elia System Operator | 2 | Belgium, Germany, Macedonia | Seed, Series A, Private Equity | Energy, Solar, Software |
| Finance.Brussels | 2 | Belgium, France | Seed, Series A | Software, CleanTech, Information Technology |
| Qbic Fund | 2 | Belgium | Seed, Series A | Biotechnology, Software, Health Care |
| Flanders Innovation and Entrepreneurship (VLAIO) | 2 | Belgium, Israel, Germany | Grant, Pre-Seed, Seed | Biotechnology, Health Care, Artificial Intelligence |
| Nivelinvest | 1 | Belgium, United States | Series A, Seed | Biotechnology, iOS, Construction |
| Kima Ventures | 1 | France, United States, United Kingdom | Seed, Pre-Seed, Series A | Software, E-Commerce, SaaS |
| Ark Angels Activator Fund | 1 | Belgium | Series A, Seed | Software, Information Technology, SaaS |
| Korys | 1 | Belgium, The Netherlands, India | Series A, Series B | Biotechnology, Information Technology, E-Commerce |
| Otium Capital | 1 | France, Spain, United States | Seed, Series A | Software, Internet, E-Commerce |
| Finindus | 1 | Belgium, Sweden, The Netherlands | Series A, Seed | Manufacturing, Industrial, Renewable Energy |
| DDM Holding AG | 1 | Belgium | Pre-Seed | Waste Management, Information Services, Supply Chain Management |
| Airborn | 1 | Belgium | Pre-Seed | Waste Management, Information Services, Supply Chain Management |
| Alychlo | 1 | Belgium, United States | Series D, Series E | CRM, Life Science, Artificial Intelligence |
| PMV Tina Fund | 1 | Belgium, Switzerland, The Netherlands | Series A, Series D, Series E | Manufacturing, Eyewear, Printing |
| Delaware | 1 | Belgium | Pre-Seed | Waste Management, Information Services, Supply Chain Management |
| H&M Foundation - Global Change Award | 1 | Belgium | Pre-Seed | Fashion, CleanTech, GreenTech |
| Inventures SA | 1 | Belgium, France, United Kingdom | Series A, Seed | Health Care, Manufacturing, Biotechnology |
| Gesval | 1 | Belgium | Seed | Medical, Software, Wellness |
| Apic Investments | 1 | Germany, Austria, Belgium | Series A, Seed | Real Estate, Software, Internet of Things |
| European Union | 1 | Belgium | Pre-Seed | Fashion, CleanTech, GreenTech |
| Creos Luxembourg | 1 | Belgium |  | Renewable Energy, Intelligent Systems, Electrical Distribution |
| Eutopia VC | 1 | France, Belgium, Denmark | Seed, Series A | Retail, Food and Beverage, E-Commerce |
| The Faktory Fund | 1 | Belgium, France, United States | Seed, Pre-Seed | Software, Information Technology, Manufacturing |
| General Motors Ventures | 1 | United States, Canada, Israel | Series A, Series B | Automotive, Software, Energy |
| S.R.I.W. | 1 | Belgium, United States, Spain | Series A, Series B | Health Care, Biotechnology, Manufacturing |
| AMAVI Capital | 1 | France, Finland, Germany | Series A | Information Technology, Real Estate, Software |
| Lean FUND | 1 | Belgium, United States, France | Seed, Series B | Internet, Apps, Software |
| Ventech | 1 | France, Germany, United States | Series A, Series B | Software, E-Commerce, Biotechnology |
| Wallonie Entreprendre | 1 | Belgium | Seed | Health Care, Biotechnology, Health Diagnostics |
| Capricorn Partners | 1 | Belgium, United States, The Netherlands | Series B, Series A | Biotechnology, Health Care, Software |

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