30 Best Active Investors in Belgium in 2024
Over the past decade, Europe has become the second largest technology ecosystem in the world, creating startups solving problems worth solving in society. Behind many of these companies are investors who provide not just funds but also guidance and support.
Our 2024 list brings together the most notable investors from across the continent, with everyone listed having a track record of making strategic investments in generation-defining companies. These rankings are the result of tracking investment activity across 17,000+ companies and +2,500 venture capital investors Europe, and includes funds who have invested in at least 5 European companies in the past year, regardless of where they are HQ'd.
Whether you're a budding entrepreneur seeking the right funding partner, an investor looking for co-investment opportunities, or simply curious about the financial powerhouses investing in Europe, this list provides invaluable insights into the region.
Last update to the database: Sep 24, 2024. See changelog.
Investor Rankings are calculated using our Seedtable Score – a 1 to 100 score that uses quantitative and qualitative data points (like the size of their fund or the quality of the companies they invested in) to signal the strength behind an investor. A score closer to 100 indicates an investor is worth watching closely.
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List of 30 top Belgium VCs
Hummingbird Ventures is a venture capital fund based in Ghent, investing in early-stage and growing technology and software companies. They focus on sectors like fintech, health tech, artificial intelligence, and robotics. Notable investments include Monumental and Automata. Beyond financial backing, Hummingbird Ventures offers guidance to help high-growth businesses succeed.
Offices:
London
Antwerp
Ghent (HQ)
Investment Stage:
Seed, Series A, Series B, Unknown
Check Size:
$2.5M - $40M
Industries:
Health Tech, Fintech, AI
Top investments in Belgium:
AMAVI Capital is a venture capital fund based in Brussels, focusing on the Proptech, Real Estate, Energy, and Nuclear sectors. They invest at the Series A stage to support companies shaping the future of living, working, and leisure. Operating across Europe, including Benelux, Nordics, Germany, Switzerland, and France, AMAVI Capital has invested in firms like Myrspoven. Their goal is to bridge traditional real estate with cutting-edge technology.
Offices:
Brussels
Investment Stage:
Series A
Check Size:
$10M - $20M
Industries:
Proptech & Real Estate, Energy & Nuclear
Top investments in Belgium:
Sambrinvest is a venture capital fund based in Brussels. It supports startups and small businesses, particularly in biotech and deep tech, with a focus on Series B investments. Beyond funding, Sambrinvest offers expert advice to help entrepreneurs develop their projects while maintaining independence. One of its portfolio companies is Minoryx Therapeutics. By partnering with businesses at critical stages, Sambrinvest fosters innovation and growth.
Offices:
Brussels
Investment Stage:
Series B
Check Size:
$30M - $40M
Industries:
Biotech, Deep Tech
Top investments in Belgium:
Bioqube Ventures, based in Brussels, is a venture capital fund specializing in biotechnology and health technology companies at stages from seed to Series B. The fund focuses on supporting European life sciences startups that aim to improve health and medical outcomes. Their notable investments include SynOx Therapeutics, Egle Therapeutics, and Commit Biologics.
Offices:
Brussels (HQ)
Investment Stage:
Seed, Series B, Series D, Unknown
Check Size:
$20M - $250M
Industries:
Health Tech, Biotech
Top investments in Belgium:
Offices:
Brussels
Investment Stage:
Series A
Check Size:
$30M - $40M
Industries:
Foodtech, Biotech
Top investments in Belgium:
Gimv is a venture capital fund based in Antwerp, investing in companies at early growth to established phases, with funding ranging from 5 million to 75 million euros. The firm focuses on sectors like biotech, health tech, pharma, and deep tech. Notable investments include SynOx Therapeutics and FIRE1. Gimv primarily targets businesses in the Benelux region, France, and Germany, aiding their expansion and innovation.
Offices:
Antwerp (HQ)
Investment Stage:
Series A, Series B, Series C, Unknown
Check Size:
$40M - $250M
Industries:
Health Tech, Fintech, Hardware
Top investments in Belgium:
GBV Capital, based in Ghent, is a venture capital fund focusing on early-stage startups in fields like crypto, web3, and AI. They provide tailored funding to help new companies grow, with investments ranging from small to larger amounts. Notable support includes the company Ta-da. Their goal is to back talented entrepreneurs and impactful projects.
