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Top 50 Medical Startup Investors in Belgium (October 2026)

The most active venture capital funds and angel investors investing in Belgium Medical startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Belgium Medical startup companies. Find investors to raise a Seed, Series A or Series B round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Meusinvest (Noshaq)
VC Fund
15 Belgium, France, Germany Series A, Seed, Venture - Series Unknown Biotechnology, Health Care, Medical $137k–$16M
Limburgse Reconversie Maatschappij
VC Fund
6 Belgium, The Netherlands, United States Seed, Venture - Series Unknown Information Technology, Software, Biotechnology $658k–$11M
Capricorn Partners
VC Fund
6 Belgium, The Netherlands, United States Series A, Series B Biotechnology, Health Care, Software $3.3M–$45M
Qbic Fund
VC Fund
6 Belgium, France, The Netherlands Seed, Series A, Venture - Series Unknown Biotechnology, Software, Health Care $1.4M–$34M
V-Bio Ventures
VC Fund
6 Belgium, France, United States Series A, Series B, Seed Biotechnology, Health Care, Therapeutics $3.1M–$88M
GoBeyond
VC Fund
5 Switzerland, Germany, United Kingdom Seed, Venture - Series Unknown, Series A Software, Health Care, Information Technology $495k–$5.1M
Newton Biocapital
VC Fund
5 Belgium, Japan, France Series A, Venture - Series Unknown, Seed Biotechnology, Medical, Pharmaceutical $1.3M–$84M
Mérieux Equity Partners
VC Fund
4 France, United States, Spain Series A, Private Equity, Venture - Series Unknown Health Care, Biotechnology, Medical $5.7M–$150M
Annie Vereecken
Angel
4 Belgium Seed, Series A, Venture - Series Unknown Medical, Biotechnology, Hospital $2M–$30M
Fund+
VC Fund
4 Belgium, United States, Spain Series A, Series B, Series C Biotechnology, Health Care, Therapeutics $11M–$401M
Gemma Frisius Fund
VC Fund
4 Belgium, France, United Kingdom Seed, Series A, Series B Biotechnology, Medical, Software $500k–$84M
White Fund
VC Fund
4 Belgium, United States Seed, Series A, Venture - Series Unknown Health Care, Medical, Medical Device $4.1M–$12M
S.R.I.W.
VC Fund
4 Belgium, United States, Spain Venture - Series Unknown, Series A Health Care, Biotechnology, Manufacturing $422k–$32M
Sambrinvest
VC Fund
3 Belgium, France, Spain Seed, Series A, Series B Biotechnology, Health Care, Medical $544k–$49M
Crédit Mutuel Innovation
VC Fund
3 France, United States, Belgium Series A, Venture - Series Unknown Software, Health Care, Biotechnology $2.4M–$26M
WING by Digital Wallonia
VC Fund
3 Belgium Seed, Convertible Note, Series A Software, Health Care, SaaS $61k–$12M
PMV
VC Fund
3 Belgium, United States, The Netherlands Seed, Series A, Series B Software, Biotechnology, Health Care $1M–$43M
Volta Ventures
VC Fund
3 Belgium, The Netherlands, United States Seed, Series A, Pre-Seed Software, Information Technology, SaaS $850k–$8.8M
Noshaq
VC Fund
2 Belgium Series A, Venture - Series Unknown Medical, Analytics, Health Care
Spinventure
VC Fund
2 Belgium Series A, Seed, Venture - Series Unknown Biotechnology, Health Care, Medical $794k–$15M
Flanders Future Techfund
VC Fund
2 Belgium, The Netherlands Seed, Series A, Venture - Series Unknown Medical, Biotechnology, Clinical Trials $2.7M–$30M
BioGeneration Ventures
VC Fund
2 The Netherlands, United States, Belgium Series A, Seed Biotechnology, Therapeutics, Health Care $1.1M–$86M
