PMV is a Flemish government-backed investment company that supports entrepreneurship and drives the region's economy. It provides early and growth-stage funding to promising companies, from inception through expansion abroad, and collaborates with the government and partners to implement projects that enhance prosperity and well-being in Flanders. PMV finances a broad mix of sectors, including real estate, infrastructure, energy, life sciences, clean tech, software, media, and retail, offering loans, guarantees, and co-financing as well as direct investments in infrastructure and real estate. It seeks sustainable value through profitable investments and long-term development, prioritizing social relevance and regional value creation. PMV emphasizes collaboration, diverse expertise, and employee development to support progress and shape the future of Flemish economy.

QBIC Venture Partners is a Ghent, Belgium based venture capital firm that specializes in seed and early-stage investments in spin-offs and startups closely collaborating with partner universities and research institutes. It operates with a knowledge-partner model, drawing on connections with Ghent, Brussels and Antwerp universities as well as VITO to access promising research projects. The firm supports portfolio companies through early clinical studies, joint development contracts and IP licensing, and it pursues investments across biotech, healthtech, deeptech and software. The approach emphasizes hands-on involvement and leveraging university networks to translate research into sustainable businesses.

Noshaq is a venture capital firm based in Liège, Belgium, founded in 1985. It invests in seed, startup and growth capital for small and medium-sized companies, primarily in the Liege region. The firm targets sectors such as energy, sustainable development, biotech, digital, Industry 4.0, real estate, quality food, and cultural and creative industries, and offers equity investments along with other financing instruments. Typically it takes a minority stake and may request a seat on the board. The preferred exit strategy is a management buyout. Beyond equity, Noshaq provides convertible bonds, loans and strategic projects financing to support growth and strategic initiatives. The organization focuses on collaboration and building a regional network to drive socio-economic development and job creation in the Province of Liège.

Gimv is a European investment company focused on private equity and venture capital. Founded in 1980 and based in Antwerp, Belgium, it backs growth-oriented companies across sectors such as consumer, food, wellbeing, healthcare, life sciences, smart industries, energy, electrification, digitalisation and automation, and sustainable cities. Operating across Western Europe, it targets opportunities in France, Germany, Belgium, the Netherlands, Luxembourg, Austria and Switzerland. It manages around 1.8 billion euros of investments in about 85 portfolio companies, collectively generating more than 6 billion euros in turnover and employing over 28,000 professionals.

Capital-E is an Antwerp-based venture capital firm that specializes in early-stage investments in electronics, semiconductors, materials, metrology and instrumentation, consumer electronics and multimedia, and communications and networking. It supports startups across Western Europe, with a focus on the Benelux, the Netherlands and Luxembourg, and pursues co-investments in the United Kingdom, Ireland, France and Germany. The firm emphasizes active involvement, often leading deals and joining boards to guide portfolio companies. Capital-E leverages a formal relationship with IMEC, a leading micro- and nano-electronics research center, to provide portfolio companies access to more than 2,000 scientists and engineers and to IMEC’s network of over 500 partners worldwide, aiding technology validation and adoption. Typical investments range from around 0.25 to 1 million per round, with capacity to grow to about 7.5 million per company across multiple rounds. Founded in 2006, Capital-E focuses on seed and early-stage opportunities in electronics, industrial tech, green energy, and related processing, sensing and AI applications.

Inventures Investment Partners is a Brussels-based European impact investment firm founded in 2011. It manages two venture capital funds, Inventures I and Inventures II, and focuses on generating financial returns alongside social impact by investing in early-stage and innovative European SMEs that address societal goals aligned with the UN Sustainable Development Goals. The firm backs companies in sectors such as health, education, environment and economic development, pursuing an approach that integrates impact into core strategy while supporting sustainable growth across Europe.

Pitchdrive is a venture capital firm founded in 2018 and based in Antwerp, Belgium. It targets investments in business-to-business technology, software-as-a-service, marketplaces, e-commerce, and software-driven hardware. Employing a data-driven engine, it aims to qualify seed-stage ventures quickly, enabling faster funding decisions. Post-investment, Pitchdrive offers hands-on support through network introductions and collaboration with value-add partners, delivering up to €700,000 in added value and expert sessions to help founders scale their companies.

V-Bio Ventures is an independent venture capital firm based in Ghent, Belgium, that funds start-up and early-stage life science companies across Europe. It concentrates on high-growth potential technologies in biotech, pharmaceutical and agricultural sectors, with emphasis on therapeutics, diagnostic therapies and sustainable agriculture to enable transformative advances.