Offices:
Ghent
Investment Stage:
Seed
Check Size:
$5M - $10M
Industries:
Crypto & web3, AI
Top investments in Belgium:
Belcube is a venture capital fund in Brussels, founded by Jean Zurstrassen and Grégoire de Streel, co-founders of Belgacom Skynet, Keytrade Bank, and Tunz.com. Belcube focuses on seed-stage investments in startups within the insuretech and service sectors. Their investments, which range from small to moderate amounts, aim to support early-stage growth. Notable investments include Qover. Belcube's mission is to help new businesses grow through strategic funding and guidance.
Offices:
Brussels
Investment Stage:
Seed
Check Size:
$2.5M - $5M
Industries:
Insuretech, Service Industry
Top investments in Belgium:
Innovation Fund is a venture capital fund based in Brussels, investing in Series B stage companies within biotechnology, manufacturing, and health technology sectors. Notable investments include Univercells. The fund provides financial support with check sizes between $250k and $5M to help companies grow. Innovation Fund focuses on backing firms with strong potential in specialized fields.
Offices:
Brussels
Investment Stage:
Series B
Check Size:
$20M - $30M
Industries:
Health Tech, Biotech, Manufacturing
Top investments in Belgium:
Imec.xpand is a Brussels-based venture capital fund investing in Series A startups focused on health technology, hardware, and semiconductors. Leveraging the expertise of imec and its strategic investors, the fund supports innovative projects aimed at creating a smarter, more sustainable society. Notable investments include Luma Vision, MICLEDI Microdisplays, and Nagi Bioscience.
Offices:
Brussels
Investment Stage:
Series A
Check Size:
$20M - $30M
Industries:
Health Tech, Hardware, Semiconductor
Top investments in Belgium:
Force Over Mass Capital is a London-based venture capital fund investing in early-stage technology companies. They focus on sectors such as ecommerce, fintech, AI, and cybersecurity. The fund supports businesses with investments from $250,000 to $1 million. Notable portfolio companies include Sprinque, Seldon, and Admix.
Offices:
London (HQ)
Antwerp
Investment Stage:
Pre Seed, Seed, Series A, Series B, Unknown
Check Size:
$100k - $40M
Industries:
Climate Tech & Green Tech, Edtech, Fintech
Top investments in Belgium:
Korys is a venture capital fund based in Brussels, established by the Colruyt family. The fund's name is derived from the Latin word for hazelnut tree, "Corylus," linked to the Colruyt name. Korys targets investments in biotech and agritech companies at the series C stage, with notable investments like Aphea.Bio. The firm's strategy includes a balanced portfolio of stocks, bonds, private equity, and support for small and medium-sized enterprises. Korys focuses on long-term investments that aim to generate meaningful, sustainable impacts on people and the planet while achieving good returns.
Offices:
Brussels
Investment Stage:
Series C
Check Size:
$100M - $250M
Industries:
Agritech, Biotech
Top investments in Belgium:
Ninepointfive is a venture capital fund based in Antwerp. It invests in tech startups from pre-seed to series A stages, with check sizes ranging from $500,000 to $7,500,000. Focusing on industries such as manufacturing, ecommerce, and sales and marketing, Ninepointfive co-invests with other companies to aid startup growth. Notable investments include Penny Black and MakerVerse.
Offices:
Antwerp (HQ)
Investment Stage:
Pre Seed, Seed, Series A
Check Size:
$500k - $20M
Industries:
Manufacturing, Sales and Marketing, Ecommerce
Top investments in Belgium:
Astanor Ventures is a venture capital fund based in Brussels, investing in early to late-stage companies in food, agriculture, biotech, and climate tech. They focus on supporting entrepreneurs developing sustainable solutions and have backed companies like Umiami, Reshape Biotech, and Notpla. Astanor Ventures aims to foster businesses positively impacting the environment and advancing technology.
Offices:
Brussels (HQ)
Investment Stage:
Seed, Series A, Series C, Series D, Unknown
Check Size:
$100k - $250M
Industries:
Climate Tech & Green Tech, Health Tech, Fintech
Top investments in Belgium:
AG Real Estate is a venture capital fund based in Brussels, focusing on debt financing in areas like property technology, real estate, the service industry, and travel technology. Acting as both an investor and developer, they manage a diverse portfolio and have invested in companies like Cohabs. Operating in Belgium, France, Luxembourg, and select European markets, AG Real Estate aims to work sustainably and in the best interest of their clients and partners.
