PMV Re Vinci nv, based in Brussels, Belgium, is primarily focused on real estate development. The company plays a significant role in fostering the Flemish economy by providing funding to promising businesses from their inception through various growth stages and into international operations. Collaborating with government entities and other partners, PMV implements projects that are vital for prosperity and well-being in Flanders. The organization is dedicated to supporting entrepreneurship as a key driver of economic development and believes that sustainable business ventures must ultimately achieve profitability. Through its investments, PMV aims to ensure that every supported project contributes positively to the economic landscape of Flanders.

Inventures Investment Partners is an impact investment firm founded in 2011 and based in Brussels, Belgium. It focuses on social and environmental outcomes by backing early-stage European SMEs that address health, education, environment, economic growth and social progress, and align with the United Nations Sustainable Development Goals.

Gimv is a European investment company focused on private equity and venture capital. Founded in 1980 and headquartered in Antwerp, Belgium, it operates across Belgium, France, Germany, the Netherlands, and Switzerland. Gimv targets investments in a diversified range of sectors, including business-to-business services, financial services, healthcare, information technology, telecommunications, manufacturing, life sciences, and other technology-enabled sectors, with a focus on European opportunities. The firm emphasizes building long-term equity partnerships to support growth and value creation in portfolio companies.

Founded in 2009, Nausicaa Ventures is a Belgium-based venture capital firm specializing in early-stage and growth investments. It focuses on companies completing Series C or D financing rounds across various sectors such as healthcare technologies, ICT, manufacturing, clean tech, biotech, and industrial processes within a radius of 300 km from Brussels. The firm typically invests between €1 million to €4 million per company, with an average holding period of five years.

Founded in 2014, Volta Ventures is a venture capital firm based in Ghent and Amsterdam. It focuses on seed and early-stage investments in internet and software companies across the Benelux region. The firm actively supports founders by providing market insights, hiring assistance, strategic guidance, and follow-on financing.

Meusinvest S.A. is a venture capital firm based in Liège, Belgium, that focuses on seed, start-up, and growth capital investments in small and medium-sized companies. The firm primarily targets companies within the energy, sustainable development, biotech, digital, industry 4.0, real estate, quality food, and cultural sectors, specifically in the Liège province. It invests in businesses with an annual turnover of up to €50 million or an enterprise value of up to €43 million, typically taking a minority stake. Meusinvest can request a seat on the Board of Directors of its portfolio companies and prefers management buyouts as its exit strategy. In addition to equity investments, the firm offers convertible bonds, financing solutions, loans, and support for strategic projects. Founded in 1985, Meusinvest continues to play a significant role in supporting regional economic growth.

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.

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.

Société Régionale d'Investissement de Wallonie (SRIW) is a Belgian investment company established in 1979, headquartered in Liège. It specializes in private equity and venture capital, focusing on startups, growth, and turnaround investments. SRIW invests in a broad range of sectors, with a particular emphasis on real estate, metal engineering, and environmental technologies, among others. It primarily targets companies based in Wallonia, investing at least €1 million per portfolio company. SRIW takes majority or minority stakes and seeks board seats, often co-investing with other venture capitalists. It provides equity capital and various loan structures, including subordinated and secured loans. SRIW does not invest in steelmaking or the catering industry.

Noshaq is a venture capital firm based in Liège, Belgium, founded in 1985. It provides seed, startup and growth capital to small and medium-sized companies, with a focus on the Liège region. The portfolio covers sectors such as energy, sustainable development, biotech, digital, Industry 4.0, real estate, quality food, cultural and creative industries, life sciences, agriculture and food, and reconversion. Noshaq typically takes a minority stake and may secure a seat on the board. In addition to equity investments, the firm offers convertible bonds, financing solutions, loans and support for strategic projects.

Fortino Capital is a Belgium-based venture capital and growth equity firm that provides expansion capital and strategic support to technology companies across Europe, with a focus on Western Europe and the Benelux region. It backs B2B SaaS and software firms, as well as media and high-end product manufacturing, helping SMEs build brands, sharpen go-to-market strategies, and scale internationally. The firm seeks companies that can reinvent their business models through best-in-class management practices and state-of-the-art technologies.