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.

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.

Agri Investment Fund is a Leuven, Belgium-based private equity and venture capital fund backed by the Boerenbond group, focused on Ag-Tech and Agro-Food investments to strengthen sustainable land- and horticulture. It pursues a long-term investment approach leveraging a farming network to reduce environmental footprint while maintaining production and enabling farmers to deliver high-quality products at fair prices. The fund's portfolio includes Animab, Aphea.Bio, and Better3fruit, reflecting its emphasis on innovative agri-tech and biologics-driven agricultural solutions.

Volta Ventures is a Benelux-based venture capital firm, headquartered in Ghent, Belgium, with an office in Amsterdam. It backs seed and early-stage internet and software companies, focusing on B2B software and enterprise software across Belgium, the Netherlands, and Luxembourg. The firm emphasizes active involvement, helping founders identify new markets, hire senior talent, and arrange follow-on financing rounds, supported by a network including experienced business angels. Volta Ventures positions itself as a supportive partner for ambitious startups in the Benelux region, applying governance-aligned and ESG-minded principles to its investment approach.

Sambrinvest is a Belgian private equity and venture capital firm focused on direct investments and fund of funds. Based in Gosselies, it serves the Charleroi Sud-Hainaut and Thuin districts, targeting small and mid-sized companies. It typically takes minority stakes or other subordinated financing positions and engages in growth capital and turnaround opportunities, as well as investments in startups, spin-outs and spin-offs. The firm operates across a broad sector scope, including agri-food, digital, gaming, automotive, biotechnology, pharmaceuticals, wholesale, construction, electronics, manufacturing, services and real estate, and remains open to additional sectors. Typical deal size is up to €1.25 million for firms with annual turnover under €50 million. Sambrinvest was founded in 1985 and remains an active regional investor focused on supporting growth and restructuring within its geographic area.

The European Innovation Council is a Brussels-based European Union organization established in 2018 to support deep‑tech innovation by helping startups, researchers and technology transfer activities move ideas toward market. It operates a portfolio of programs including Pathfinder, Accelerator, Transition, STEP Scale Up and Pre-Accelerator, and collaborates with partners to provide funding, mentorship and resources across the innovation lifecycle. The council emphasizes high-impact, science‑driven technologies with broad societal benefit and promotes inclusion, with initiatives to involve women‑led projects. It engages the wider ecosystem through awards, events and community initiatives and monitors impact through data platforms. By coordinating with private investors and other stakeholders, it aims to accelerate the scale-up of European deep‑tech firms and strengthen Europe’s position in global technology leadership.

Imec.xpand is an independently managed venture capital firm based in Leuven, Belgium, with an office in Amsterdam. Founded in 2017, it focuses on supporting early-stage nanoelectronics-based innovation. The firm leverages the resources and network of imec, a world-leading R&D hub for nanoelectronics and digital technology, to help portfolio companies develop and scale technologies in areas related to deep tech, health, and agtech. By combining venture capital funding with access to imec's research ecosystem, imec.xpand aims to accelerate commercialization of novel nanoelectronics-enabled solutions.

SmartFin is a Brussels-based investment firm providing venture capital and growth equity to European technology companies. It focuses on business-to-business technology, software, fintech, and related information technology sectors across Europe, including the United Kingdom. The firm typically takes minority stakes and offers follow-on investment as needed to support growth. Investment sizes commonly range from roughly EUR 0.5 million to EUR 12 million per company, with the possibility of larger rounds through subsequent funding. By backing scalable B2B technology firms, SmartFin aims to help portfolio companies accelerate expansion and product development across the European market.

Fortino Capital Partners is a Belgium-based investment firm founded in 2013 and located in Antwerp. It targets technology companies in Western Europe, with a focus on the Benelux region, offering growth and venture capital alongside strategic guidance. The firm backs B2B software and SaaS, IT services, and related technology businesses, providing expansion capital and operational support to help scale product platforms, go-to-market plans, and management practices. Its activities span Europe and, selectively, the United States, and it seeks opportunities to partner with exceptional entrepreneurs to build scalable, technology-driven companies.

AXE Investments is a Belgian venture capital firm based in Antwerp that serves as a minority partner in growth-oriented companies. It operates as part of the Anacom Group through a joint venture between Anacom (controlled by Christian Leysen) and Sofinim (Ackermans & van Haaren), forming a member of the Axe Group. The firm concentrates on investments in logistics, technology-based services, real estate, and related financial assets to balance risk and support long-term value creation.