Offices:
Brussels
Investment Stage:
Debt Financing
Check Size:
$50M - $70M
Industries:
Proptech & Real Estate, Travel Tech, Service Industry
Top investments in Belgium:
Mediahuis Ventures is a venture capital firm based in Amsterdam. They invest in early to mid-stage companies across industries like hiring, ecommerce, mobile apps, edtech, media, and fitness. Notable investments include Alleo, Lepaya, Perlego, Swap Language, and Myskillcamp. Their focus is on helping businesses expand by providing necessary financial resources.
Offices:
Amsterdam (HQ)
Antwerp
Investment Stage:
Seed, Series A, Series B, Series C, Unknown
Check Size:
$2.5M - $50M
Industries:
Edtech, AI, Fitness
Top investments in Belgium:
Solvay Ventures, the venture capital arm of Solvay, operates with a $100 million evergreen fund based in Brussels. They invest between $500,000 and $3 million in Series A and Series B stage companies. Solvay Ventures focuses on sectors such as space technology, health technology, climate technology, manufacturing, and transportation. Notable investments include Kumovis, Tau Group, and 9T Labs, highlighting their interest in innovative and sustainable solutions.
Offices:
Brussels (HQ)
Investment Stage:
Series A, Series B, Unknown
Check Size:
$5M - $30M
Industries:
Climate Tech & Green Tech, Health Tech, Hardware
Top investments in Belgium:
Ingka Investments is the venture capital arm of Ingka Group, the largest IKEA Retail operator. Focusing on Series A investments in the Insuretech sector, they aim to generate long-term financial returns and support Ingka Group's sustainability goals. They also manage assets like wind and solar parks, and forestland. The team includes investment managers, sales and operations managers, and forest rangers, all dedicated to entrepreneurship and the environment. Notable investments include Urban Jungle. Ingka Investments oversees six portfolios, 25 minority investments, three acquisitions, and extensive renewable energy resources and forestland.
Offices:
Leuven
Investment Stage:
Series A
Check Size:
$20M - $30M
Industries:
Insuretech
Top investments in Belgium:
Keyrock, founded in Belgium in 2017, is a venture capital fund specializing in pre-seed investments in deep tech. Known for their focus on cryptocurrency, Keyrock develops scalable, self-adaptive algorithmic technologies to support digital asset markets. Using in-house tools and high-frequency trading infrastructure, they provide liquidity services to tokens, exchanges, and brokerages. Keyrock is committed to transparency, operational integrity, and regulatory compliance. One notable investment is Rho Protocol.
Offices:
Brussels
Investment Stage:
Pre Seed
Check Size:
$2.5M - $5M
Industries:
Deep Tech, Investing
Top investments in Belgium:
BlackFin Tech is a venture capital fund based in Paris and part of BlackFin Capital Partners. They focus on high-growth sectors such as fintech, cybersecurity, and mobility, investing in early to mid-stage companies, including seed, series A, and series C rounds, with investments ranging from $1 million to $30 million. Notable investments include Ravelin, Likvido, Hypatos, and ViaBill. BlackFin Tech supports visionary entrepreneurs shaping the future of technology across various industries.
Offices:
Brussels
Paris (HQ)
Frankfurt
Investment Stage:
Seed, Series A, Series C
Check Size:
$5M - $30M
Industries:
Fintech, Legal Tech, Cybersecurity
Top investments in Belgium:
Green Park Investment Partners is a venture capital fund based in Ghent. They focus on promising startups in fields such as artificial intelligence and social platforms. Check sizes range from $500,000 to $5,000,000, supporting early-stage companies. Notable investments include TechWolf. Green Park aims to help new businesses reach their full potential through strategic financial support.
Offices:
Amsterdam
Ghent (HQ)
Investment Stage:
Unknown
Check Size:
$2.5M - $5M
Industries:
AI, Consumer Social
Top investments in Belgium:
Telos Impact is a Brussels-based venture capital fund specializing in Series A investments in manufacturing and food technology sectors. Investing between €0 and €10 million, they aim to create positive social and environmental impacts. Their mission includes providing professional advisory services and promoting philanthropic and impact investing in Europe. They collaborate with international partners and experts to support their goals. Noteworthy investments include Kern Tec.
