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Top 15 B2B VC Funds & Investors in Belgium (September 2026)

The most active venture capital funds investing in Belgium B2B startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Belgium B2B startup companies. Find investors to raise a Seed, Series A or Series B round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Limburgse Reconversie Maatschappij
VC Fund
5 Belgium, The Netherlands, United States Seed, Series A Information Technology, Software, Biotechnology $658k–$11M
SmartFin
VC Fund
4 Belgium, The Netherlands, Turkey Series A, Series B, Seed Software, SaaS, Information Technology $549k–$30M
Axeleo Capital
VC Fund
3 France, United Kingdom, Germany Seed, Series A, Pre-Seed Software, Information Technology, SaaS $857k–$21M
LeanSquare
VC Fund
2 Belgium, France, United States Seed, Venture - Series Unknown, Series A Software, Music, Information Technology $257k–$19M
PMV
VC Fund
1 Belgium, United States, The Netherlands Seed, Series A, Series B Software, Biotechnology, Health Care $1M–$43M
Entourage
VC Fund
1 Belgium, Spain, United States Seed, Pre-Seed SaaS, Software, Information Technology $751k–$3.3M
Sherpa Invest
VC Fund
1 Belgium, China Series A, Series B SaaS, Software, B2B
Quincy Jones Productions
VC Fund
1 United States, Belgium Venture - Series Unknown, Seed Music, B2B, Gift
Finance.Brussels
VC Fund
1 Belgium, France Seed, Series A, Venture - Series Unknown Software, Information Technology, SaaS $1.5M–$16M
E-Merge
VC Fund
1 United States, Belgium, Spain Seed, Series A Software, SaaS, E-Commerce $213k–$25M
ING Group
VC Fund
1 United Kingdom, United States, The Netherlands Debt Financing, Post-IPO Debt, Series B Energy, Renewable Energy, Solar $15M–$3B
Elephant
VC Fund
1 United States, Canada, France Series A, Series B, Series C Software, E-Commerce, Information Technology $7.5M–$300M
Axio Capital
VC Fund
1 France, Belgium, United Kingdom Venture - Series Unknown, Series B, Private Equity Information Technology, B2B, Retail $2.4M–$12M
Newion
VC Fund
1 The Netherlands, Belgium, Germany Series A, Seed, Series B Software, SaaS, Information Technology $1.1M–$66M
Sushi Venture Partners
VC Fund
1 United Kingdom, Singapore, Israel Seed, Venture - Series Unknown, Series A Music, Software, Artificial Intelligence $652k–$3.3M
Access all 26 VC funds in Belgium B2B startups.

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Investor list

Limburgse Reconversie Maatschappij
VC Fund · Hasselt, Limburg, Belgium · 5 investments in Belgium B2B startups

Oxygen for growth - LRM

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Investment focus

  • Industry: Information Technology, Software, Biotechnology
  • Stage:Seed, Series A
  • Geography: Belgium, The Netherlands, United States

Investor stats

  • Total investments: 98
  • Round size: Seed $658k–$5.2M; Series A $1.6M–$11M
  • Lead/follow: 12% lead, 88% follow

Portfolio highlights

  • Monsana — Monsana's AI-powered platform empowers both patients and healthcare professionals in their search for the perfect clinical trial. Each eligibility criterion is validated based on your unstructured textual medical records, allowing highly accurate matching with experimental treatments.
  • ADLC — ADLC employs drone technology to deliver logistics services, allowing businesses to implement drone-based solutions without having to manage them in-house. The company is focused on enhancing last-mile delivery in maritime and offshore environments. ADLC now conducts drone delivery services in the Port of Antwerp in collaboration with SGS, atesting and certification company, and works with companies such as BASF. Its drones have reduced delivery times and environmental effect, boosting efficiency sixfold and lowering CO2 emissions by up to 80% for petrochemical sample deliveries.
  • Optiflux — Optiflux automatiseert het bewaarbeheer van vers fruit met slimme AI & vision-technologie. Minder verlies, meer winst voor teler & handelaar.
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SmartFin
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 4 investments in Belgium B2B startups