Investsud
VC Fund
2 Belgium, France Series A, Seed, Series B Biotechnology, Medical, Health Care $546k–$29M
New Science Ventures
VC Fund
2 United States, United Kingdom, Belgium Series B, Series A, Series D Biotechnology, Health Care, Medical $4M–$52M
Omnes Capital
VC Fund
2 France, Germany, United States Series A, Series B, Venture - Series Unknown Biotechnology, Software, Health Care $3.8M–$53M
Thuja Capital
VC Fund
2 The Netherlands, Belgium, United States Series A, Seed Biotechnology, Medical, Health Care
BAN Vlaanderen
VC Fund
2 Belgium Seed, Series A Health Care, Medical, Apps $263k–$1.9M
VIB
VC Fund
2 Belgium, Brazil, Denmark Series A, Series B, Seed Biotechnology, Health Care, Therapeutics $3.1M–$84M
Inventures SA
VC Fund
2 Belgium, France, United Kingdom Series A, Seed, Series B Health Care, Software, Biotechnology $67k–$21M
Dental Innovation Alliance
VC Fund
2 United States, Belgium, Germany Seed, Series A Dental, Health Care, Software $1.8M–$5.5M
Debiopharm Innovation Fund
VC Fund
2 United States, Switzerland, France Series A, Seed, Pre-Seed Health Care, Biotechnology, Software $317k–$25M
KBC
VC Fund
2 Belgium, United States, The Netherlands Seed, Series A, Pre-Seed Biotechnology, Health Care, Software $425k–$65M
Forbion Capital Partners
VC Fund
2 United States, United Kingdom, The Netherlands Series A, Series B, Series C Biotechnology, Health Care, Medical $16M–$180M
Be Angels
VC Fund
2 Belgium, France, Luxembourg Seed, Pre-Seed, Venture - Series Unknown SaaS, Software, Information Technology $78k–$1.5M
Buysse & Partners
VC Fund
2 Belgium, United Kingdom, The Netherlands Series A, Seed, Venture - Series Unknown Software, Cloud Computing, FinTech $1.1M–$11M
Carevolution
VC Fund
1 Belgium, United States Seed Health Care, Medical Device, Medical $1.2M–$4.5M
Integrale Advisors
VC Fund
1 Belgium Series A Medical, Health Care, Therapeutics
Gesval
VC Fund
1 Belgium Venture - Series Unknown, Seed, Series A Biotechnology, Medical, Software $2.2M–$4.7M
Nivelinvest
VC Fund
1 Belgium, United States Series A, Seed, Series B Biotechnology, iOS, Energy $6.6M–$32M
Gimv
VC Fund
1 Belgium, United States, France Series B, Private Equity Biotechnology, Health Care, Medical
BIP Investment Partners
VC Fund
1 Belgium Series A, Series B Video, Medical, Software
EQT Life Sciences
VC Fund
1 United States, The Netherlands, Switzerland Series A, Series B, Series C Biotechnology, Health Care, Therapeutics
Quest for Growth
VC Fund
1 Belgium, France, The Netherlands Series B, Series C Biotechnology, Hardware, Software
Financière Spin-Off Luxembourgeoise
VC Fund
1 Belgium Series A Medical, Health Care, Medical Device
LeanSquare
VC Fund
1 Belgium, France, United States Seed, Series A Software, Music, Internet
Sofinnova Investments
VC Fund
1 United States, France, United Kingdom Series B, Series A, Series C Biotechnology, Health Care, Pharmaceutical
Sofinnova Partners
VC Fund
1 France, United States, United Kingdom Series A, Series B, Series C Biotechnology, Health Care, Medical
NV Industriebank LIOF
VC Fund
1 The Netherlands, Belgium Series A, Seed Biotechnology, Medical, Health Care
Hunza Ventures
VC Fund
1 Belgium, United States Series A Medical, Health Care, Biotechnology
Yves Beudin
Angel
1 Belgium Angel Medical, Health Care, Biotechnology
Access all 186 investors in Belgium Medical startups.