Pamica NV is an investment company based in Antwerp, Belgium, founded in 2015 by Michel Akkermans, a serial entrepreneur and private investor. The company focuses on identifying and supporting startups at various stages, including seed, early, and later stages. With a commitment to fostering innovation, Pamica seeks to provide financial backing and strategic guidance to emerging businesses. Michel Akkermans also serves on the boards of both public and private companies, bringing extensive experience in entrepreneurship and investment to the firm.

Capital-E is an Antwerp-based venture capital firm that provides early-stage capital to startups developing electronics-enabled products and advanced materials, as well as technologies in industrial, consumer and related sectors across Western Europe. The firm maintains a close relationship with IMEC, Europe's leading independent research center in micro- and nano-electronics, enabling access to more than 2,000 scientists and engineers and to a global network of over 500 partners to support portfolio companies with technology validation, development and market adoption.

Capricorn Partners is an independent venture capital firm based in Leuven, Belgium. Founded in 1993, it manages venture capital funds and makes technology-driven investments in innovative European growth companies, emphasizing technology as a competitive advantage across sectors such as consumer, healthcare, information technology, software as a service, manufacturing, life sciences, oncology, big data, clean technology and digital health.

Founded in 1985, Sambrinvest is a Belgian venture capital firm based in Gosselies. It specializes in direct investments, focusing on small and medium-sized companies across various sectors such as Agri-Food, biotechnology, digital, manufacturing, and services. The firm primarily invests in the Charleroi Sud-Hainaut and Thuin districts of Belgium, with typical investment amounts not exceeding €1.25 million.

Pitchdrive is a venture capital investment firm based in Antwerp, Belgium, founded in 2018. It concentrates on early-stage funding for European B2B software-as-a-service, marketplaces, e-commerce, and software-driven hardware companies. Leveraging a data-driven engine, Pitchdrive aims to qualify seed-stage ventures quickly, enabling capital to reach founders in weeks rather than months. The firm seeks to scale seed investments for founders and investors while maintaining a hands-on approach post-funding. It supports portfolio companies with network introductions and value-added partnerships, delivering substantial additional value. Pitchdrive operates with a founder-first philosophy, emphasizing practical support and rapid, efficient financing to help startups accelerate growth.

Founded in 2020, Heran Partners is a Belgian venture capital firm focused on investing in healthcare technology, medical technology, deep tech, and digital health sectors. The firm provides venture and growth capital alongside expertise, mentorship, and network support to European HealthTech startups and scale-ups with strong technology platforms and market potential.

Ninepointfive is a venture capital investment firm based in Antwerp, Belgium, founded in 2019. It co-invests with corporate partners to support tech startups from pre-seed to maturity, combining venture capital with corporate acceleration to drive growth. The firm works with brands such as Beiersdorf, Telenet, and Agfa to provide strategic value, resources, and market access for portfolio companies. Ninepointfive focuses on sectors including energy, information technology, B2B software as a service, and materials and resources, seeking startups with scalable technology and practical applications. By leveraging corporate networks and investment expertise, it helps founders move from early validation to scale in a pragmatic, value-driven approach.

The Innovation Fund is a venture capital firm based in Schaerbeek, Belgium, established in 2015. It targets investments across health and science sectors, including healthcare devices and services, life sciences, material science and biosciences, process technology, hygiene and cosmetology, recycling technology, and B2B and commercial services.

Qbic Fund is a Ghent-based venture capital firm that backs spin-off companies arising from the Ghent, Brussels and Antwerp university networks and affiliated research institutes, including VITO. It maintains strategic partnerships with these universities and VITO to gain early access to promising research and to support portfolio ventures from assessment to hands-on development. The firm focuses on life sciences, new materials, and information technology, with emphasis on software, deeptech, biotech and medtech opportunities. Through its university and research collaborations, Qbic Fund provides technical guidance and industry connections to help startups accelerate commercialization and growth.