WeloveFounders is a European early-stage venture capital firm based in Brussels, Belgium. It focuses on B2B technology companies in Europe, particularly software-as-a-service and information technology sectors, and provides hands-on support through active board involvement to help startups structure, grow, and scale. Founded in 2023, the firm targets European entrepreneurs and seeks to accelerate product development and go-to-market execution through strategic guidance and governance.

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.

Fund+ is a Belgian investor focused on life sciences, including therapeutics, diagnostics and medical devices. Based in Leuven, it backs European companies, with an emphasis on Belgium, from seed through later stages, that are in advanced development. The investor provides capital and strategic guidance and typically seeks a significant minority stake, often with board participation. Investments generally range from several million euros to the midteens, reflecting a goal to foster innovation, sustain shareholders’ value, and help portfolio companies achieve leadership in the life sciences sector.

KBC Securities is a Brussels-based securities and brokerage firm that provides corporate finance and financing advisory services. Founded in 1991, it offers advisory and execution 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. The firm serves European equities, with a focus on biotechnology, information and communication technology, and research sectors.

The Faktory is an accelerator and early-stage venture capital firm based in Liege, Belgium, focusing on incubation, seed/startup, and early venture investments in IoT and SaaS for B2B markets across Belgium, France, Luxembourg, and the Netherlands. It provides a 360° program covering strategy, sales, marketing, and product development, and typically makes minority equity investments ranging from €0.2 million to €1 million, representing about 30% of the company. The Faktory emphasizes close founder collaboration to validate markets and scale products, and it collaborates with international venture networks to support growth.

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 Brussels-based crowdfunding platform that connects innovative entrepreneurs with a community of investors. Founded in 2011, it provides a regulated environment for equity and loan crowdfunding campaigns, handling governance, fundraising, and administration to facilitate co-investment between individuals and professional investors across Europe. The platform enables investment opportunities starting from €100, emphasizes transparency, education, and diversification, and maintains safeguards through FSMA authorization. It aims to empower entrepreneurs, support sustainable ventures, and contribute to the European job market.

White Fund is a Belgian private equity and early-stage venture capital firm based in Liege that concentrates on medical devices and medtech. It focuses on Belgium-based companies, with potential investment in neighboring regions, and supports early development and pre-market activities to help launch sales. The firm typically invests around €2 to €3 million per project across two to three rounds, aiming for an exit in five to seven years. Founded in 2019, White Fund targets healthcare solutions in prevention, diagnostics, monitoring, and treatment.

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.

XAnge is a European venture capital firm and the innovation brand of the Siparex Group. Based in Paris with a Franco-German team, it invests in seed and early-stage startups across Europe, focusing on digital and deeptech sectors, including cybersecurity, fintech, healthtech, AI, SaaS, sustainability, and related areas, with a view to backing founders who use technology to transform daily life. The firm also pursues impact-oriented ventures and provides strategic support and access to a broad European network to help entrepreneurs scale. Founded in 2004, XAnge maintains a multicultural team and seeks opportunities across the European startup ecosystem.

Akiles is an evergreen growth investor based in Belgium that supports Belgian small and medium-sized enterprises and select European companies through long-term partnerships. It provides growth capital, minority investments, and owner buy-outs to help portfolio companies expand, enter new markets, or pursue acquisitions, while delivering ongoing strategic guidance and access to networks. The firm operates across growth stages and sectors including B2B, B2C, energy, financial services, materials and resources, and technology. Backed by entrepreneurial families and led by a multilingual team with extensive experience, Akiles emphasizes a long-term approach and collaborative support to accelerate sustainable growth.

Innovation Industries is a venture capital firm based in Amsterdam, Netherlands, investing in European deep-tech companies. The firm focuses on Industrial Tech, Med Tech, and Food & Agri Tech, and typically backs start-ups with the option to support scale-ups. It employs a hands-on management approach, sharing industry experience, technical know-how, and networks to help portfolio companies strengthen their value proposition, accelerate time-to-market, and form strategic partnerships worldwide. Innovation Industries positions itself as a partner to entrepreneurs and other stakeholders rather than merely a financier, providing active support to grow technology-driven businesses while aiming to deliver sustainable value for investors and positive impact across Europe.

