Top 20 Venture Capital Firms in Belgium for Startups in 2025

Looking for funding in Belgium? Here are the top VCs you need to know.
Belgium’s startup scene is alive with innovation, from biotech and fintech to cleantech and SaaS. Whether you’re a university spinout, a mission-driven founder, or a fast-scaling software startup, these VC firms bring the networks, expertise, and capital to help you grow.

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1. Capricorn Partners

Location: Leuven
Capricorn is one of Belgium’s most experienced VCs, backing companies in digital, health, and cleantech. They manage several funds and bring deep expertise to founders shaping the future.
Stage: Seed to Series B
Size: €1M–€6M
Type: Tech-driven, ESG-aligned startups
Sector:
Digital
Cleantech
Healthtech
🌐 Capricorn Partners

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2. Ninepointfive Ventures

Location: Brussels
Ninepointfive specializes in corporate venturing, co-investing with brands like Telenet to help early- and growth-stage startups scale fast. Their focus: grit, ambition, and shared success.
Stage: Seed to Series A
Size: €500K–€7.5M
Type: Corporate-backed tech scale-ups
Sector:
Sector-agnostic
SaaS
Platform tech
🌐 Ninepointfive Ventures

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3. Volta Ventures

Location: Ghent
Volta Ventures focuses on early-stage internet and software startups in the Benelux, helping them find markets, hire talent, and raise follow-on capital.
Stage: Seed
Size: €300K–€2M
Type: Software and SaaS innovators
Sector:
Internet
Software
AI
🌐 Volta Ventures

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4. Theodorus

Location: Brussels
Theodorus leads seed and Series A rounds in biotech, medtech, digital, and engineering startups. They provide access to expert syndicates, grants, and strategic guidance.
Stage: Seed to Series A+
Size: €250K–€2.5M
Type: Deep tech, science-driven companies
Sector:
Biotech
Medtech
Digital tech
🌐 Theodorus

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5. Smartfin

Location: Brussels
Smartfin backs B2B tech companies across Europe, helping them scale internationally with capital, growth strategies, and partnerships.
Stage: Seed to Series A+
Size: €500K–€25M
Type: Scalable B2B tech companies
Sector:
SaaS
Fintech
Enterprise tech
🌐 Smartfin

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6. Astanor Ventures

Location: Brussels
Astanor Ventures is an impact investor transforming the agrifood system. They back founders using innovation to restore sustainability in food and agriculture.
Stage: Seed to Early Growth
Size: $20M–$50M
Type: Agrifood and climate innovators
Sector:
Agritech
Food & Beverage
Climate tech
🌐 Astanor Ventures

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7. Pitchdrive

Location: Brussels
Pitchdrive is a founder-first, hands-on pre-seed VC helping startups get from pitch to launch with speed, clarity, and strategic support. Focused on SaaS, marketplaces, and AI, they help founders hit their first growth milestones fast.
Stage: Pre-seed to Seed
Size: €100K–€500K
Type: Early-stage, tech-forward startups
Sector:
SaaS
Marketplace
AI
🌐 Pitchdrive

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8. ScaleFund

Location: Belgium
ScaleFund supports early-stage startups with global potential, helping them bridge the gap from seed capital to scale.
Stage: Early
Size: €300K–€500K
Type: Innovative scale-ups
Sector:
Industry-agnostic
Technology
🌐 ScaleFund

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9. V-Bio Ventures

Location: Ghent
V-Bio Ventures is a life sciences VC focused on transforming scientific innovations into real-world impact, with a focus on therapeutics, diagnostics, and sustainable agriculture.
Stage: Early
Size: Undisclosed
Type: Life sciences startups addressing unmet needs
Sector:
Healthcare
Biotech
Agtech
🌐 V-Bio Ventures

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10. BlackFin Tech

Location: Brussels
BlackFin backs fintech, insurtech, and regtech companies across Europe, helping them accelerate growth through funding and M&A strategies.
Stage: Series A–C
Size: €1M–€3M
Type: Fast-growing financial services startups
Sector:
Fintech
Insurtech
Payments
🌐 BlackFin Tech

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11. Finance&invest.brussels

Location: Brussels
Finance&invest.brussels fuels Brussels’ regional economy, backing startups and scale-ups in sectors like fintech, civic tech, and sustainability.
Stage: Early
Size: €5K–€150K
Type: Regional innovators with local impact
Sector:
Civic tech
Urban innovation
AI
🌐 Finance&invest.brussels

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12. SRIW

Location: Wallonia
SRIW supports companies in Wallonia aiming for international growth, providing investment, acquisitions support, and working capital.
Stage: Multistage
Size: Undisclosed
Type: Regional companies scaling globally
Sector:
Industry-agnostic
Tech
Manufacturing
🌐 SRIW

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13. LRM

Location: Limburg
LRM backs early-stage startups across sectors, offering venture capital, mezzanine loans, and infrastructure investments to drive economic growth in Limburg.
Stage: Early
Size: Undisclosed
Type: Limburg-based companies with growth plans
Sector:
AI
Software
Infrastructure
🌐 LRM

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14. Gimv

Location: Antwerp
Gimv is one of Belgium’s largest private equity investors, supporting mid-sized companies in healthcare, smart industries, and sustainable cities across Europe.
Stage: Multistage
Size: €5M–€75M
Type: Scale-ups with strong management
Sector:
Healthtech
Smart cities
Consumer brands
🌐 Gimv

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15. AtlasInvest

Location: Brussels (global)
AtlasInvest focuses on global energy assets, investing in both conventional and renewable energy companies, with a growing focus on digitalization and sustainability.
Stage: Multistage
Size: Undisclosed
Type: Energy-focused businesses
Sector:
Energy
Renewables
Climate tech
🌐 AtlasInvest

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16. FinWise

Location: Brussels (global)
FinWise supports fundraising for high-potential startups in tech, fintech, medtech, and more, offering capital and strategic partnerships.
Stage: Late Seed to Series A
Size: €500K–€10M
Type: Scale-ups with proven traction
Sector:
Tech
Fintech
Healthcare
🌐 FinWise

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17. Startup Factory

Location: Belgium
Startup Factory is a corporate venture builder offering not just funding, but also acceleration, incubation, and operational support to early startups.
Stage: Early
Size: €100K
Type: Corporate-backed early ventures
Sector:
Sector-agnostic
Tech
Consumer
🌐 Startup Factory

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18. Force Over Mass Capital

Location: Brussels (pan-European)
Force Over Mass invests in B2B innovation across fintech, AI, and SaaS, managing early-stage and scale-up funds across Europe.
Stage: Seed to Series B
Size: Varies
Type: Tech startups with scalable models
Sector:
Fintech
AI
SaaS
🌐 Force Over Mass

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19. Hummingbird Ventures

Location: Ghent
Hummingbird Ventures is an agile investor known for backing ambitious founders in emerging markets and breakthrough technologies.
Stage: Early to Growth
Size: Varies
Type: Visionary, high-potential startups
Sector:
Technology
Consumer
Emerging markets
🌐 Hummingbird Ventures

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20. Inventures Investment Partners

Location: Brussels
Inventures backs early-stage startups aligned with the UN Sustainable Development Goals, combining social impact with strong financial returns.
Stage: Seed to Series A
Size: €1M–€3M
Type: Mission-driven, SDG-aligned startups
Sector:
Healthtech
Edtech
Cleantech
🌐 Inventures

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Final Thoughts

Belgium’s VC landscape is packed with specialized firms — from regional economic players to global impact investors. Whether you’re launching your first product or preparing to scale, align your pitch with the right investor, and let these top VCs help you break through.

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