White Fund is a venture capital firm based in Liège, Belgium, established in 2019, that specializes in early-stage investments in the medical device and medtech sectors. The firm focuses on companies that have demonstrated a proof of concept for their technology and have shown objective market traction. White Fund primarily targets investments within Belgium but may consider opportunities in neighboring regions. It typically invests between €2 million and €3 million in each project, spanning two to three rounds of financing, with an exit strategy aimed at five to seven years. The firm is dedicated to supporting the pre-marketing stages and the launch of sales for innovative healthcare solutions, including prevention, diagnostic, monitoring, and treatment technologies.

Established in 2017, Imec.xpand is a Belgium-based venture capital firm focused on investing in early-stage innovations within the domains of deep tech, health, and agtech. The company aims to foster nanoelectronics-based innovation globally.

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.

Asabys Partners is a Barcelona-based venture capital firm established in 2018 that focuses on investments in the life sciences and healthcare sectors. The firm targets innovative and transformative technologies within the health-tech and biopharma industries, both in Spain and internationally. Asabys Partners aims to advance the boundaries of science and medicine by financing disruptive technologies and collaborating with leading experts in the field.

Newton Biocapital is a Belgium-based venture capital fund focused on financing biotech and life science projects in Europe (Belgium, Netherlands, Germany, France) and Japan. As lead investor, they support promising start-ups and neglected late-stage projects to mitigate risks and create value. The team consists of specialists with extensive management and investment experience who coach bio-entrepreneurs through project development stages.

Ark Angels Activator Fund is a venture capital fund based in Hasselt, Belgium. It targets investments in small and medium enterprises located in the Flanders region, focusing on early and growth-stage companies across software, health tech, surgical devices, manufacturing, and financial services. The fund often co-invests with business angels and other capital providers, and has worked with BAN Vlaanderen VZW and ING Belgium in its management. Established in 2012, it seeks opportunities from Belgian companies with an operating base in Flanders and, in some cases, growth or transfer-phase opportunities. It has a capital base of about 14.8 million euros and operates as a private venture vehicle supporting regional entrepreneurs.

AngelWise is a venture capital firm founded in 2022 and headquartered in Hasselt, Belgium. The firm specializes in pre‑seed and seed‑stage investments, primarily in the information and communication technology sector. It provides comprehensive support to early‑stage startups, helping them advance to subsequent growth phases.

Founded in 2014, LeanSquare is a venture capital firm based in Liège, Belgium. It specializes in seed, start-up, and growth capital investments, typically ranging from $0.1 million to $0.5 million.

The Faktory is an accelerator, incubator and early-stage venture capital firm that supports IoT and connected-device startups with a business-to-business focus. Based in Angleur, Belgium, it operates across Belgium, France, Luxembourg and the Netherlands, making minority investments of roughly €0.2 million to €1 million per transaction (around 30% ownership) and providing mentoring and hands-on support to help startups validate markets, develop products and scale internationally.

Fund+ is a venture capital firm based in Leuven, Belgium, established in 2015. It invests in life sciences companies across seed, early, and later stages, with a focus on diagnostics, therapeutics, medical devices, and related sectors in Belgium. The firm seeks to build leadership in the life sciences field while delivering sustainable shareholder value and contributing to positive societal impact.

Epimède SA is a venture capital firm located in Liège, Belgium, established in 2015. The firm specializes in providing early-stage and growth capital investments to small and medium-sized enterprises, particularly those in the technology sector. Its investment focus includes life sciences, such as biology and biotechnology, as well as engineering services, medtech, cleantech, and corporate services. Epimède typically invests between €1 million and €7 million in companies that have fewer than 500 employees, net capital assets not exceeding €75 million, and are not predominantly owned by non-SMEs. The firm aims to support companies with growth potential and takes an active role in their governance by participating in the Board of Directors and influencing key strategic decisions. With a strategic exit plan spanning three to five years, Epimède is dedicated to fostering the development of innovative businesses primarily based in Wallonia.