Offices:
Brussels
Investment Stage:
Series A
Check Size:
$20M - $30M
Industries:
Foodtech, Manufacturing
Top investments in Belgium:
Nomainvest is a venture capital fund based in Liège, investing in Series A stages within the semiconductor, energy, and nuclear industries. Known for strategic partnerships, the fund supports long-term growth projects. Its investment range is $250k to $5M, targeting development in Belgium, Germany, France, Luxembourg, and the Netherlands. Portfolio companies include e-peas. Nomainvest also focuses on sustainable solutions in construction, mobility, and healthcare linked to industrial and technological advancements.
Offices:
Liège
Investment Stage:
Seed, Series A
Check Size:
$5M - $20M
Industries:
Health Tech, AR / VR, Energy & Nuclear
Top investments in Belgium:
Finindus is a venture capital fund based in Ghent. They finance companies in tech-driven sectors such as manufacturing and green technologies, participating in various stages including series B funding. Notable investments include Kraftblock and JuuNoo. Finindus aims to foster businesses with the potential to shape the future through advanced technologies.
Offices:
Ghent (HQ)
Investment Stage:
Series B, Unknown
Check Size:
$2.5M - $30M
Industries:
Climate Tech & Green Tech, Proptech & Real Estate, Energy & Nuclear
Top investments in Belgium:
Agfa Gevaert is a venture capital fund based in Antwerp, focusing on early-stage companies in eCommerce and Sales and Marketing. They typically support startups during seed and pre-seed stages, aiding new businesses with essential funding. A notable investment is Penny Black. Originating from developing imaging systems and IT solutions primarily for printing and healthcare, Agfa Gevaert demonstrates a strong commitment to technological growth. The parent company is located in Mortsel, Belgium.
Offices:
Antwerp
Investment Stage:
Pre Seed, Seed
Check Size:
$500k - $2.5M
Industries:
Sales and Marketing, Ecommerce
Top investments in Belgium:
Pitchdrive is a venture capital fund based in Antwerp, focusing on early-stage European startups. They invest in sectors such as fintech, health tech, and artificial intelligence, providing support from pre-seed to series A stages. Notable portfolio companies include Silo Team and Version Lens. Founded by entrepreneurs, Pitchdrive uses a data-driven approach to meet the needs of founders and drive their success.
Offices:
Berlin
Amsterdam
Antwerp (HQ)
Investment Stage:
Pre Seed, Seed, Series A, Unknown
Check Size:
$500k - $20M
Industries:
Health Tech, Fintech, Crypto & web3
Top investments in Belgium:
Fortino Capital, based in Brussels, is a venture capital fund that supports and advises companies in property technology, sales and marketing, artificial intelligence, and business intelligence. They invest in early-stage startups to foster growth and success. Past investments include Billy Grace, Letsbuild, and Altura Platform.
Offices:
Brussels (HQ)
Investment Stage:
Pre Seed, Seed, Series A, Series B, Unknown
Check Size:
$2.5M - $50M
Industries:
AI, Proptech & Real Estate, Legal Tech
Top investments in Belgium:
Aconterra is a venture capital fund based in Antwerp that invests in European early-stage companies focused on making buildings smarter and more energy-efficient. With investments ranging from €500,000 to €3,000,000 in seed and series A stages, Aconterra targets areas like privacy and security, real estate tech, data, and developer tools. Notable investments include Bisly, Sensative, Chainels, and Basking.io. The fund offers both capital and expertise to help these companies grow.
Offices:
Antwerp (HQ)
Investment Stage:
Seed, Series A, Unknown
Check Size:
$100k - $10M
Industries:
Hardware, AI, Deep Tech
Top investments in Belgium:
Freshmen Fund, based in Antwerp, is a venture capital fund specializing in early-stage companies. With investments ranging from €100,000 to €5 million, they primarily support fintech businesses. Notable investments include Levenue. Freshmen Fund is committed to helping startups grow through financial backing and active support.
Offices:
Antwerp (HQ)
Investment Stage:
Series A
Check Size:
$10M - $20M
Industries:
Fintech
Top investments in Belgium:
Lab Box is a Brussels-based venture capital fund specializing in the future of mobility and transportation. They invest primarily in early-stage companies, including seed and series A stages. Investment sizes vary. Notable companies they have supported include Skipr, Mbrella, and MyMove. Lab Box aims to back startups that are innovating mobile and travel technologies.
Offices:
Brussels (HQ)
Investment Stage:
Seed, Series A
Check Size:
$5M - $10M
Industries:
Travel Tech, Mobile, Mobility & Transportation
Top investments in Belgium: