Qbic Fund is a venture capital firm based in Ghent, Belgium, focused on early-stage investments in life sciences, new materials and information technology. It supports spin-off companies from the Ghent, Brussels and Antwerp university associations and from VITO, using a close partnership with these institutions to gain early access to promising research projects. The firm conducts in-depth, independent review followed by hands-on involvement and strategic support for portfolio companies, targeting software, deeptech, biotech and medtech alongside broader healthcare and life science opportunities. With more than €30 million under management, it operates across multiple sectors and emphasizes collaboration with academia to nurture research-driven startups.

Gimv is a European investment company specializing in private equity and venture capital, founded in 1980 and headquartered in Antwerp, Belgium. It focuses on investments in business-to-business services, financial services, healthcare, information technology, technology, media and entertainment, telecommunications, manufacturing and life sciences, with activity across Belgium, France, Germany, the Netherlands and Switzerland. The firm manages a substantial portfolio, overseeing about 1.8 billion euros of investments across 85 portfolio companies, which together generate more than 6 billion euros in turnover and employ over 28,000 people.

The CoFoundry is a venture capital firm founded in 2015 and headquartered in Antwerp, Belgium. It finances seed-stage startups and scale-ups and supports entrepreneurs as they turn ideas into sustainable companies.

Founded in 2015, V-Bio Ventures is a Belgium-based venture capital firm focused on investing in innovative life science companies across Europe. The firm concentrates on start-ups and early-stage companies with high growth potential, particularly those developing transformative technologies in biotech, pharmaceuticals, and sustainable agriculture.

Capricorn Partners is an independent pan-European venture capital manager and asset manager based in Belgium that invests through technology-driven growth companies. The firm focuses on European opportunities and builds its portfolio around technology as a competitive advantage, with an investment team that combines deep technical expertise and broad industrial experience. Founded in 1993 and headquartered in Leuven, Capricorn Partners targets sectors including information technology, software as a service, healthcare and life sciences, oncology, big data, digital health, manufacturing, clean technology, consumer sectors, and other technology-enabled businesses across Europe. The company seeks to support companies with scalable growth trajectories and technology-enabled business models.

Pitchdrive is a venture capital firm based in Antwerp, Belgium, focused on seed-stage investments in Europe, targeting B2B software-as-a-service, marketplaces, e-commerce, and software-driven hardware sectors. It uses a data-driven approach to qualify seed ventures quickly, aiming to fund founders in weeks rather than months. After investment, Pitchdrive provides hands-on support through network introductions, access to value-add partners (up to €700,000 in value), and expert sessions to help founders scale.

AXE Investments is a Belgian venture capital firm based in Antwerp. Founded in 1979, it is a joint venture between Anacom, controlled by Christian Leysen, and Sofinim of Ackermans & van Haaren, and is part of the Axe Group. The firm concentrates its investments in companies operating in logistics, real estate, and technology-based services sectors.

Ninepointfive is a venture capital firm based in Antwerp, Belgium, founded in 2019. It invests in technology-driven companies across energy, information technology, B2B SaaS, and materials and resources sectors, and co-invests with corporate partners to advance tech startups from pre-seed toward maturity. The firm collaborates with established brands such as Beiersdorf, Telenet, and Agfa to provide corporate acceleration and practical value to founders. Its approach relies on a proprietary methodology designed to deliver speed, growth, and meaningful value while maintaining a hands-on, pragmatic stance for portfolio companies. The aim is to align startup objectives with corporate capabilities, accelerating progress and market readiness through engaged support and strategic resources.

Participatiemaatschappij Vlaanderen, established in 1995 and based in Brussels, Belgium, is a government organization focused on investing in startup and growth-stage companies. The organization targets diverse sectors including media, software, retail, infrastructure, energy, and real estate. Its investment portfolio is structured with a significant allocation towards financial fixed assets and receivables, reflecting its commitment to supporting emerging businesses. Participatiemaatschappij Vlaanderen plays a crucial role in fostering innovation and entrepreneurship in Belgium by providing essential financial backing to projects at various stages of development.