Established in 2016, KBC Focus Fund is a venture capital firm headquartered in Brussels, Belgium. It invests in growth-stage companies across Europe, with a focus on advanced technology sectors such as nanotechnology, microelectronics, and IoT.

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.

SmartFin is a Brussels-based growth and expansion firm that invests in business-to-business technology companies across Europe, focusing on European B2B tech firms seeking scale and providing capital and strategic support to help them grow.

Quest for Growth is a Belgium-based investment company focused on growth equity. It invests primarily in technology-driven sectors such as pharmaceuticals & biotech, information technology, cleantech, healthtech, and TMT across the United States and Europe.

Omnes Capital S.A.S. is a venture capital and private equity firm specializing in direct and fund of fund investments. Within direct investments, the firm specializes in seed, startup, series A rounds, series B rounds, early venture, development stage, mid venture, late venture, emerging growth, growth capital, expansion, replacement capital, middle market, successions, small and mid-cap buyout, owner and leveraged buyout, mezzanine, PPP infrastructure, special situations, industry consolidation, mature, turnaround, and investing in small and medium enterprises. It is involved in all forms of business buy-ins/buyouts, on the occasion of inheritances, and in the form of spin-offs or delisting. Within fund of fund investments it invests in venture capital funds and secondary fund of funds. The firm prefers to invest in all the sectors including the information technology, life sciences, agri-food, telecommunications, and renewable energy sectors. It also invests in energy equipment and services; materials; construction and engineering; electrical equipment; commercial services and supplies; transportation infrastructure; hotels, restaurants, and leisure; agricultural products; cosmetics; real estate; online services; infrastructure services; electronic equipment and instruments; electronic manufacturing services; and water purification. Within information technology, the firm invests in electronics, materials, components, systems, laboratory and manufacturing equipment, design and test software, mobile, fiber optics, networks and operators, software applications, SaaS, cloud, hardware, development, administration and infrastructure, web-based technology services, media, and new information and communication technology (NICT). In life sciences, the firm invests in drug development, diagnostics, biotechnology, medtech, and medical devices. Under renewable energy, the firm invests in electricity and heat production, onshore wind, solar, hydro, heating networks in Europe with a focus on France, Germany, United Kingdom, Scandinavia, and Italy. It invests in companies based in Central America and Mexico; Caribbean; North America region with a focus on United States. The firm also invests in Turkey, Australia, Japan, New Zealand, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and United Kingdom. The firm makes direct private equity investment in non-listed companies. Within mid-cap buyout and growth capital, the firm seeks to invest ticket size between €8 million ($8.80 million) and €25 million ($27.52 million) in companies with enterprise value between €25 million ($27.52 million) and €180 million ($198.12 million). Within small-cap buyout and growth capital, it invests in French small and medium enterprises with ticket size between €1 million ($1.10 million) and €8 million ($8.80 million) and enterprise value between €8 million ($8.80 million) and €25 million ($27.52 million). Within mezzanine buyout and growth capital, it makes investments in the form of bonds with share warrants (OBSA in French) in high-potential unlisted SMEs with a value of less than €300 million ($329.46 million). It seeks to invest between €1 million ($1.10 million) and €50 million ($55.03 million) in companies having revenues from $6.55 million to $322.7 million and enterprise value between $5.5 million and $1306.83 million. The firm also makes co-investments. When the firm co-invests, it seeks for a target enterprise value between €500 million ($550 million) and €1 billion ($1.10 billion) and investment capacity of €15 million ($16.51 million) per deal. The firm seeks to take minority stakes in its portfolio companies. It prefers to have a board seat on its portfolio companies. The firm seeks to invest for a period between two years and six years. It was formerly known as Credit Agricole Private Equity. Omnes Capital S.A.S. was founded in 2000 and is based in Paris, France with additional offices in Bruxelles, Belgium and Zurich, Switzerland.

