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Top Early-Stage Venture Capital Firms in Belgium: Fueling the Next Generation of Startups

Belgium’s thriving startup ecosystem has been gaining momentum in recent years, with a highly active venture capital landscape that boasts over 100 venture capital firms. Known for its strategic location, skilled workforce, and supportive government policies, Statista projects - Belgium is expected to reach around $304.5 million in venture capital funding this year. The ecosystem here is thriving, with a high volume of early-stage deals spanning from Pre-seed to Series A rounds particularly shaping the growth of new ventures. This influx of early-stage capital has been instrumental in driving innovation across key sectors like technology, cleantech, life sciences, and logistics.

Key Trends in Belgian Venture Capital for Startups

Sector Specialization and Regional Strengths

Belgium’s regions each add unique value to its startup ecosystem: Brussels leads in social innovation and software, Ghent excels in biotech and cleantech, Antwerp drives logistics and circular economy advancements, and Leuven and Liège focus on digital and research-driven projects.

Focus on DeepTech and Climate Impact

DeepTech and sustainability are central investment themes, aligning with global trends toward climate-conscious and high-tech solutions.

Increased Early-Stage Funding

Investors are channeling more resources into early-stage startups, providing critical support for R&D, prototyping, and initial market entry, especially in sectors with high barriers to entry like AI, hardware, and nanotechnology.

Top Early-Stage Venture Capital Firms in Belgium

1. ♦ Entourage
  - Headquarters - Ghent, Oost-Vlaanderen, Belgium
  - Founding Year - 2024
  - Founders/Partners - Pieterjan Bouten, Maarten Mortier, Evert Beeckman
  - Sector Focus - B2B Saas
  - No of Investments - 25+
  - With deep experience in scaling businesses, they guide founders from early product stages to significant ARR growth. Entourage prioritizes strong founding teams, offering fast investment decisions with funding ranging from €300K to €2M. Their collaborative approach focuses on rapid growth, leveraging a hands-on support model that adapts to founders’ needs.
1. ♦ Welovefounders
  - Headquarters - Brussels, Brussels Hoofdstedelijk Gewest, Belgium
  - Founding Year - 2023
  - Founders/Partners - Antoine Duchateau, Olivier Mertens, Olivier Tabery, Thomas Goubau
  - Sector Focus - SaaS B2B
  - No of Investments - 15
  - Welovefounders is a European VC focused on high-potential B2B SaaS startups. They offer initial investments between €500K and €1M, with follow-on rounds of up to €2.5M. With a selective portfolio, they focus on fostering growth through market validation and founder fit. Their entrepreneurial team aims to build globally scalable startups, adding value with strategic insights and operational support.
1. ♦ Airborn
  - Headquarters - Antwerp, Antwerpen, Belgium
  - Founding Year - 2022
  - Founders/Partners - Hans Mathieu, Manu Vollens, Meindert Giessen
  - Investment Stage - Pre-seed and Seed
  - Sector Focus - Impact
  - No of Investments - 2
  - Airborn is an impact-driven angel investor collective dedicated to planet-first ventures. Their support goes beyond capital, with ticket sizes between €100K and €250K and 100 hours of hands-on guidance. Airborn leverages its network to help impact founders gain market traction and address critical societal issues, focusing on environmentally conscious businesses.
1. ♦ Water Lemon Ventures
  - Headquarters - Brussels, Brussels Hoofdstedelijk Gewest, Belgium
  - Founding Year - 2022
  - Founders/Partners - Felix le Hodey, Hadrien le Hodey
  - Investment Stage - Pre-Seed to Series A
  - Sector Focus - Food Chain, Water Cycle and Energy Transition
  - No of Investments - 13
  - Water Lemon Ventures invests in startups addressing climate challenges, particularly in food sustainability, water management, and clean energy. With a focus on long-term impact, they provide founders with strategic guidance, extensive networks, and resources, empowering sustainable solutions. Committed to climate-driven ventures, they aim to shape a greener future, typically investing between €200K and €1M per project.
1. ♦ ForsVC
  - Headquarters - Kortrijk, West-Vlaanderen, Belgium
  - Founding Year - 2021
  - Founders/Partners -Arne Ottoy, Leen Segers
  - Sector Focus - Gaming
  - No of Investments - 7
  - ForsVC is a Belgian fund focused on boosting the local gaming industry by supporting early-stage game developers. Leveraging their expertise, networks, and resources, ForsVC empowers creators to develop original IPs and bring innovative games to market. While centered on Belgium, they also encourage applications from developers in the Netherlands, France, and Germany, fostering growth across the European gaming landscape.
1. ♦ Miles Ahead
  - Headquarters - Ghent, Oost-Vlaanderen, Belgium
  - Founding Year - 2021
  - Founders/Partners - Ewout Meyns, Nele Van Ginneken, Frank Hamerlinck, Luc Burgelman, Wim De Waele
  - Sector Focus - Deep Tech, AI
  - No of Investments - NA
  - Miles Ahead supports first-time founders with funding and business development. Their venture studio model helps founders fast-track their ideas to market, fostering a collaborative and innovative tech ecosystem.
1. ♦ Comate Ventures
  - Headquarters - Leuven, Vlaams-Brabant, Belgium
  - Founding Year - 2021
  - Founders/Partners - Sander Van den dries
  - Investment Stage - Pre-seed
  - Sector Focus - Hardware
  - No of Investments - NA
  - Comate Ventures is dedicated to hardware startups, helping them navigate the R&D phase with funding and expert guidance. They prioritize quality and execution, supporting high-tech innovation within Europe’s hardware landscape.
1. ♦ Aconterra
  - Headquarters - Antwerp, Antwerpen, Belgium
  - Founding Year - 2019
  - Founders/Partners - Ron Schuermans, Tim Govaert
  - Sector Focus - Energy Transition, Smart Building Technology
  - No of Investments - NA
  - Aconterra functions as an open-ended "evergreen" fund, emphasizing scalable solutions that foster sustainable impact in smart infrastructure. With investments ranging from €500K to €3M, their primary focus spans the Benelux, Nordics, and DACH regions, while also considering non-European companies with a European market orientation. The fund is managed by Aconterra Capital Partners, an independent AIFM registered with the FSMA.
1. ♦ Imec.xpand
  - Headquarters - Leuven, Vlaams-Brabant, Belgium
  - Founding Year - 2017
  - Founders/Partners - Tom Vanhoutte, Peter Vanbekbergen, Bert G., Cyril Vančura
  - Sector Focus - Semiconductor and Nanotechnology
  - No of Investments - 22
  - imec.xpand provides direct access to imec’s innovations, offering startups exclusive resources like a €2 billion cleanroom, a vast network, and multidisciplinary expertise. Specializing in nanoelectronics-based projects, imec.xpand invests in smart health, mobility, cities, industries, and energy solutions, driving sustainable, high-impact innovations.
1. ♦ Novalis Biotech
  - Headquarters - Gent, Oost-Vlaanderen, Belgium
  - Founding Year - 2018
  - Founders/Partners - Prof. Wim van Criekinge, Jan Van den Berghe
  - Investment Stage - Pre-seed to Series A
  - Sector Focus - Life Sciences
  - No of Investments - 10
  - Novalis Biotech focuses on life sciences, specializing in cutting-edge research and manufacturing tools, bioinformatics, genomics, diagnostics, and digital health. Committed to driving healthcare innovation, Novalis supports transformative advancements through strategic investment and expertise.

Look Ahead

As more international investors recognize Belgium’s strategic position in Europe and the unique advantages it offers, the ecosystem is likely to attract increased global attention. The collaborative efforts of venture capital firms, government initiatives, and a highly skilled workforce will continue to elevate Belgium as a competitive hub for high-growth startups. Looking ahead, Belgium has the potential to become a leading force in the European and global innovation landscape, supporting the next generation of visionary founders and game-changing startups.

FAQs

1. What are the top sectors for venture capital in Belgium?
Belgium sees strong investment in Tech, DeepTech, cleantech, biotech, AI, and life sciences.
2. How much is typically invested in early-stage Belgian startups?
Investment amounts generally range from €100K to €3M depending on the firm and sector.
3.Why is Belgium an attractive hub for startups?
Its strategic location, skilled workforce, and supportive policies make Belgium ideal for startup growth.
4. Which Belgian cities are startup hotspots?
Brussels, Ghent, Antwerp, Leuven, and Liège are notable hubs, each with a unique sector focus.
5. What trends are driving venture capital in Belgium?
DeepTech and Sustainability-focused investments are major trends shaping Belgium’s venture capital landscape.

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