Top 10 VC Firms in Belgium

Belgium has 10 cities in the global top 1000, and its startup scene is strong, ranking 22nd globally. It's friendly to founders. In this blog, we checked many venture capital firms and investors; and found the 10 best in Belgium and Europe based on different factors. Here's the list of the top 10 VC firms in Belgium:

1. Capricorn Partners

Capricorn Partners is a prominent European venture capital and equity funds manager. It stands at the forefront of fostering innovation in European companies with a technological edge. This independent firm strategically invests in forward-thinking enterprises. Boasting a seasoned investment team with profound technology insight and diverse industrial experience, Capricorn manages various funds such as Capricorn Sustainable Chemistry Fund, Capricorn Digital Growth Fund, and more. The company serves as the management entity for Quest for Growth on Euronext Brussels, and is the investment manager for Quest Cleantech Fund and Quest+, sub-funds of Quest Management SICAV in Luxembourg. 

Website: capricorn.be

Founding Year: 1993

Investment Range: €1M – €3M 

Stage: Seed, Series A, A+

Sector: Digital, Cleantech, Healthtech

Investment Geography: Belgium

Notable Investments: Equasens, Arkite, Avantium, Icometrix, LEM

Submit Pitch/Contact: Link

2. Nine point Five Ventures

Ninepointfive stands as a dynamic venture capital fund. They collaborate with industry giants such as Beiersdorf, Telenet, and Agfa. Specializing in propelling tech-based startups from pre-seed funding to full maturity, Ninepointfive acts as a reliable ally throughout the journey. Their unique approach involves co-investing with corporates, utilizing a proprietary methodology that ensures rapid growth, tangible value, and a shared commitment to success. Rooted in a positive and pragmatic ethos, Ninepointfive is more than an investor—it's a dedicated partner, driving the inherent value of corporate acceleration for ambitious entrepreneurs.

Website: ninepointfive.vc

Founding Year: 2017

Investment Range: €500K - €7.5M

Stage: Pre Seed, Seed, Series A+, Late

Sector: Technology

Investment Geography: Belgium

Notable Investments: Heylog, Markerverse, The Park Playground, Penny Black, Kando

Submit Pitch/ Contact: https://www.ninepointfive.vc/contact/

3. Scale Fund

ScaleFund is a dynamic VC firm that bridges the gap for startups between early funding and larger VC support. Devoted to unlocking potential, ScaleFund empowers entrepreneurs to realize their visions. The firm actively seeks out untapped opportunities, closing the equity divide to propel startups to profitability. With an industry-agnostic approach, ScaleFund collaborates with shareholders and management, targeting innovative scale-ups with global promise. As a dedicated ally, ScaleFund is committed to propelling companies to their next milestones, ensuring a steady flow of quality projects, and fostering international success.

Website: scale-fund.com

Founding Year: Not Found

Investment Range: €300K – €1M

Stage: Seed

Sector: Technology

Investment Geography: Europe

Notable Investments: WeGrow, Ionnyk, JeudiMerci, Moonbird, 456 Skin

Submit Pitch/ Contact: https://www.scale-fund.com/#contact

4. Volta Ventures

Volta Ventures is a prominent venture capital firm in the Benelux region. It specializes in funding internet and software companies during their seed and early stages. With a dedicated team and strong network, the fund actively collaborates with founders and management to explore new markets, attract senior talent, offer ongoing guidance, facilitate additional financing rounds, and ensure successful exits.

Website: volta.ventures

Founding Year: 2014

Investment Range: €300K – €2M

Stage: Seed

Sector: Technology (Internet and Software)

Investment Geography: Belgium, Netherlands

Notable Investments: StackGuardian, NextGateTech, Spotr.ai, nannyML, AxonIQ

Submit Pitch/ Contact: info@voltaventures.eu

5. Theodorus

Theodorus is a venture capital firm specializing in seed and early-stage projects focused on cutting-edge technologies. Their primary investment areas include Biotech, Medtech, Digital, and Engineering sectors. The firm takes a hands-on approach, leading financing rounds from inception to series A and beyond. Theodorus offers investee companies access to professional management teams, a robust network of international experts, advisors, and C-level advisors. In the seed and early stages, they play a crucial role in structuring financing rounds, forming investor syndicates, and facilitating access to grants and nondilutive financing.

Website: theodorus.be

Founding Year: 2003

Investment Range: €250K - €2.5M

Stage: Seed to Series A and above

Sector: Biotech, MedTech, Digital and Engineering

Investment Geography: Belgium

Notable Investments: Classcraft, Apaxen, Icentia, Moonshot Health, Gepeceron

Submit Pitch/ Contact: Link

6. Blackfin Tech

BlackFin Capital Partners is a pan-European Financial Services PE Platform, led by founding partners Laurent Bouyoux, Eric May, Bruno Rostain, and Paul Mizrahi. It boasts a seasoned team of over 35 professionals. Specializing in buyout and venture capital strategies, BlackFin invests in high-growth financial businesses across Europe. Their focus includes asset management, brokerage, insurance, banking, payments, debt management, fund administration, and FinTech, InsurTech, and RegTech startups. Operating from offices in Paris, Brussels, and Frankfurt, BlackFin acts as a controlling investor, transforming portfolio companies through organic growth and strategic acquisitions in multiple European countries.

Website: blackfin-tech.com

Founding Year: 2016

Investment Range: €1M - €3M

Stage: Late Stage, Series A, Series B, Series C

Sector: Fintech, InsurTech

Investment Geography: Belgium, France, Germany, UK

Notable Investments: Agicap, Akur8, epsor, Finlex, Memo Bank

Submit Pitch/ Contact: Link

7. Astanor Ventures

Astanor Ventures is a pioneering impact investor, champions visionary entrepreneurs in Europe and globally. Focused on disruptive and scalable solutions, Astanor revolutionizes the agrifood value chain from soil to gut. Aligning with committed founders, the company prioritizes restoring balance and sustainability to land and oceans. By emphasizing nature and culture, Astanor nurtures positive change, fostering growth with a deep commitment to systemic impact.

Website: astanor.com

Founding Year: 2017

Investment Range: $20M - $50M

Stage: Seed, Early 

Sector: Agriculture, Climate & Sustainability, DTC, Food & Beverage

Investment Geography: Belgium

Notable Investments: Apeel, Plantible, Infarm, Galley, Calyxia

Submit Pitch/ Contact: Link

8. Inventures Investment Partners

Inventures Investment Partners is a European venture capital fund. With two funds, Inventures I (€15M) and Inventures II SDG Growth (aiming for €50M), the firm focuses on seed, early-stage, and growth businesses. Since 2012, Inventures I has supported ventures addressing societal goals in health, education, environment, and well-being. Meanwhile, Inventures II is actively seeking investments aligned with the United Nations Sustainable Development Goals. Together, they champion ambitious entrepreneurs shaping a better world.

Website: inventures.fund

Founding Year: 2005

Investment Range: €1M – €3M

Stage: Seed, Series A

Sector: Healthtech, Edtech, Cleantech    

Investment Geography: Belgium

Notable Investments: Cowboy, Velco, SAM Labs, Auctelia, UniverCells

Submit Pitch/ Contact: info@inventures.fund

9. Smartfin

Smartfin is a Europe and UK-based private equity fund. It specializes in fostering the growth of technology companies. With investment capacities ranging from EUR 1 million to EUR 25 million, Smartfin serves as a valuable partner. Their seasoned team provides strong, value-added support to portfolio companies, leveraging a successful track record and diverse expertise. Dedicated to accelerating growth, Smartfin empowers its investments to achieve international leadership by facilitating scaling and effective monetization strategies.

Website: smartfinvc.com

Founding Year: 2014

Investment Range: €1M - €25M

Stage: Seed, Series A, A+

Sector: Technology

Investment Geography: Europe

Notable Investments: CrazyGames, Payflip, Willow, Betty Blocks, Theo Technologies

Submit Pitch/ Contact: Link

10. Force Over Mass

Force Over Mass Capital is an FCA-regulated venture capital firm. It  specializes in early-stage technology investments across the UK and Europe. With a focus on B2B innovation in Fintech, Artificial Intelligence, SaaS, and Industry 4.0, the firm manages seed and scale-up funds. Dedicated to supporting businesses in their growth journey, Force Over Mass Capital plays a crucial role in fostering innovation and development within these dynamic sectors.

Website: fomcap.com

Founding Year: 2013

Stage: Seed, Series A, Series B

Sector: SaaS, Fintech, AI, HealthTech

Investment Geography: Europe, UK

Notable Investments: Pelago, Banked, ZenCargo, Causalens, Ometria, What3Words

Submit Pitch/ Contact: Link

Best of luck with your amazing ventures. 

Please note that this list is filtered by various metrics, and all the data are collected through various third-party websites, mostly the VC website. Since data such as ticket size or industry may change, you are requested to visit the official website given in the blog for the latest and updated information.