Torus Capital is a Belgian venture capital firm based in Haaltert that focuses on information technology and software-as-a-service companies. It operates as an early-stage investor that functions as a late cofounder, typically leading rounds of €1–2 million and providing active support from the board level to help portfolio companies scale from early traction to substantial revenue. Each investment is led by a Venture Partner who invests personally, assumes a board seat, and provides dedicated time and responsibility. The firm's approach emphasizes high conviction, concentrated ownership, and long-term alignment with the goals of individual portfolio companies.

The Innovation Fund is a Belgian venture capital firm based in Schaerbeek. Founded in 2015, the firm focuses on investing in startups and growth companies active in chemistry, life sciences, biosciences, material science, process technology, hygiene and cosmetology, healthcare services, medical devices, and recycling technology. It supports early-stage to growth-stage ventures with strong innovative character, often through public-private co-investment that provides access to capital, expertise, and networks from industrial partners. The fund emphasizes projects that have undergone initial research and development and aims to help translate academic advances into commercial products, particularly in Belgium's chemical and life sciences sectors.

Alkeon Capital Management is a venture capital firm founded in 2002 and headquartered in New York. As a registered investment adviser, it invests in transformative companies across growth stages and sectors including AI/ML/Data, Application Software, Infrastructure and Security, and Fintech. The firm maintains a global footprint with offices in New York, San Francisco, and Hong Kong and a presence in Florida, backing a diversified portfolio of more than 50 private companies that seek to disrupt industries worldwide.

Be Angels is a Brussels-based angel network that connects innovative startups with experienced investors across Belgium, Luxembourg, and France. It provides early-stage funding and coaching to growth companies, facilitating equity-based rounds and offering strategic support through a large community of members. The network comprises hundreds of active members and has supported investment activity in the tens of millions of euros across numerous startups, typically supporting initial rounds around €250k in exchange for equity. Be Angels focuses on sectors including B2B, B2C, energy, financial services, healthcare, information technology, and materials and resources, emphasizing strong team quality, viable business models, and growth potential, while maintaining a confidential, collaborative environment for founders and investors.

Seeder Fund is a Brussels-based venture capital firm investing in digital startups across Europe, with a focus on Belgium. It provides seed, early-stage financing and growth capital through equity or convertible loans, supporting companies from market validation to expansion and helping secure follow-on funding. The firm emphasizes fast decision-making and active portfolio support, leveraging an experienced team to guide entrepreneurs through growth and subsequent funding rounds. Investment sizes typically range from a few hundred thousand euros up to around 1.5 million euros, depending on stage and needs.

WapInvest is a regional investment fund and venture capital firm based in Wallonie Picarde, Belgium, dedicated to supporting small and medium-sized enterprises through creation, innovation, growth, investment, transmission and export. It provides high-balance-sheet funding by participating in equity and offering long-term investment loans, working-capital credit, and fixed-term advances, with financing solutions tailored to each growth phase. With more than 30 years of local presence, its experts combine financial expertise with a close, flexible approach and a local interlocutor who understands the territory. WapInvest serves companies across sectors, including family-owned firms, and aims to strengthen long-term competitiveness and regional economic development through sustainable growth and internationalization, acting as a reliable partner and conduit to other private and public funding sources.

Angelwise is a venture capital firm based in Hasselt, Belgium that supports startups and early-stage companies with funding and hands-on guidance, with a focus on information and communication technology.

The CoFoundry is a venture capital firm founded in 2015 and headquartered in Antwerpen, Belgium. ItInvests in seed-stage start-ups and scale-ups and provides mentorship services to its portfolio companies.

TCD Capital is a venture capital firm based in Brussels, Belgium, founded in 2016. It invests in technology, digital, industrial, smart living, life sciences, and medical technology companies, primarily in Belgium and France. The firm emphasizes governance in its investment approach and combines investment management with hands-on support to help portfolio companies grow, drawing on a range of skills to add value beyond capital.

Pamica is an investment company based in Antwerp, Belgium, founded by Michel Akkermans, a serial entrepreneur and investor. The firm supports venture capital investments in technology-focused startups, with emphasis on early-stage internet and software companies in the Benelux region. Its interests include cybersecurity, digital finance, big data, artificial intelligence, and healthcare, reflecting Akkermans' broad investment experience and board roles across public and private companies and funds. Pamica also backs initiatives such as Opening the Future focused on neurodegenerative diseases.