Venture capital fund focussing on European B2B technology companies.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Series A, Series B, Seed
  • Geography: Belgium, The Netherlands, Turkey

Investor stats

  • Total investments: 62
  • Round size: Seed $549k–$6.7M; Series A $5M–$13M; Series B $3M–$30M
  • Lead/follow: 45% lead, 55% follow
  • Last fund: Likely actively investing — fresh fund, raised $257M in 2025

Portfolio highlights

  • Timefold — Experts in PlanningAI for complex scheduling and routing
  • Auditstage — The first AI-powered workspace for financial auditors. Automate manual workflows, draft working papers, and scale your firm with human-in-the-loop AI agents.
  • BrightAnalytics — Intuitive, reliable and fast. Consolidated reporting from BrightAnalytics.
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Axeleo Capital
VC Fund · Paris, Ile-de-France, France · 3 investments in Belgium B2B startups

AXC is a European Venture Capital Fund, supported by a large community of tech entrepreneurs. We back startups from pre-seed / seed.

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Seed, Series A, Pre-Seed
  • Geography: France, United Kingdom, Germany

Investor stats

  • Total investments: 115
  • Round size: Seed $1.3M–$9.3M; Pre-Seed $857k–$3.2M; Series A $4.3M–$21M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely actively investing — fresh fund, raised $134M in 2024

Portfolio highlights

  • Sopht — Sopht is an Environmental Services company that allows organizations to pilot their environmental impact and automate their decarbonation.Sopht provides a lever for optimizing and rationalizing the challenges of an IT department. The platform is built on a series of modules that reconstitutes the entire IT value chain of a company (multi-cloudmonitoring, management of IT assets, analysis of digital uses and services, etc.) thus allowing a vision and end-to-end management.Founded by Jérémie Veg, Julien Rouzé, Gautier Levert in 2021 and is located in Lyon and Paris.
  • Exergy3 — By converting renewable electricity from the grid into thermal energy, we supply high temperature, low carbon heat to power industrial processes.
  • DataHawk Technologies — DataHawk software platform provides eCommerce analytics tools for sellers and vendors to increase sales, optimize margins, gain insights, and boost productivity.
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LeanSquare
VC Fund · Liège, Liege, Belgium · 2 investments in Belgium B2B startups

New Economy Startups Investor & Accelerator

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Investment focus

  • Industry: Software, Music, Information Technology
  • Stage:Seed, Venture - Series Unknown, Series A
  • Geography: Belgium, France, United States

Investor stats

  • Total investments: 47
  • Round size: Seed $357k–$2M; Series A $257k–$12M; Venture - Series Unknown $830k–$19M
  • Lead/follow: 30% lead, 70% follow

Portfolio highlights

  • neuroClues — An easy-to-use eye-tracking environment to help practitioners instantaneously quantify their clinical exam
  • Gamevestor — Be more than a player. Invest in expert-selected video game projects and earn a share of their commercial revenues.
  • CityLegends — A home for urban sports & culture partners of CityLegends. Making the lines.
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PMV
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Belgium B2B startups, 9 in the past 12 months

Do and dare company

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Investment focus

  • Industry: Software, Biotechnology, Health Care
  • Stage:Seed, Series A, Series B
  • Geography: Belgium, United States, The Netherlands

Investor stats

  • Total investments: 158
  • Round size: Seed $1M–$4M; Series A $3M–$40M; Series B $6.6M–$43M
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • Biotalys — Biotalys is an Agricultural Technology (AgTech) company that employs its proprietary Agrobody technology platform to develop crop and food protection products. The company develops a new generation of protein-based biocontrol solutions, shaping the future of sustainable and safe food supply. Biotalys' unique protein-based biocontrols combinethe high-performance characteristics of chemicals with the clean safety profile of biologicals, making them ideal crop protection agents for both pre- and post-harvest applications.It was incorporated in 2013 and is based in the Biotech hub in Ghent, Belgium.
  • Borro — Cashless deposit system
  • Storm — Storm is een producent van hernieuwbare energie. Samen met ons team ontwikkelen, bouwen en exploiteren we duurzame energieprojecten over het hele land: van wind- en zonneparken tot snellaadstations en batterijopslag. Dit telkens tegen een zo laag mogelijke maatschappelijke kost.
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Entourage
VC Fund · Ghent, Oost-Vlaanderen, Belgium · 1 investments in Belgium B2B startups

Entourage is a venture Studio and early stage VC that invests in early-stage B2B and SaaS sectors.

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Investment focus

  • Industry: SaaS, Software, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Belgium, Spain, United States

Investor stats

  • Total investments: 9
  • Round size: Seed $751k–$3.3M; Pre-Seed $1.7M–$3.3M
  • Lead/follow: 67% lead, 33% follow

Portfolio highlights

  • Dealcar — DEALCAR is a company that digitalizes the used car market through a SaaS platform, enabling fully digital transactions. This platform creates a network effect benefiting dealers, partners, and customers. • Dealers: Increase revenue by selling extra products and boost sales by reducing turnover time. • Partners: Distribute products at the pointof sale without marketing expenses, lowering operational costs. • Consumers: Purchase a used car easily in just three steps, enjoying a smooth, trusted process similar to renting but with the benefits of owning a car.
  • Karomia — Karomia is an efficient and engaging B2B SaaS solution supporting sustainability officers in conducting a Double Materiality Assessment (DMA) of their organization, as part of their ESG report.
  • Warren — Enabling wealth, Boosting welfare
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Sherpa Invest
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Belgium B2B startups

Sherpa Invest is active in all economic sectors and concentrates on Belgian-based companies that show strong growth potential – and a competitive advantage.

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Investment focus

  • Industry: SaaS, Software, B2B
  • Stage:Series A, Series B
  • Geography: Belgium, China

Investor stats

  • Total investments: 4
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • MAXVAX — MAXVAX aims to provide novel vaccine development and commercialization.
  • Virteo NV — VIRTEO’s platform covers the internal dunning and all external (amical/judicial) debt collection processes. With VIRTEO, creditors reduce costs, improve results and enforce CSR policy with external partners like lawyers and bailiffs. VIRTEO helps achieve economic goals (getting paid) with socially responsible practices (avoiding malpracticesand excessive costs to debtors).VIRTEO is an online platform allowing credit managers to work directly with lawyers, court bailiffs and recovery agencies in an efficient, transparent and compliant process. The debt collection industry rarely has a positive image. Customers lack tools to monitor and control the practices used by their external collection partners and the goal (recovering the unpaid invoice) is often in contradiction with a socially responsible approach. VIRTEO empowers creditors with a better process and results, and also provides better control over the practices used by their external partners. We provide the customer with the tools and insights to enforce and monitor their CSR policy, while improving results and reducing costs at the same time. Virteo - Where financial fitness meets ethics
  • Babelway — Unique online B2B integration platform to easily build document flows, transform them between any two formats and transfer them via any protocol.
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Quincy Jones Productions
VC Fund · Los Angeles, California, United States · 1 investments in Belgium B2B startups

Quincy Jones Productions is a media and artist management company.

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Investment focus

  • Industry: Music, B2B, Gift
  • Stage:Venture - Series Unknown, Seed
  • Geography: United States, Belgium

Investor stats

  • Total investments: 3
  • Lead/follow: 67% lead, 33% follow

Portfolio highlights

  • HIFI — Join a community advocating for artist-centric financial innovation and transparency. Access pioneering technologies and financial services tailored to the unique needs of music rightsholders.
  • Musimap — Musimap helps you to play the right music / promote the right artist or album / insert the right advertisement / promote the right product or brand to the right audience!
  • Songfinch — Give a unique gift with an original song from Songfinch. The perfect gift for anniversaries, birthdays, holidays, wedding or just to say "I love yo...
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Finance.Brussels
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Belgium B2B startups

Regional Investment Company of Brussels

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Belgium, France

Investor stats

  • Total investments: 26
  • Round size: Seed $1.5M–$5.4M; Series A $2.3M–$7M; Venture - Series Unknown $4.2M–$16M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • AI-Blox — A modular & flexible hardware and software platform for edge AI applications.
  • Otamiser — Otamiser Booster® is an automated solution that helps hoteliers and revenue managers secure bookings by improving a property's online presence on major OTAs such as Booking.com, Expedia, Trips.com, Kayak, Airbnb, and VRBO. It maximizes occupancy rates and revenue through optimizing 951 essential parameters, ensuring continuous optimization,full automation, seamless integration with CMS, PMS, and RMS systems, dedicated customer support, integrations with Cubilis and Hostaway, and a customized API for Revenue Management software.
  • AILOS Robotics — AILOS Robotics offers advanced solutions in robotics and automation for various industries.
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E-Merge
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Belgium B2B startups

Find out if E-Merge is the right fit for your future career! Explore jobs, salary, equity, and funding information. Read about work-life balance, perks, benefits, and the company culture!

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Investment focus

  • Industry: Software, SaaS, E-Commerce
  • Stage:Seed, Series A
  • Geography: United States, Belgium, Spain

Investor stats

  • Total investments: 69
  • Round size: Seed $213k–$3.5M; Series A $700k–$25M
  • Lead/follow: 7% lead, 93% follow
  • Last fund: May invest from a new fund soon — raised $267k in 2019

Portfolio highlights

  • Invopop — Issue compliant invoices, globally
  • Work Today — Create one profile. Apply to thousands of jobs in minutes.
  • Anagram — Anagram is making vision care more affordable and accessible for providers and consumers. Thousands of eye care practices use Anagram to operate independently, process out-of-network benefits, and deliver better pricing on eyewear for their patients.
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Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

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ING Group
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 1 investments in Belgium B2B startups, 29 in the past 12 months

Corporate site of ING, a global financial institution of Dutch origin, providing news, investor relations and general information

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Investment focus

  • Industry: Energy, Renewable Energy, Solar
  • Stage:Debt Financing, Post-IPO Debt, Series B
  • Geography: United Kingdom, United States, The Netherlands

Investor stats

  • Total investments: 129
  • Round size: Series B $15M–$160M; Post-IPO Debt $149M–$3B; Debt Financing $100M–$1.3B
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • DataVita — At DataVita they specialise in innovative, agile data services to drive Scotland’s business future. The Fortis datacentre, located in the heart of Scotland, provides the most advanced, scalable and secure colocation and integrated cloud services in the North of the UK.
  • Sonnedix — Sonnedix is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market.
  • Retina — Retina si occupa di realizzare infrastrutture nel Mezzogiorno per la produzione di biometano dalla conversione dei reflui zootecnici.
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Elephant
VC Fund · Boston, Massachusetts, United States · 1 investments in Belgium B2B startups, 6 in the past 12 months

Elephant provides venture capital investment and strategic advisory services to support startups and growth-stage companies. The firm partners with technology-driven enterprises, offering capital and guidance to help scale their operations and navigate market challenges. It emphasizes building long-term relationships with portfolio companies bydelivering tailored support in areas such as business development, fundraising, and operational strategy. The company engages actively with entrepreneurs to identify growth opportunities and optimize their market positioning. It operates with a focus on technology sectors, including software, digital media, and consumer internet services.

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Investment focus

  • Industry: Software, E-Commerce, Information Technology
  • Stage:Series A, Series B, Series C
  • Geography: United States, Canada, France

Investor stats

  • Total investments: 65
  • Round size: Series A $7.5M–$50M; Series B $20M–$78M; Series C $42M–$300M
  • Lead/follow: 66% lead, 34% follow
  • Last fund: Likely actively investing — fresh fund, raised $151M in 2025

Portfolio highlights

  • TJM Labs — The pharmacy AI platform now running in 450+ pharmacies. Scale pharmacy ops without scaling headcount.
  • Tekst — Analyze, enrich and automate your business communication in a secure and scalable way, leveraging our text intelligence platform.
  • ThreatLocker — Cybersecurity Tools, Application Whitelisting, Ringfencing | ThreatLocker Inc
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Axio Capital
VC Fund · Paris, Ile-de-France, France · 1 investments in Belgium B2B startups

Axio Capital implements tailor-made solutions that qualify the stakes and build the operation. Axio Capital ensures the financial engineering, manage the implementation and invest in the operation.

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Investment focus

  • Industry: Information Technology, B2B, Retail
  • Stage:Venture - Series Unknown, Series B, Private Equity
  • Geography: France, Belgium, United Kingdom

Investor stats

  • Total investments: 5
  • Round size: Venture - Series Unknown $2.4M–$12M
  • Lead/follow: 40% lead, 60% follow

Portfolio highlights

  • ID5 — ID5 provides a comprehensive suite of identification services designed to improve to improve addressability and measurement across all environments
  • Agenium — Agenium offers career perspectives in an international and tech environment. They offer this through the specific expertise of their business units. They offer solutions to the business and of the defense, industry, and space sectors.
  • GD France — GD France operates as a distribution and operational platform for apparel brands, particularly Gérard Darel and Pablo. The company focuses on the ready-to-wear and accessible luxury segments, covering womenswear, leather goods, footwear, and fashion accessories. Gd Distribution manages logistics, wholesale channels, and retail distribution networksthat connect brand production with end consumers. Its activities span supply chain coordination from concept and manufacturing through inventory management and delivery. The company supports brick-and-mortar boutiques, flagship stores, and e-commerce operations for its associated labels. Gd Distribution aligns its operations with fashion seasonality to ensure product availability and consistent brand presentation across sales channels.
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Newion
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 1 investments in Belgium B2B startups, 9 in the past 12 months

Experienced over decades, focused on the next ones. Close to our founders, not above them. Serious about building companies. Human in how we invest.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Series A, Seed, Series B
  • Geography: The Netherlands, Belgium, Germany

Investor stats

  • Total investments: 85
  • Round size: Seed $1.2M–$6.5M; Series A $1.1M–$10M; Series B $5.4M–$66M
  • Lead/follow: 53% lead, 47% follow
  • Last fund: Likely still investing — raised $129M in 2022

Portfolio highlights

  • Nopan — We help large merchants, fintechs, and PSPs turn account and wallet payment methods into measurable revenue drivers.
  • Lightbringer — Experience the future of patent services with Lightbringer. Our AI-driven platform accelerates your patent process, ensuring efficiency and expertise from world-class patent attorneys.
  • BirdsView — BirdsView is to 'assist small e-commerce firms in transforming their own consumer data into effective, tailored marketing tactics and turning one-time purchases into devoted patrons.
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Sushi Venture Partners
VC Fund · London, England, United Kingdom · 1 investments in Belgium B2B startups

Sushi Venture Partners is an advisory and investment firm focused on the media tech sector. Our team of seasoned industry professionals advise, develop and invest in extraordinary companies that are looking to actively grow, connect and challenge the status quo. In doing so, we hope to change the art and media landscape, big time.

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Investment focus

  • Industry: Music, Software, Artificial Intelligence
  • Stage:Seed, Venture - Series Unknown, Series A
  • Geography: United Kingdom, Singapore, Israel

Investor stats

  • Total investments: 12
  • Round size: Series A $652k–$3.3M
  • Lead/follow: 8% lead, 92% follow

Portfolio highlights

  • Musimap — Musimap helps you to play the right music / promote the right artist or album / insert the right advertisement / promote the right product or brand to the right audience!
  • MySphera — MySphera is an online media company that provides music platform solutions to help content creators connect with music hassle-free.
  • Know What's Loved — Data analytics, and data processing solutions for the music industry using Robot Process Automation, AI and Machine Learning technologies.
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B2B VC funding in Belgium at a glance

Stats across 19 deals from 26 investors.

26
investors
in Belgium B2B startups
19
deals
in Belgium B2B startups
$1M
median round
in Belgium B2B startups
38%
lead investors
lead at least one round
42%
Seed
most common funding stage

Access all 26 VC funds in Belgium B2B startups.

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