Theodorus is a venture capital arm of Universite Libre de Bruxelles, Belgium, focusing on seed and early-stage investments. It supports spin-offs from the university in biotechnology, medical device, engineering technologies, and high tech sectors, primarily within Wallonia, Belgium.

Akiles is a Belgian investment company established since 2019, focusing on supporting the growth of small and medium-sized enterprises (SMEs) through management buy-in, buyout, venture capital, and growth capital investments. The firm primarily targets businesses operating in b2b, b2c, energy, financial services, materials & resources, and technology sectors across Europe.

KeBeK Management NV, also known as KeBek Private Equity, is a private equity and venture capital firm specializing in mezzanine, buy-outs and growth capital investments in small and medium-sized companies. The firm invests in companies of all industries; however companies with a product still in development or with unproven market and/or customer potential are excluded. It typically invests in Belgium. The firm prefers to invest between €2 million ($2.26 million) and €10 million ($11.30 million) in companies with annual sales of €10 million ($11.30 million) to €50 million ($56.51 million), with an EBITDA of €1.5 million ($1.70 million) to €10 million ($11.30 million). The firm prefers to take a majority stake, but minority stakes are not excluded insofar as the firm can obtain certain shareholder rights. It also prefers to exit its investments within five to seven years. KeBek Management NV is based in Strombeek-Bever, Belgium.

Seeder Fund is a Brussels-based venture capital firm that focuses on digital startups across seed, growth and scaling stages. It provides early-stage financing and growth capital to digital companies, with seed investments up to EUR 200,000 to validate value propositions, up to EUR 300,000 to support Series A readiness, and up to EUR 1,000,000 for scale-ups. The firm emphasizes involvement with portfolio companies and has a history of investing in digitally oriented ventures in Belgium, prioritizing opportunities in which it has already supported in the initial round.

Fund+ NV is a venture capital firm specializes in start up and early stage investments. The firm typically invests in companies engaged in the life science sector with focus on therapeutics, diagnostics, and medical devices. It primarily invests in companies located in European developed markets. The firm seeks to invest between EUR3 million ($3.65 million) and EUR8 million ($9.75 million). The decision to enter or exit an investment will be reserved to the Management Committee or to the Board of Directors depending on the invested amount. It only invests in companies in advanced development stage and seeks to attain a significant minority stake between 10% and 20%. Fund+ NV is based in Leuven, Belguim.

Internet Attitude SA is a venture capital firm established in 2010 and headquartered in Lille, Belgium. The firm specializes in providing financial and strategic support to start-ups and growth-stage companies primarily in the internet and information technology sectors. It focuses on investments in areas such as web and mobile applications, software, deep tech, SaaS, data mining, and search algorithms. Internet Attitude typically invests between €0.3 million and €1 million, taking minority stakes in its portfolio companies while actively participating in their management. The firm primarily targets companies located in Belgium and France and does not engage in seed investments. Additionally, it considers co-investment opportunities, further enhancing its strategic involvement in the growth of its selected ventures.

ING Corporate Investments is the private equity arm of ING Group, headquartered in Brussels, Belgium. It invests in small and medium-sized enterprises in Belgium, Luxembourg and France, providing buy-out, development and venture capital. Active in private equity since 1997, it has supported companies across information technology, software, biotechnology, manufacturing, engineering, logistics, distribution, and telecommunications. The group has deployed over 100 million euros in investments.

CAREvolution is a venture capital firm founded in 2016 and based in Bruxelles, Belgium. The firm focuses on investing in the healthcare sector, specifically targeting seed and early-stage opportunities. By concentrating on innovative healthcare solutions, CAREvolution aims to support the growth of companies that can advance medical technologies and improve patient care.

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.

