Belgium has emerged as a vibrant hub for venture capital, with a dynamic network of investors actively fostering innovation across diverse sectors. Belgian venture capital investors are particularly notable for their contributions to tech, life sciences, and sustainable solutions, supporting startups with both funding and strategic expertise. From early-stage investments to significant scale-up support, these investors provide the crucial backing that ambitious entrepreneurs need to transform their ideas into impactful ventures. This article highlights the most active VC investors in Belgium, exploring their leadership, portfolio companies, and investment focus, showcasing the essential players driving growth in Belgium’s startup ecosystem.

Astanor Ventures

• 🏦 HQ: Gent, Belgium

• 👨‍💻👩‍💻 Leadership: Eric Archambeau, Hans Marteau, Hendrik Van Asbroeck

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Apeel, Source, Ynsect

Capricorn Partners

• 🏦 HQ: Leuven, Belgium

• 👨‍💻👩‍💻 Leadership: Sabine Vermassen, Katrin Geyskens, Rob van der Meij

• 🔢 Number of Investments: 100-150

• 💸 AUM: €450 million

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Confo Therapeutics, Ogeda, BitGo

Fortino Capital

• 🏦 HQ: Antwerp, Belgium

• 👨‍💻👩‍💻 Leadership: Duco Sickinghe, Renaat Berckmoes

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Salonkee, Simkon, Sides, Venly

Gemma Frisius Fund

• 🏦 HQ: Leuven, Belgium

• 👨‍💻👩‍💻 Leadership: Paul Dun

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Aphea Bio, Dualyx, KLA

Hummingbird Ventures

• 🏦 HQ: Antwerp, Belgium

• 👨‍💻👩‍💻 Leadership: Barend Van den Brande

• 🔢 Number of Investments: 100-150

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Etched, Brigit, Kraken, Deliveroo

Inventures SA

• 🏦 HQ: Brussels, Belgium

• 👨‍💻👩‍💻 Leadership: Olivier de Duve

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: OncoDNA, Opinum, SAM Labs

LeanSquare

• 🏦 HQ: Liège, Belgium

• 👨‍💻👩‍💻 Leadership: Laurent Burton, Xavier Péters

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: E-peas, Bloomlife, We Invest

LRM

• 🏦 HQ: Hasselt, Belgium

• 👨‍💻👩‍💻 Leadership: Tom Vanham

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Zinq, Blue Foot, Allimex

Noshaq

• 🏦 HQ: Liège, Belgium

• 👨‍💻👩‍💻 Leadership: Gaëtan Servais

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Amyl Therapeutics, Brenus Pharma, ExeVir Bio

Pitchdrive

• 🏦 HQ: Antwerp, Belgium

• 👨‍💻👩‍💻 Leadership: Boris Bogaert, Koen Christiaens, Wim Derkinderen

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Contactify, Luna, Ober

SmartFin

• 🏦 HQ: Brussels, Belgium

• 👨‍💻👩‍💻 Leadership: Jürgen Ingels, Bart Luyten, Thomas Depuydt,

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Happeo, Akinon, Recharge

V-Bio Ventures

• 🏦 HQ: Gent, Belgium

• 👨‍💻👩‍💻 Leadership: Shelley Margetson, Christina Takke, Willem Broekaert

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Aphea bio, Coave, Confo

Verlinvest

• 🏦 HQ: Brussels, Belgium

• 👨‍💻👩‍💻 Leadership: Roberto Italia, Simone Sallustio, Raphael Thiolon

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Chewy, Purplle, Oatly, Vita Coco

Volta Ventures

• 🏦 HQ: Antwerp , Belgium

• 👨‍💻👩‍💻 Leadership: Frank Maene, Sander Vonk

• 🔢 Number of Investments: 50-100

• 💵Average Investment Ticket: €300,000-€2 million

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Nodalview, Sweepbrigh, Scailable

WING by Digital Wallonia

• 🏦 HQ: Liège, Belgium

• 👨‍💻👩‍💻 Leadership: Pierre H. Rion, Thibaut Claes

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: E-peas, Imcyse, mozzeno

Belgium's venture capital scene is characterized by a blend of seasoned investors and specialized funds, each contributing uniquely to the country's innovation landscape. With firms targeting a range of sectors—from biotechnology to fintech and clean tech—these investors have not only accelerated the growth of local startups but have also amplified Belgium’s role as an influential player in the European startup ecosystem. As they continue to invest in high-potential companies, they strengthen Belgium’s position as a key destination for innovation, entrepreneurship, and sustainable growth.