AXA Venture Partners is an independent global investment platform that focuses on high-growth technology companies across Europe and North America. The firm targets sectors including enterprise software, fintech, insurtech, digital health, cybersecurity, and other tech-enabled areas, backing companies from early-stage ventures through growth stages. With a transatlantic footprint and local teams in New York, London, and Paris, AXA Venture Partners provides strategic guidance, introductions, and operational resources to help portfolio companies scale. It emphasizes multi-stage investments and hands-on expansion support, assisting with go-to-market strategies, recruitment, partnerships, and market-entry initiatives to create lasting value in global technology markets.

Finindus is a Belgium-based venture capital investor that provides early-stage and growth financing to innovative companies along the metal value chain and related fields in materials, sustainable manufacturing, and Industry 4.0. Backed by ArcelorMittal and the Flemish Region and linked to the OCAS metal research center, Finindus leverages a strong industrial network and research infrastructure to support portfolio companies with strategic, HR, and technical guidance. The firm focuses on Europe, with a sweet spot in Flanders, and considers opportunities worldwide in core domains such as new alloys, surface functionalization, composite materials, forming, joining, coating, energy-efficient manufacturing, waste valorization, CO2 capture, and recycling. Typical rounds range from 0.5 to 5 million euros, up to 10 million per company, and Finindus seeks to accelerate value creation through access to OCAS researchers and state-of-the-art facilities.

European Investment Fund is the EU's financing arm for small and medium-sized enterprises and mid-caps, providing financial instruments to improve access to affordable financing for businesses across their lifecycle, with a focus on innovation, growth, competitiveness, social impact and sustainability. The EIF leverages its capital base to foster public-private partnerships and allocates guarantees and equity funding to catalyze lending and investment for startups and small businesses throughout Europe, including EU member states, candidate countries and EFTA countries. It collaborates with partners to close funding gaps and support entrepreneurship and economic resilience.

Asabys Partners is a venture capital firm based in Barcelona, Spain, focused on life sciences and healthcare. It invests in human healthcare, health tech, and biopharma, backing companies with innovative and transformative technologies. The firm operates in Spain and internationally, emphasizing sourcing and financing disruptive scientific and medical advances and collaborating with leading internal and external talent.

Droia Ventures is a Belgian venture capital firm based in Zaventem that focuses on biotech and life sciences. It invests globally in early-stage platform companies developing therapeutics for oncology and genetic diseases, applying novel science and technologies to bring first-in-class drug candidates to patients. The firm supports drug development from early research through clinical proof of concept, leveraging a team with deep expertise in disease biology, translational science, and drug development. Droia Labs, the firm's scientific arm, provides validation and state-of-the-art facilities to advance candidates. Through strategic investments and active support, Droia Ventures aims to accelerate discovery and improve patient outcomes by translating scientific breakthroughs into medicines.

Hummingbird Ventures is a global venture capital firm with a presence in London, Antwerp, Ghent, and Istanbul. It backs extraordinary founders building generational technology companies, spanning fintech, AI, biotech, blockchain, healthcare, gaming, hardware, and software. The firm supports early-stage and growth-stage startups, providing capital from seed through later rounds and leveraging its operational experience and global network to help portfolio companies scale. It prioritizes long-term partnerships and founder-driven visions, seeking out entrepreneurs with conviction and an unconventional approach. By combining strategic guidance, hands-on resources, and a broad ecosystem, Hummingbird aims to accelerate growth and create enduring value for its companies. Its portfolio includes notable global companies such as Deliveroo, Kraken, Peak Games, and Showpad.

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

Lean FUND is a venture capital firm based in Mont-Saint-Guibert, Belgium, specializing in seed and early-stage investments in technology and internet startups. It typically provides capital in the range of €25,000 to €100,000 for companies with enterprise values under about €0.5 million. The firm is run by experienced entrepreneurs and augments funding with coaching through an integrated program called Lean REACTOR. The focus is on supporting early-stage tech ventures in Belgium, with a preference for internet-related businesses, while excluding sectors such as pharmaceuticals, biotech, healthcare, spinoffs, hardware development and R&D-intensive activities.

ING Corporate Investments is a private equity investment firm based in Brussels, Belgium. It provides buyout, development and venture capital to small and medium-sized enterprises in Belgium, Luxembourg and France. The firm has been active in private equity since 1997 and has invested over €100 million. It focuses on sectors such as information technology, software, biotechnology, manufacturing, engineering, logistics, distribution and telecommunications, and operates as part of the ING Group.

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.