Sofina Société Anonyme is a private equity and venture capital firm specializing in direct and fund of funds investments. Within direct investments, it specializes in growth capital, early, startup, later stages, mature, emerging growth, mid venture, late venture, industry consolidation, and LBO investments. The firm primarily invests in portfolio of companies that engages in digital transformation, consumer & retail, education, healthcare, energy and services, e-commerce, consumer goods, digital, satellite operations, industry, finance companies, and financial services worldwide. It also invests in the media, communications, insurance, property development sectors. The firm typically invests in European based companies with a global exposure, and it also has a particular focus on companies based in Western Europe and Asia such as in India, China and South East Asia and also in the United States. It invests between €75 million ($84.81 million) and €300 million ($339.2 million) in companies with an enterprise value between €250 million ($282.7 million) and €4500 million ($5088.41 million) in minority investments, and €15 million ($16.96 million) and €50 million ($56.54 million) in companies operating in emerging markets or fast growing sectors. It invests in privately owned and listed companies. It invests in private companies to support growth, finance acquisitions, give liquidity to existing shareholders/families, support sales processes, and make minority investment alongside shareholders controlling shareholders and in listed companies for replacement of existing shareholder, long term support of controlling shareholders, and delisting. Within fund of funds, the firm focuses on private equity, venture capital and growth equity funds, and selected relationships in buyout and special situations. It also manages funds in the fields of private equity and hedge funds. It typically invests in the US, Europe and Asia, and also concentrates on emerging markets. The firm makes between €10 million ($11.31 million) and €40 million ($45.23 million) commitments in funds. The firm prefers to hold a minority ownership equity in its portfolio companies and also seeks board seat. The firm also prefers majority stake and co-invests. It typically holds its investments for ten to twelve years. Sofina Société Anonyme was founded in 1980 and is based in Brussels, Belgium with additional offices in Luxembourg and Singapore.

Finindus is an investment company that provides early-stage and growth financing to innovative companies focused on materials science, processing technologies, and sustainable manufacturing across the metal value chain. Typically investing €0.5 to €5 million per round, with a maximum of €10 million per company, Finindus actively contributes to portfolio companies' value creation through its network, expertise, and access to OCAS's research facilities.

Advantage Capital Partners is a United States‑based venture capital firm that provides growth equity, debt, and mezzanine financing to small and mid‑market companies, with a focus on underserved communities and state and local economic development. The firm invests across sectors including manufacturing, technology, business services, life sciences, and energy, and also supports real estate development projects with equity and debt. It typically makes initial investments ranging roughly from half a million to ten million in companies with modest sales, and may participate in larger follow‑on rounds or co‑invest with other firms. It uses senior debt, mezzanine debt, subordinated loans, and government‑guaranteed lending, and often pursues equity positions through preferred shares or convertible notes. Advantage Capital operates nationwide in the United States, with roots in New Orleans and offices in multiple states, and has backed thousands of jobs and housing projects as part of its mission to expand inclusive economic growth.

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.

Vesalius Biocapital Partners S.à r.l. is a venture capital and private equity firm specializing in investments in all stages of development with a focus on incubation, seed, start-up, early stage, mid venture, late venture, mid-stage, later stage, expansion, development capital, replacement, emerging growth, bridge financing, and corporate spin-offs with more mature assets. The firm invests in life sciences and novel food applications. Within life sciences, it invests in healthcare, pharmaceuticals, therapeutics, medtech, biotechnology, and nanotechnology. It invests in companies developing novel drugs, medical devices and diagnostics for unmet medical needs and also targets novel nutrition technologies which have the potential to prevent or cure disease. The firm prefers to invest in Europe with a focus on the Benelux countries including Belgium, Netherlands, and Luxembourg; German-speaking countries; Finland; Denmark; Flanders; France; Sweden; Norway; Iceland; Switzerland; Austria; Scandinavia; and the United Kingdom. It typically invests between €1 million ($1.23 million) and €5 million ($6.15 million) in its portfolio companies, with a maximum of €10 million ($12.31 million) over several rounds of financing. The firm usually takes minority equity stakes in its portfolio companies and also provides shareholder loans. It typically leads or co-leads the investment syndicate and always takes a board seat in its portfolio companies. Vesalius Biocapital Partners S.à r.l. is based in Strassen, Luxembourg.