Top 10 Venture Capital Firms In Belgium [2023]

Whether you are raising seed, Series A or higher, in this article we have listed our top picks of the best venture capital firms in Belgium, each with their industry focus and investment size. So, if you haven’t yet started to reach out, here is a good place to start learning about them.

This article is part of a series where we present you the top Venture Capital firms across the world. For Europe, check out our rankings for Amsterdam, Austria, Berlin, Denmark, France, Ireland, Italy, Norway, Spain, Sweden, Switzerland and the UK.

Top 10 Venture Capital Firms In Belgium

Here’s a summary of our top 10 picks for the best venture capital firms in Belgium (in alphabetical order):

Name	Sector focus	Investment stage	Investment range	Investments
9.5 Ventures	Technology	Seed, Series A	€500K – €7.5M	5
Capricorn Partners	Digital, Cleantech, Healthtech	Seed, Series A, A+	€1M – €3M	84
Hummingbird Ventures	Technology	Seed, Series A, A+	Undisclosed	85
Inventures Investment Partners	Healthtech, Edtech, Cleantech	Seed, Series A	€1M – €3M	40
LRM	Technology, Manufacturing, Health	Seed, Series A	Undisclosed	77
Smartfin	Technology	Seed, Series A, A+	€500K – €25M	33
Theodorus	Biotech, MedTech, Digital and Engineering	Seed, Series A	€250K – €2.5M	40
V-Bio Ventures	Healthtech, Agritech	Seed	Undisclosed	25
Volta Ventures	Software, Internet	Seed, Series A	€300K – €2M	57
Scale Fund	Technology	Seed	€300K – €1M	11

1. Nine Point Five

Nine point five is a venture capital firm dedicated to corporate venturing.  9.5 invests in corporate ventures and managers that strive for greatness and radiate happiness. Ideally, their portfolio companies focus on companies with the grit to succeed.  

Since its inception, the venture capital firm has maintained a focused portfolio of corporate ventures built and accelerated with leading corporations.

The VC firm ensures close governance of its portfolio companies, coaching its management and sharing the risks, upsides, and challenges their ventures experience.

The VC firm makes its decisions based on the long-term future of its portfolio companies. Their initial investments fall within the range of €500K and €7.5M. 

2. Capricorn Partners

Capricorn Partners is undeniably one of the top venture capital firms in Belgium in terms of deals. They target entrepreneurs in digital technologies, health, and clean technologies. Typically, the VC firm directs its investment toward innovative companies that positively impact people and the planet. The VC firm aims at creating both financial return and strategic value for its portfolio companies.

In that case, the VC firm offers a unique mix of technology and investment experience, creating an ecosystem where investible capital, innovative ideas, and capable entrepreneurship lead to superior returns.

Capricorn Partners’ initial investments fall in the range of €1M to €3M.

3. Hummingbird Ventures

Hummingbird is one of the top venture capital firms in Belgium. Their core reason for existence is to help the entrepreneurs realize their vision in quick flight. Ideally, they look for opportunities in markets where other VC firms and investors fear to tread.

As an agile investor in entrepreneurial genius, the VC firm values emotional intelligence as much as data. They seek opportunities to grow internal culture and grow the revenues for their investee companies.

4. Inventures Investment Partners 

Inventures Investment Partners is a venture capital firm focusing on societal goals like health tech, Edtech, and Cleantech sectors. The VC firm manages the impact of venture capital funds inventures I and Inventures II, and its mission is to produce attractive financial and social returns.

Inventures I is a € 15 million venture capital fund managing a portfolio of 12 early-stage and scale-up companies. Inventures II SDG has a target size of €35 million. It invests in early-stage capital in smart and innovative companies that focus on answering at least one of the United Nations Sustainable Development Goals.

The VC firms’ initial investments fall in the range of €1M and €3M.

5. LRM

LRM is a Venture capital firm focusing on developing and stimulating economic growth by providing investee companies a solid foundation. To attain its objective, the venture capital firm aims to provide financial means, economic expertise, and critical assets to create an enabling environment.

Typically, LRM aims to generate profits in all its investments. LRM contributes to sustainable retention and employment growth within its investment regions through profit generation. In addition to focusing on economy and employment, sustainability and climate awareness are crucial to their investment criteria.

6. Smartfin

 SmartFin is a venture capital firm targeting entrepreneurs within the technology sector. The VC firm supports the seed stage and the growth stage companies. It invests in private growth companies where the risks associated with the technology, product, and market development have been adequately addressed.

To support the growth ambitions of their portfolio companies, SmartFin provides replacement and expansion capital to companies that display the potential for significant value creation in fast-growing market segments.

The VC firm prefers initial entry tickets complemented by significantly more significant follow-on investments in those companies.

SmartFin targets initial investments in the range of 500K and €25M.

7. Theodorus

Theodorus is a VC firm primarily dedicated to seed and early-stage projects based on proprietary, disruptive technologies. Typically, they invest in companies that venture into the Biotech, Medtech, Digital, and Engineering sectors.

The VC firm provides their investee companies access to venture capital professional management teams to act as the lead investors. Besides, investee companies have access to a strong network of independent and international experts, advisors, and C-level advisors. 

At the seed stage and early stage, the VC firm structures the financing round by leading the process of establishing a syndicate of investors and providing access to experts in obtaining grants and nondilutive financing. 

8. V-Bio Ventures

V-Bio Ventures is a life science VC firm whose goal is to help transform scientific innovation into products that impact people’s lives. Their extensive network and sector expertise enables them to contribute capital and assist portfolio companies in sourcing deals from any research institute, entrepreneurial initiative, and spin-outs.

The VC firm targets private companies with differentiated technology and addresses unmet needs. Therefore, they look for innovative and transformational technologies with a high societal or environmental impact. Ideally, they support companies focusing on therapeutics and diagnostics supporting medical therapies and sustainable agriculture.   

9. Volta Ventures

Volta Ventures is a seed and early-stage Venture Capital firm targeting software companies. The firm aims to guide companies in different ways, enabling them to grow. Volta Ventures looks for enterprises with significant market knowledge and actively solving problems. Ideally, they focus on the propositions that solve problems using new technologies in the proven markets.

The VC firm allocates a large portion of capital for every investment to provide follow-on investments in the portfolio. They ensure transparency, and they are keen on knowing the people behind every company they are planning to invest in. 

10. ScaleFund

Scale Fund is a VC firm that seeks to enable promising entrepreneurs to achieve their vision. Therefore, the VC firm looks for missing opportunities and bridges the equity gap to boost the profitable companies. ScaleFund seeks to secure both a qualitative and a proprietary deal flow while identifying the best projects.

The industry agonistic VC firm teams up with shareholders and management to reach the next milestones. Ideally, they focus on investing in innovative scale-ups with international potential. The VC firm invests between  300K and  500K Euros.