# Top 50 Manufacturing Startup Investors in Belgium in May 2026

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

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

## 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

## S.R.I.W.
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 5
- 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.

## Qbic Fund
- Type: VC Fund
- Location: Belgium, Wisconsin, United States
- Relevant deals: 4
- 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.

## Gemma Frisius Fund
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 4
- 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.

## The Faktory Fund
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 3
- 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.

## 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.

## PMV
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 3
- Stages: Series A, Seed
- Focus: Software, Biotechnology, Health Care

Do and dare company

## 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.

## 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.

## 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.

## Capricorn Partners
- Type: VC Fund
- Location: Leuven, Vlaams-Brabant, Belgium
- Relevant deals: 3
- 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

## 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

## 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.

## 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.

## 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.

## 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.

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

QBIC II

## 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.

## 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.

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

Oxygen for growth - LRM

## 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.

## 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.

## 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.

## 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].

## 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.

## 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.

## Romain Afflelou
- Type: Angel
- Location: London, England, United Kingdom
- Relevant deals: 1
- Stages: Seed, Series A, Pre-Seed
- Focus: Health Care, FinTech, Software

Romain spearheaded the digital strategy of Alain Afflelou Group before becoming an investor in numerous start-ups. He uses his fine-tuned analysis skills to support and invest in innovative start-ups. In addition to being a major shareholder and Co founder of Cosmo Connected a French start-up specialized in connected objects related to security andmobility.Romain is Director and Board member of Multiwave Technologies /develops breakthrough metamaterial technologies to improve people's lives.Serial investor in +50Tech companies6over6 (Acquired by 1-800 contacts)
Cityscoot
Clay Inc VR
Cowboy Bike
Epicery
Everoad (Ex Convargo)
Fithouse
Fré Skincare
Fokoya
Guillotine Vodka
Klassroom
Laminate Technologies
MeetFabric
Molotov TV
Multiwave Technologies
Nestor
Octopus
Officeriders
Onoff telecom
Pledg
Quiqup
Universal Standard
Shapr
Spendesk
Zipdrug...(Acquire by Anthem Pharmacy)

## VIGO Ventures
- Type: VC Fund
- Location: Warszawa, Mazowieckie, Poland
- Relevant deals: 1
- Stages: Seed
- Focus: Laser, Electronics, Manufacturing

VIGO Ventures is an investment group supporting cutting edge R&D photonic teams in technology development and commercialization. The focus is on photonics and its relation to numerous applications spreading across industries on the ground and in space. We are drawn to experts dedicated and determined to scale globally.One of our strategicpartners is VIGO System (https://www.vigo.com.pl/en) a joint stock company and a global leader in production of high operating temperature IR detectors. VIGO System supplies unique products, manufactured with the use of internally developed technology and the aid of its highly specialized team. Our second strategic partner is Warsaw Equity Group (https://www.warsawequity.com/?lang=en) a privately held investment company with over 20 years track record of successfully supporting business ventures both by investing their own capital, as well as by providing ongoing operational and strategic support for active investment projects. We are a part of a larger ecosystem and offer long term business support for our portfolio companies which includes possible next round financing.

## Asimov Ventures
- Type: VC Fund
- Location: New York, New York, United States
- Relevant deals: 1
- Stages: Seed, Pre-Seed
- Focus: 3D Printing, Manufacturing, Medical Device

Venture Capital for 3D Printing and Robotics

## SmartFin
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 1
- Stages: Series B, Series A
- Focus: Software, SaaS, Analytics

Venture capital fund focussing on European B2B technology companies.

## Bloc Ventures
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Software, Internet of Things, Financial Services

Bloc is a specialist deep tech investor. We back ambitious entrepreneurs building products across cloud, connectivity, data science and security with the potential to impact whole industries.