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

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Investor list

Meusinvest (Noshaq)
VC Fund · Liège, Liege, Belgium · 15 investments in Belgium Medical startups

Noshaq offers financial services to help businesses develop.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Seed, Venture - Series Unknown
  • Geography: Belgium, France, Germany

Investor stats

  • Total investments: 82
  • Round size: Seed $137k–$6M; Series A $3.6M–$16M; Venture - Series Unknown $2M–$16M
  • Lead/follow: 10% lead, 90% follow

Portfolio highlights

  • Le Fourgon — Le Fourgon provides contained drinks for home delivery. They offer milk, water, beer, wine, fruit juice, and sodas. They allow customers to have their drinks delivered free of charge during the day.
  • Allegro Biotech — Allegro has developed the world’s-first custom-tailored, durable, biocompatible, anisotropic, regenerative meniscus cartilage, providing immediate support while also leverage the body’s own healing potential to regenerate human cartilage (proliferation and differentiation of fibrochondrocyte cells).
  • Amyl Therapeutics — Amyl Therapeutics is a preclinical stage biotechnology company. Amyl Therapeutics uses a novel mechanism to bind to the amyloid fold of toxic protein aggregates of various types, including antibody light chain (AL) or transthyretin (TTR) aggregates, which accumulate in peripheral organs to cause systemic amyloidosis diseases, but also amyloid-β(Aβ), Tau, and α-synuclein aggregates, which accumulate in the brain to cause Alzheimer's and Parkinson's diseases.
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Limburgse Reconversie Maatschappij
VC Fund · Hasselt, Limburg, Belgium · 6 investments in Belgium Medical startups

Oxygen for growth - LRM

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Investment focus

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

Investor stats

  • Total investments: 98
  • Round size: Seed $658k–$5.2M; Venture - Series Unknown $1.4M–$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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Capricorn Partners
VC Fund · Leuven, Vlaams-Brabant, Belgium · 6 investments in Belgium Medical startups

Capricorn Partners is a unique independent manager of venture capital, growth capital and quoted equity funds

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Investment focus

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

Investor stats

  • Total investments: 121
  • Round size: Series A $3.3M–$18M; Series B $5.3M–$45M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: Likely actively investing — fresh fund, raised $53M in 2025

Portfolio highlights

  • Endo Tools Therapeutics — Endo Tools Therapeutics is dedicated to the development of innovative devices that provide therapeutic interventions for gastric conditions
  • Delft Advanced Biorenewables — We enable the bio-economy by improving the productivity of fermentations with our in-situ product recovery (ISPR) technology.
  • Trillium Renewable Chemicals — Trillium Renewable Chemicals manufactures chemicals from renewable feedstocks used in a variety of industrially important applications. The company was founded in 2021 and based in Knoxville, Tennessee.
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Qbic Fund
VC Fund · Belgium, Wisconsin, United States · 6 investments in Belgium Medical startups

The Qbic Fund is a multi-sector fund supporting spin-off companies of the Ghent, Brussels and Antwerp university associations and of VITO. Through its strategic partnership with the universities of Ghent, Brussels and Antwerp, and VITO, the Qbic Fund has early and privileged access to promising research projects at these partner universities. Ourinvestment approach is based on early in-depth and independent review and analysis followed by hands on involvement and support.In May 2012 the Qbic Fund held its first close and currently it has over € 30 million under management. The Qbic Fund is backed by several public and private investors and managed by Qbic Venture Partners.