Nausicaa Ventures is a Belgian venture capital firm founded in 2009 and based in Louvain-la-Neuve with an office in Mechelen. It focuses on funding early-stage and early-growth companies in and around Belgium, aiming to bridge the equity gap for promising ventures. The firm typically invests €1–€4 million per round and targets opportunities within roughly 300 km of Brussels, spanning France, Luxembourg, the Netherlands, Switzerland, and the United Kingdom, with activities centered on medtech, information and communications technology, high-tech, manufacturing, clean technology, and related sectors. It operates with experience from a diverse investor base and seeks to invest alongside angel investors or family offices. The average holding period is about five years, with exits typically after three to six years. The objective is to support companies through growth and to work closely with management toward successful exits.

Inventures Investment Partners is an impact investment firm based in Brussels, Belgium, established in 2011. It engages in impact venture capital investments in early-stage European SMEs that deliver social, environmental, and economic value and align with the United Nations Sustainable Development Goals. The firm focuses on opportunities across sectors such as health, education, environment, economic growth, and social progress, aiming to generate positive societal outcomes alongside financial returns.

Volta Ventures is a venture capital firm based in Ghent, Belgium, with an additional office in Amsterdam. Founded in 2014, it provides seed and early-stage capital to internet and software companies in the Benelux region, with a focus on enterprise software and SaaS. The firm supports founders with active guidance, market and customer development, senior talent recruitment, and ongoing financing rounds, leveraging a network that includes business angels to help portfolio companies grow.

Sambrinvest is a private equity and venture capital firm based in Gosselies, Belgium, serving the Charleroi Sud-Hainaut and Thuin districts. It targets small and medium-sized companies across diverse sectors, including digital, biotechnology, agri-food, manufacturing, and services, and pursues direct minority investments as well as related financing structures. Founded in 1985, the firm typically invests up to about €1.25 million in firms with annual turnover under €50 million and supports startups, spin-outs, growth capital, and turnaround opportunities through instruments such as minority equity, subordinated loans, or other capital solutions.

SmartFin is a Brussels-based growth investment firm focused on Europe, investing in business-to-business technology companies. The firm targets information technology and fintech sectors, with a broader emphasis on B2B technology across European markets. It backs European tech companies at growth stages, supporting expansion and scale across diverse industries, and works with companies located in or expanding into Europe. Through its activity, SmartFin aims to help B2B technology firms accelerate product development, market entry, and regional growth in the European technology landscape.

LeanSquare is a venture capital firm and accelerator based in Liège, Belgium. Founded in 2014, it focuses on seed, startup, and growth capital investments, typically making equity investments of 0.1 to 0.5 million euros. The firm has indicated interest in cultural and creative industries, while historically engaging with enterprise software and life sciences sectors. Through its accelerator program, LeanSquare supports early-stage companies with funding, mentorship, and resources to help them scale.

Fortino Capital Partners is a Belgium-based private equity and venture capital firm headquartered in Antwerp, established in 2013. It focuses on growth and early-stage technology investments in Western Europe, with emphasis on the Benelux region, and occasionally broader Europe. The firm backs B2B software and SaaS, IT services, and information technology companies, providing expansion capital and strategic support to accelerate growth, product development, and go-to-market initiatives, including international expansion and brand building for SMEs and technology-enabled businesses.

Fund+ is a venture capital firm based in Leuven, Belgium, established in 2015. It concentrates on life sciences companies across seed, early, and later stages, with a focus on diagnostics, therapeutics, and medical devices. The firm primarily targets companies in Belgium and other European developed markets, seeking to help portfolio companies reach advanced development and commercial milestones. Investments typically range from EUR 3 million to EUR 8 million, and the firm usually takes significant minority stakes, typically between 10% and 20%, depending on the round and company needs. Fund+ aims to build sustainable shareholder value, support leadership in the life sciences sector, and deliver societal benefits through its portfolio. The firm emphasizes long-term partnerships with entrepreneurs and seeks to contribute to the development of the life sciences ecosystem in Leuven and broader Belgium and Europe.

KBC Securities is a Brussels-based securities and brokerage firm founded in 1991 that provides corporate finance advisory and related investment banking services. The firm offers advisory services in equity capital markets, mergers and acquisitions, syndication, equity market making, loans and debt markets, project finance, export finance, leveraged finance, initial public offerings, secondary offerings, bonds, private placements, and fairness options. It serves European equities, with a focus on sectors such as biotechnology, communication technology, and information and research.

The Faktory is a Belgian accelerator, incubator and early-stage venture capital firm based in Liege, founded in 2013. It supports startups in incubation, seed and early-stage financing, with a focus on Internet of Things and software as a service, targeting markets in Belgium, France, Luxembourg and the Netherlands. The firm typically invests between 0.2 million and 1 million euros per transaction, taking a minority stake around 30 percent, and backs companies developing consumer electronics, high-technology, gaming, apps, drones, SaaS and IoT products. Its approach combines Lean Startup and Business Model Canvas methods to identify market niches, validate customer needs and accelerate go-to-market. The Faktory has collaborated with Boldstart Ventures and supports portfolio companies through mentors and a network to foster international growth.

Imec.xpand is an independently managed venture capital firm based in Leuven, Belgium, with an additional office in Amsterdam. It focuses on early-stage nanoelectronics-based innovation across deep tech, health, and agtech, and pursues global investments. The firm targets opportunities in communications and networking, computer hardware, healthcare devices and supplies, materials and resources, clean tech, Internet of Things, LOHAS and wellness, mobile, and infrastructure, with a regional footprint spanning the United States, Canada, Europe, the Americas, Asia, Africa, the Middle East, and Oceania.

Ark Angels Activator Fund is a venture capital fund based in Hasselt, Belgium. It targets early‑stage and growth investments in Belgian companies, with a focus on the Flanders region and technology‑driven sectors such as software. The fund operates in collaboration with ING Belgium and the Business Angels Network Vlaanderen, co‑investing with other capital providers to back ambitious Belgian start‑ups and growth companies.

Spreds is a Belgian investment platform established in 2011, facilitating co-investment between individuals and professionals in European startups and SMEs. It pioneered crowdfunding techniques for venture capital investments, enabling individuals to invest alongside professionals under the same terms, starting from €100. As of September 2012, Spreds has raised over €150 million and boasts a membership base exceeding 45,000 individuals.

Theodorus is the venture capital arm of Université Libre de Bruxelles in Belgium, focusing on seed, early-stage, and startup investments. It backs spin-offs of the university in biotechnology, medical devices, engineering technologies, and high-tech sectors, primarily in the Walloon region. It invests between €0.25 million and €2 million per company and operates from Brussels with an additional office in Montreal, Canada.

Inventures II is a venture capital fund based in Brussels, Belgium, managed by Inventures Investment Partners. Established in 2011, the fund focuses on early-stage investments in small and medium-sized enterprises across Europe, particularly in the pharmaceuticals and biotechnology sectors. It aims to support businesses that align with at least one of the United Nations Sustainable Development Goals, promoting sustainable development and societal progress. Additionally, Inventures II encourages citizen involvement in investment through its crowdfunding platform, MyMicroInvest, thereby enhancing community engagement and fostering entrepreneurship.

White Fund is an early-stage investment firm based in Liège, Belgium, focusing on healthcare and medical technology companies. It targets Belgium-based startups in the medical devices and medtech sectors, including prevention, diagnostic, monitoring, and treatment solutions, with potential expansion to neighboring regions. The firm supports early-stage ventures with proof of concept and initial market traction, typically investing about €2-€3 million per project across two to three financing rounds, and targets exits in five to seven years.

Capital-E is a venture capital firm based in Antwerp, Belgium, providing early‑stage capital to startups developing electronics‑based solutions and advanced materials. The firm targets sectors including semiconductors, materials, processing, metrology and instrumentation, consumer electronics and multimedia, and communications and networking. Through an established collaboration with IMEC, a leading European research center for micro‑ and nano‑electronics, Capital-E and its portfolio companies can draw on a large network of scientists and engineers and leverage IMEC’s worldwide partner network to advance product development and adoption. Capital-E favors seed and early‑stage investments, concentrates on Western Europe with emphasis on the Benelux, and takes an active role as a board member to help portfolio companies scale. Founded in 2005 and headquartered in Antwerp, Capital-E supports ventures pursuing innovations in image sensors, AI, Industry 4.0, green energy, and related technologies focused on performance, efficiency, and practical deployment.

Newton Biocapital is a venture capital firm based in Brussels, Belgium, focused on funding biotech and life science projects in Europe and Japan. It acts as lead investor to support promising start-ups as well as undervalued late-stage projects, aiming to mitigate risk and create investor value. The leadership team comprises specialists with extensive management and investment experience who coach bio-entrepreneurs through development stages. Founded in 2017, the firm targets investments in Europe and Japan, including Belgium, the Netherlands, Germany and France, and integrates ESG considerations into its investment approach.

The Innovation Fund is a venture capital firm based in Schaerbeek, Belgium. It targets investments across healthcare, life sciences and biosciences, material science and process technology, hygiene and cosmetology, and recycling technology, with activity in healthcare services, healthcare devices and supplies, and B2B and commercial services. The fund also engages in related sectors including chemicals, advanced materials, cosmetics, recycling, cleanTech, nanotechnology, plastics and rubber manufacturing.

Industrya is a venture capital firm based in Seraing, Belgium, founded in 2020, that backs companies in Industry 4.0, energy transition, and new materials, with an active approach to support portfolio growth and technological advancement in these sectors.

Akiles Investment Company is a growth equity firm based in Rhode-Saint-Genèse, Belgium. It specializes in management buy-in and buyout transactions, venture capital, and growth capital, and seeks to invest in sectors such as business-to-business and consumer services, energy, financial services, materials and resources, and technology, with a focus on supporting the growth of Belgian SMEs.

Asabys Partners is a venture capital firm based in Barcelona, Spain, established in 2018, that focuses on the life sciences and healthcare sectors. The firm backs companies across healthtech, biopharma, and related areas, investing in innovations with potential to transform medicine and patient care both in Spain and internationally. It emphasizes sourcing and financing disruptive technologies and collaborates with industry talents to push the boundaries of science and medicine.

AngelWise is a venture capital firm based in Hasselt, Belgium, founded in 2022. It concentrates on pre-seed and seed-stage investments in information and communication technology startups, aiming to help young companies navigate early growth through funding and advisory support.

Seeder Fund is a venture capital firm based in Brussels, Belgium, focused on digital startups. It provides early-stage financing and growth capital, including seed funding up to EUR 200,000 to validate value proposition and product-market fit, up to EUR 300,000 for startups preparing for Series A, and up to EUR 1,000,000 for scale-ups to support growth. It targets digital companies in Belgium and may invest in startups it has previously financed in the first round, while remaining open to new opportunities.

Be Angels is a Brussels-based angel network founded in 1999 that connects early-stage growth companies in Belgium with equity finance and coaching from experienced angel investors. It spans sectors including B2B, B2C, energy, financial services, healthcare, information technology, and materials and resources. The network comprises about 250 members and has helped entrepreneurs secure over €10 million in financing in the past four years.

WapInvest is a venture capital firm based in Tournai, Belgium, founded in 1988. It is sector-agnostic and engages in direct and secondary direct investments, including venture debt, incubation, and investments across startup stages from early to late, as well as growth capital and emerging growth. The firm also offers long-term investment loans and working capital loans or fixed-term advances. It focuses on finance companies in Walloon Picardy.

TCD Capital is a Brussels-based venture capital firm founded in 2016 that invests in technology, digital, industrial, smart living, life sciences and medical tech sectors, primarily in Belgium and France. The firm emphasizes applied governance principles and hands-on support to help portfolio companies grow, leveraging specialized expertise to add value beyond capital.

Established in 2020, the European Innovation Council supports innovative startups and researchers with promising ideas, focusing on early-stage companies with positive environmental, social, or governance impacts. It co-invests alongside private investors.

Finindus is a Belgian investment company based in Zelzate that provides early stage and growth financing to innovative companies along the metal value chain, with a focus on materials, processing and sustainable manufacturing. Backed by ArcelorMittal and the Flemish Region and linked to OCAS, a metal research center with campuses in Zelzate and Zwijnaarde, Finindus makes equity and debt investments ranging from 0.5 to 5 million euros per round, up to 10 million euros per company, primarily in Europe with Flanders as its sweet spot. It adds value through its network, industry experience, and access to OCAS researchers and infrastructure to support portfolio companies in areas such as new alloys, surface functionalization, composites, forming, joining, coating, and energy-efficient manufacturing including CO2 capture and waste valorization.

Based in Zaventem, Belgium, Droia Ventures is a biotech-focused venture capital firm founded in 2011 that invests in early-stage platform companies developing therapeutics for oncology and genetic disease. It pursues global investments, including the United States and Europe, and backs ventures applying novel science and innovative technologies to advance first-in-class drug candidates. The firm combines scientific expertise with investment experience and offers venture-building services to support portfolio companies.

Société Régionale d'Investissement de Wallonie was the regional private equity and venture capital firm for Wallonia, Belgium. Founded in 1979 and based in Liège, it focused on providing equity and related financing to startups, growth-stage companies, and mature ventures with an emphasis on promoting economic development in the Wallonia region. The firm invested at least €1 million in portfolio companies and employed a mix of direct investments and fund-of-funds, including loans and convertible instruments, with or without warrants, secured against real assets. It sought to take both majority and minority stakes and aimed to hold board seats, often co-investing with other investors. The investment scope covered a broad range of sectors and supported initiatives within and outside Belgium that advance the regional economy. On October 29, 2022, it merged with SOWALFIN and SOGEPA to form Wallonie Entreprendr.

Global Founders Capital is a Berlin, Germany-based venture capital firm with a global focus that invests across seed, early, and later-stage companies. It maintains a stage-agnostic approach, seeking innovative ideas with potential impact and feasibility in global markets.

Invest.BW is a venture capital firm based in Louvain-la-Neuve, Belgium, established in 1987. It focuses on investments in deep tech, medtech, and transition and ESG sectors, with a preference for opportunities in the Walloon Brabant region or ventures that have proven ties to that region and its socio-economic environment.

CAREvolution is a venture capital firm headquartered in Brussels, Belgium, focusing on seed and early-stage investments in the healthcare sector.

Lean FUND, established in 2014, is a Belgian venture capital firm specializing in seed and early-stage investments. It focuses on the internet industry, typically investing between €0.025 million and €0.1 million in startups with an enterprise value below €0.5 million. Based in Mont Saint Guibert, the firm excludes pharmaceuticals, biotech, healthcare, spinoffs, and hardware development from its investment scope. In addition to capital, Lean FUND offers coaching and support through its integrated Lean REACTOR program.

Sherpa Invest is a Brussels-based private equity and venture capital firm that concentrates on Belgian-based companies with strong growth potential across all sectors. Founded in 2005, the firm backs seed, startup, early venture and growth-stage opportunities and typically invests between €0.3 million and €0.75 million, aiming to exit within five to seven years.

ING Corporate Investments is the private equity arm of ING Group, based in Brussels, Belgium. It provides capital to small and medium-sized enterprises in Belgium, Luxembourg and France, offering buy-out, development and venture capital. The firm targets companies across information technology, software, biotechnology, manufacturing, engineering, logistics, distribution and telecommunications sectors, with the aim of supporting growth through strategic and financial partnerships. It has been active in private equity since 1997 and has invested over €100 million.

Allegro Investment Fund is a Leuven, Belgium-based venture capital firm that concentrates on early-stage and spin-off investments in high-technology and disruptive technology companies. Backed by more than four decades of collective experience in high-tech start-up management, the firm provides capital and strategic support to seed and early-round opportunities with potential access to large markets across engineering, green energy, wireless technology, medical and diagnostic devices, electronic components, and new materials. Founded in 2005, the fund seeks portfolio companies with leadership potential in their markets and contemplates exits through an IPO within several years.

Novalis Biotech is a venture capital firm founded in 2018 and based in Ghent, Belgium. It concentrates on biotechnology and life sciences, investing in early-stage start-ups and seed companies. The firm provides funding, access to professional and academic networks, and strategic guidance to help shape business models and create value for stakeholders as companies develop.

Smile Invest is a European evergreen investment firm based in Linden, Belgium. Founded in 2017, it manages about €350 million in assets and focuses on technology, healthcare and innovative consumer markets, including advanced technologies, health and wellbeing, and environmental sectors.

Vectis is a Belgium-based private equity firm, founded in 2004 and based in Aalter, that offers investment management, private equity, venture capital, management consulting, and business development services. It focuses on investing in Belgian B2B companies.