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

Clement Benoit - Founder and CEO @ Fithouse

## Sniper Investments
- Type: VC Fund
- Location: Mechelen-bovelingen, Limburg, Belgium
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Software, CRM, Video

Formed in 2011, Sniper Investments is a lean, transparent value investment fund with a long term philosophy. The fund builds on its management team’s full cycle track record in successfully raising, investing, managing and exiting Venture Capital and Private Equity portfolio’s in both up- and down cycles.Sniper Investments is a venture capitalfund investing in early stage companies primarily via equity participation. the fund combines the joint experience of Privast Capital Partners and Partners @ Venture.the geographical scope is determined by the need to be able to be close to the investee companies.

## Nuhma
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Battery, Software, GreenTech

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

## 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.

## 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.

## Noshaq
- Type: VC Fund
- Location: Liège, Liege, Belgium
- Relevant deals: 1
- Stages: Series A
- Focus: Medical, Analytics, Health Care

Noshaq offers financial services to help businesses develop.

## Lumiares
- Type: VC Fund
- Location: Gent, Oost-Vlaanderen, Belgium
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Software, Health Care, Manufacturing

Guiding health technology towards a brighter future.

## 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.

## Crane Venture Partners
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Software, Information Technology, Artificial Intelligence

Crane is a London based VC firm investing and building seed and early stage intelligent enterprise and deep technology businesses across Europe. Our strategy is to support founders in building and executing their go-to-market strategy.

## FPIM
- Type: VC Fund
- Location: Boca Raton, Florida, United States
- Relevant deals: 1
- Stages: Seed, Series B
- Focus: Manufacturing, Battery, Industrial

Preventive Cardiology is the only practice in South Florida that specializes in true comprehensive cardiovascular prevention. Learn more on our website!

## 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.

## Oscar Salazar
- Type: Angel
- Location: New York, New York, United States
- Relevant deals: 1
- Stages: Seed, Series A, Series B
- Focus: Software, E-Commerce, SaaS

Oscar Salazar is one of the most influential figures in the modern tech industry. Salazar is the Founding-CTO and Architect of Uber. He was responsible for the creation of the initial prototypes for Uber’s customer app, driver app and dispatch engine.Salazar is also the founder of Citivox, Pager and RIDE. Citivox is an international companydesigned to enable NGOs and individuals to report and monitor electoral fraud, crime and infrastructure problems. Pager is an Uber like concept designed to connect patients with high quality health care providers. RIDE is an application that enables co-workers to carpool to work.Salazar graduated with a Bachelor of Science degree from the Universidad de Colima in Mexico. He later earned a M.Sc. in Electrical and Computer Engineering from University of Calgary in Canada and a Ph.D. in Telecommunications from Ecole Nationale Superieure des Telecommunications.

## Eduardo Ronzano
- Type: Angel
- Location: Paris, Ile-de-France, France
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, SaaS, E-Commerce

Eduardo Ronzano is the Founder of KelDoc.

## Takeda Ventures
- Type: VC Fund
- Location: San Diego, California, United States
- Relevant deals: 1
- Stages: Series A, Series B
- Focus: Biotechnology, Health Care, Therapeutics

Takeda Ventures, Inc. (TVI) is the corporate investment arm of Takeda Pharmaceutical Company Limited (TPC). TVI was founded in 2001 and invests in current and future areas of interest for TPC. They are based alongside Takeda’s R&D sites in Cambridge, MA, and San Diego, CA. As a strategic investor, TVI aims to provide support and guidance toentrepreneurs and early-stage companies driving concepts through clinical proof of concept. They also strive to forge active, collaborative interactions that result in synergies with Takeda's considerable R&D resources. Their goal is to build a portfolio of strategic investments, with an immediate emphasis on oncology, gastroenterology, neuroscience, and rare diseases.

## 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,

## Innovation Industries
- Type: VC Fund
- Location: Amsterdam, Noord-Holland, The Netherlands
- Relevant deals: 1
- Stages: Seed, Series B
- Focus: Semiconductor, Health Care, Manufacturing

Innovation Industries is a Dutch venture capital fund investing in impactful deep tech, focusing on sustainability, scalability, and ESG-aligned companies.

## Bob Verbeeck
- Type: Angel
- Relevant deals: 1
- Stages: Seed
- Focus: Cycling, Manufacturing, Transportation

Bob Verbeeck, Founder & CEO at Golazo.

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