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Investment focus

  • Industry: Biotechnology, Software, Health Care
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Belgium, France, The Netherlands

Investor stats

  • Total investments: 62
  • Round size: Seed $1.4M–$7.4M; Series A $1.6M–$34M; Venture - Series Unknown $2.2M–$9.4M
  • Lead/follow: 31% lead, 69% follow
  • Last fund: Likely still investing — raised $54M in 2022

Portfolio highlights

  • Firecell — Firecell is a Telecommunications Industry.
  • Eyeo — eyeo revolutionizes imaging with color splitter sensors. Capture sharper, brighter images in low light using optical waveguide innovation, discover how it works
  • Sightera Biosciences — Patient-derived organoids of treatment-resistant disease, robotic screening at scale and AI-guided molecular design in one closed loop.
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V-Bio Ventures
VC Fund · Gent, Oost-Vlaanderen, Belgium · 6 investments in Belgium Medical startups

V-Bio Ventures is an independent venture capital firm specialized in building and financing young, innovative life science companies. The fund invests throughout Europe in start-up and early-stage companies with high growth potential focusing on technologies that provide transformational improvements in the biotech, pharmaceutical and agriculturalsectors.

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Series B, Seed
  • Geography: Belgium, France, United States

Investor stats

  • Total investments: 45
  • Round size: Seed $3.1M–$50M; Series A $6.9M–$70M; Series B $12M–$88M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: May invest from a new fund soon — raised $131M in 2021

Portfolio highlights

  • Animab — Animal Health Company
  • RootWave — RootWave is an electronics company that develops tools that kill weeds it enables farmers to control weeds on their farm. Its technology is an alternative substitute for herbicides and other weed control chemicals. The company was founded in 2012 and headquartered in Warwickshire, United Kingdom.
  • Step Pharma — Step Pharma is a spin-off of Imagine Institute stemming from Pr. Alain Fischer’s research on genetic immunodeficiencies. Step Pharma is a joint venture between Imagine, a research and innovative healthcare institute, Sygnature Discovery, a leading provider of integrated drug discovery resource and expertise, and Kurma Partners, a major player inthe funding of healthcare and biotechnology in Europe.
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GoBeyond
VC Fund · Zürich, Zurich, Switzerland · 5 investments in Belgium Medical startups

GoBeyond is a FinTech company transforming angel investing into a new scalable asset class for small and large, novice to experienced investors. It offers a unique deal platform, portfolio tools, syndication/pooling, due diligence, investment monitoring services, training and certified deal leaders.Its clients are individuals, familyoffices, professional groups and corporations. It is active in the EU, Switzerland and the US. GoBeyond also offers educational training modules for angel investors in 11 categories.

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Investment focus

  • Industry: Software, Health Care, Information Technology
  • Stage:Seed, Venture - Series Unknown, Series A
  • Geography: Switzerland, Germany, United Kingdom

Investor stats

  • Total investments: 196
  • Round size: Seed $495k–$5M; Series A $1.2M–$4.5M; Venture - Series Unknown $681k–$5.1M
  • Lead/follow: 4% lead, 96% follow

Portfolio highlights

  • LEND — LEND provides peer to peer lending in Switzerland. It connects investors with borrowers. Moreover, investors earn substantial returns and borrowers benefit from low interest rates. The company is based in Switzerland and it was founded in 2015.
  • LockStyler — LockStyler is providing a revolutionary, professional hair highlighting system which is much simpler, cleaner and quicker by 50% than anything existing
  • Blumer — Blumer is a social networking platform that provides social networks that can monetize time by consuming advertisements, selling nfts, and making crypto transactions. It offers social networks, crypto, digital marketing, and blockchain.
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Newton Biocapital
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 5 investments in Belgium Medical startups

Our mission is to mature innovation and support the growth of our portfolio companies to create value for patients, society, local ecosystems, and investors.

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Investment focus

  • Industry: Biotechnology, Medical, Pharmaceutical
  • Stage:Series A, Venture - Series Unknown, Seed
  • Geography: Belgium, Japan, France

Investor stats

  • Total investments: 22
  • Round size: Seed $2.9M–$3.2M; Series A $6.1M–$84M; Venture - Series Unknown $1.3M–$20M
  • Lead/follow: 68% lead, 32% follow
  • Last fund: Likely still investing — raised $57M in 2022

Portfolio highlights

  • Bioxodes — Bioxodes is a clinical-stage biopharmaceutical company dedicated to the development of novel therapeutics to prevent thrombotic events without hemorrhagic risk.
  • Tensegrity Pharma — Tensegrity Pharma is the developer of a novel drug designed to minimize bottlenecks and provide innovative value to patients.
  • Augustine Therapeutics — Augustine Therapeutics is developing selective, safe and efficacious HDAC6 inhibitors designed for treatment of neuromuscular, neurodegenerative and cardiometabolic diseases. Discover our pipeline poised for clinical impact.
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Mérieux Equity Partners
VC Fund · Lyon, Rhone-Alpes, France · 4 investments in Belgium Medical startups

Mérieux Equity Partners (“MxEP”) is a management company dedicated to venture, growth and LBO investments in the healthcare and nutrition sectors. MxEP actively supports entrepreneurs and industrial companies with differentiated products and services, by providing privileged access to its expertise and international network. MxEP currently managesmore than €600m AUM and has recently launched a new vehicle MP3 of €350m dedicated to growth/LBO.

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Series A, Private Equity, Venture - Series Unknown
  • Geography: France, United States, Spain

Investor stats

  • Total investments: 54
  • Round size: Series A $5.7M–$23M; Private Equity $23M–$150M; Venture - Series Unknown $12M–$90M
  • Lead/follow: 43% lead, 57% follow
  • Last fund: Likely actively investing — fresh fund, raised $383M in 2026

Portfolio highlights

  • HighLife — HighLife is driven by a mission to deliver innovative treatment options to patients suffering from heart valve diseases.
  • Ona Therapeutics — Ona Therapeutics is a biotech company that specializes in the discovery and development of therapeutic biologics targeting tumor metastatic-initiating cells and lipid metabolism. Founded in 2019 by Salvador Aznar-Benitah and Valerie Vanhooren, it was a spin-off from ICREA and Advanced Studies, and the IRB Institute for Research in Biomedicine.
  • Amyl Therapeutics — Amyl Therapeutics is a preclinical stage biotechnology company. Amyl Therapeutics uses a novel mechanism to bind to the amyloid fold of toxic protein aggregates of various types, including antibody light chain (AL) or transthyretin (TTR) aggregates, which accumulate in peripheral organs to cause systemic amyloidosis diseases, but also amyloid-β(Aβ), Tau, and α-synuclein aggregates, which accumulate in the brain to cause Alzheimer's and Parkinson's diseases.
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Annie Vereecken
Angel · Antwerp, Antwerpen, Belgium · 4 investments in Belgium Medical startups

Annie Vereecken

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Investment focus

  • Industry: Medical, Biotechnology, Hospital
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Belgium

Investor stats

  • Total investments: 7
  • Round size: Seed $2M–$6M; Series A $9.2M–$30M; Venture - Series Unknown $4.1M–$8.8M
  • Lead/follow: 29% lead, 71% follow

Portfolio highlights

  • Ziphius — Ziphius Vaccines is a biopharmaceutical company dedicated to developing next-generation vaccines for the prevention of infectious diseases.
  • Sensolus — Sensolus provides care-free tracking of your valuable non-powered assets directly from the cloud.Sensolus offers turnkey solutions for wireless, low-power context-aware sensing. Sensolus developed a personal product line of low-power tracker systems called STICKNTRACK.Sensolus is built upon many years of expertise in low-power networks,wireless sensor design, cloud-based sensor management, analytics, and applications.
  • Allegro Biotech — Allegro has developed the world’s-first custom-tailored, durable, biocompatible, anisotropic, regenerative meniscus cartilage, providing immediate support while also leverage the body’s own healing potential to regenerate human cartilage (proliferation and differentiation of fibrochondrocyte cells).
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Fund+
VC Fund · Leuven, Vlaams-Brabant, Belgium · 4 investments in Belgium Medical startups

Fund+ is a venture capital firm that invests in companies operating in the diagnostics, therapeutics, medical devices, and life science sectors. The firm wants to create sustainable shareholders' value, contribute to the development of a leadership position in the life sciences sector, and generate a tangible, beneficial societal impact.Fund+ was established in 2015 and is based in Leuven, Belgium.

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Series B, Series C
  • Geography: Belgium, United States, Spain

Investor stats

  • Total investments: 35
  • Round size: Series A $12M–$47M; Series B $22M–$125M; Series C $11M–$401M
  • Lead/follow: 29% lead, 71% follow

Portfolio highlights

  • Ona Therapeutics — Ona Therapeutics is a biotech company that specializes in the discovery and development of therapeutic biologics targeting tumor metastatic-initiating cells and lipid metabolism. Founded in 2019 by Salvador Aznar-Benitah and Valerie Vanhooren, it was a spin-off from ICREA and Advanced Studies, and the IRB Institute for Research in Biomedicine.
  • Novadip Biosciences — Novadip Biosciences, an advanced biopharmaceutical company focused on new generation of therapies from adipose stem cells adapted to hard and soft tissues reconstruction.
  • TargED Biopharmaceuticals — TargED Biopharmaceuticals is a biotechnology company that develops first-in-class biological drugs to improve treatment of thrombosis.TargED stands for Targeted Enzyme Delivery. Their biological drugs are unique by using small antibodies (“VhH”) to deliver enzymes to sites of thrombosis, enabling ‘targeted’ thrombolysis.
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Access 48,091 investors

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

Browse database — It's Free!
Gemma Frisius Fund
VC Fund · Leuven, Vlaams-Brabant, Belgium · 4 investments in Belgium Medical startups

Gemma Frisius Fund KU Leuven is a seed capital fund that aims to stimulate the creation and growth of university related spin-off companies.

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Investment focus

  • Industry: Biotechnology, Medical, Software
  • Stage:Seed, Series A, Series B
  • Geography: Belgium, France, United Kingdom

Investor stats

  • Total investments: 41
  • Round size: Seed $500k–$4.7M; Series A $1.1M–$84M; Series B $4.7M–$24M
  • Lead/follow: 12% lead, 88% follow

Portfolio highlights

  • Runeasi — The first scientifically validated wearable solution to measure impact while running and detect how your body responds to it - Perform real-time biomechanical assessments - Guide your athletes and patients with actionable insights to help them run more efficiently and recover from injuries with confidence
  • Optiflux — Optiflux automatiseert het bewaarbeheer van vers fruit met slimme AI & vision-technologie. Minder verlies, meer winst voor teler & handelaar.
  • Aspect Analytics — Beyond bioinformatics. Building intelligent platform solutions for mass spectrometry imaging data analysis. #AI4MSI
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White Fund
VC Fund · 4 investments in Belgium Medical startups

For game changers in medtech

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Investment focus

  • Industry: Health Care, Medical, Medical Device
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Belgium, United States

Investor stats

  • Total investments: 12
  • Round size: Seed $4.1M–$11M; Series A $5.3M–$12M; Venture - Series Unknown $5.5M–$11M
  • Lead/follow: 67% lead, 33% follow
  • Last fund: May invest from a new fund soon — raised $22M in 2019

Portfolio highlights

  • neuroClues — An easy-to-use eye-tracking environment to help practitioners instantaneously quantify their clinical exam
  • Minze Health — Minze Health is a health tech start-up that builds creative digital health solutions for urology, pelvic health, and (in)continence care.
  • Clouds of care — Increasing your probability of success through the adoption of meaningful endpoints, starting from electrophysiology.
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S.R.I.W.
VC Fund · Liège, Liege, Belgium · 4 investments in Belgium Medical startups

The S.R.I.W. Group is an institution at the heart of the financial market that assists entrepreneurs in creating and developing businesses in the Walloon region. It reflects the effort of Wallonian industry in facing the challenges of the creation of economic value in the 21st century. Since its creation in 1979, the Société Régionaled’Investissement de Wallonie has continuously been expanding its abilities to adapt and anticipate as well as its flexibility in order to meet the requirements of its partners who are confronted with the evolution of the world economy. The principles of good governance, a strong business culture and shared values at the heart of the Group constitute important assets to capture the changing realities of the market and progress in a sustainable development perspective.

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Investment focus

  • Industry: Health Care, Biotechnology, Manufacturing
  • Stage:Venture - Series Unknown, Series A
  • Geography: Belgium, United States, Spain

Investor stats

  • Total investments: 111
  • Round size: Series A $422k–$32M; Venture - Series Unknown $2.7M–$27M
  • Lead/follow: 21% lead, 79% follow

Portfolio highlights

  • Univercells — Mix parlay, atau lebih dikenal sebagai parlay bola atau hanya parlay, merupakan taruhan judi bola online yang menggabungkan minimal 2 hingga 10 tim pertandingan sepak bola menjadi 1 tiket taruhan.
  • Intressa Vascular — Intressa Vascular provides innovative solutions to address life-threatening cardiovascular conditions such as aortic dissection.
  • Santero Therapeutics — This is the homepage of the website
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Sambrinvest
VC Fund · Gosselies, Hainaut, Belgium · 3 investments in Belgium Medical startups

Sambrinvest is an active venture capital player in the region of Charleroi - Thuin.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Seed, Series A, Series B
  • Geography: Belgium, France, Spain

Investor stats

  • Total investments: 41
  • Round size: Seed $544k–$24M; Series A $1M–$49M; Series B $4.4M–$45M
  • Lead/follow: 10% lead, 90% follow

Portfolio highlights

  • Brenus Pharma — Brenus Pharma develops off-the-shelf, next-generation in vivo immunotherapies designed to unlock the immune response against solid tumors.
  • Vertical Compute — Vertical Compute offers chiplet-based technology that cuts data movement to achieve up to 80% energy savings.
  • Novadip Biosciences — Novadip Biosciences, an advanced biopharmaceutical company focused on new generation of therapies from adipose stem cells adapted to hard and soft tissues reconstruction.
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Crédit Mutuel Innovation
VC Fund · Paris, Ile-de-France, France · 3 investments in Belgium Medical startups

Crédit Mutuel Innovation is the evergreen venture capital entity of Crédit Mutuel Equity (€3.5 billion in capital). We invest €1-20M in life science, digital and deeptech companies from seed to growth stages.We help bold and ambitious entrepreneurs to develop their strong growth potential with our worldwide enterprise ecosystem (our 350+portfolio companies, our abroad subsidiaries, 150+ largest global corporates and the best-in-class experts). Because it takes more than 5 years to build a Unicorn, we invest our own equity and ensure durable partnerships with visionary leaders.Today, the 350 companies in which we have invested generate a cumulative annual turnover of €50bn and create more than 250,000 jobs.

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Investment focus

  • Industry: Software, Health Care, Biotechnology
  • Stage:Series A, Venture - Series Unknown
  • Geography: France, United States, Belgium

Investor stats

  • Total investments: 109
  • Round size: Series A $3.4M–$26M; Venture - Series Unknown $2.4M–$24M
  • Lead/follow: 39% lead, 61% follow

Portfolio highlights

  • e-peas — Discover e-peas, pioneer of the Ambient IoT concept since 2014, which offers the most efficient energy harvesting pmics on the market to make your devices more energy self-sufficient: AEMs.
  • Ever Dye — A new standard for dyes. Naturally made, carbon emissions reducing, water protecting.
  • Standing Ovation — Animal-free dairy cheese
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WING by Digital Wallonia
VC Fund · Liège, Liege, Belgium · 3 investments in Belgium Medical startups

W.IN.G by Digital Wallonia invests in SAAS, advanced tech and deep tech startups (AI, drones, medtech, IOT,...). W.IN.G brings smart money by helping startups by bi-weekly interactions and providing an operating teams (seasonal entrepreneurs being hands-on with the portfolio).

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Investment focus

  • Industry: Software, Health Care, SaaS
  • Stage:Seed, Convertible Note, Series A
  • Geography: Belgium

Investor stats

  • Total investments: 37
  • Round size: Seed $377k–$1.9M; Series A $1.1M–$12M; Convertible Note $61k–$570k
  • Lead/follow: 30% lead, 70% follow

Portfolio highlights

  • IONNYK — Discover IONNYK, the ePaper Digital Art Frame for art and personal photography, combining Electronic Paper (E Ink), patented technology and elegant home design.
  • MYOCENE — Myocene is a Liège-based sports technology company which creates unique and innovative devices for measuring muscle fatigue and performance.
  • Soil Capital Belgium — Discover Europe's first certified, multi-national carbon farming programme that rewards regenerative agriculture.
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PMV
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 3 investments in Belgium Medical 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: 160
  • Round size: Seed $1M–$4M; Series A $3M–$40M; Series B $6.6M–$43M
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • Logibot — Software platform to deploy human-like robotic labor in existing warehouses, without vendor lock-in.
  • 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
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Volta Ventures
VC Fund · Gent, Oost-Vlaanderen, Belgium · 3 investments in Belgium Medical startups

Volta Ventures backs ambitious B2B software founders in the Benelux with early-stage capital, strategic guidance and long-term support.

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Investment focus

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

Investor stats

  • Total investments: 92
  • Round size: Seed $850k–$5.2M; Pre-Seed $1M–$1.3M; Series A $2.2M–$8.8M
  • Lead/follow: 49% lead, 51% follow
  • Last fund: Likely actively investing — fresh fund, raised $22M in 2025

Portfolio highlights

  • Kyvvu — Kyvvu is an Agent Security Kernel (ASK): an in-process security layer that checks every action an AI agent takes — against the full path of the task so far — and allows, warns, or blocks it before it runs, deterministically, in under a millisecond, without your data ever leaving your environment.
  • Ringtime — Make more placements with the same team. The AI screening agent that reaches frontline candidates via WhatsApp and phone, in 22+ languages.
  • Quadric — quadric.io is a Burlingame, CA-based processor technology company. The q16 Processor is the most comprehensive AI processor that handles any AI and high-performance edge workload.
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Noshaq
VC Fund · Liège, Liege, Belgium · 2 investments in Belgium Medical startups

Noshaq offers financial services to help businesses develop.

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Investment focus

  • Industry: Medical, Analytics, Health Care
  • Stage:Series A, Venture - Series Unknown
  • Geography: Belgium

Investor stats

  • Total investments: 3
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • MyCellHub — MyCellHub.com is a pre-startup from the KULeuven in the biotherapeutics industry that aspires to reform the way cell production processes are organised. With a regulatory compliant Saas-platform for data management and analytics, we increase the efficiency of your manufacturing processes, provide actionable insights via cell culture specificprocess analytics and facilitate regulatory compliance by means of a real-time audit trail and automated batch records.
  • DeuterOncology — DeuterOncology is a preclinical-stage biotech company focusing on the development of a first-in-class dual MET and RAS pathway inhibitor for targeted cancer therapies.
  • Intressa Vascular — Intressa Vascular provides innovative solutions to address life-threatening cardiovascular conditions such as aortic dissection.
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Spinventure
VC Fund · Angleur, Liege, Belgium · 2 investments in Belgium Medical startups

Spinventure supports the creation of spin-off companies that aim to industrialize and commercialize the result of scientific research. Spinventure was born from a collaboration between MEUSINVEST and the University of Liège. It is headquartered in Angleur, Belgium.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Seed, Venture - Series Unknown
  • Geography: Belgium

Investor stats

  • Total investments: 7
  • Round size: Series A $794k–$15M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Dim3 — Improve patients outcome - Deliver actionable insights - Save healthcare costs
  • Cell Matters — Cell Matters specializes in cell therapy productivity, turning cryopreservation into a competitive advantage. It offers an integrated set of GMP services, in line with regulatory, quality, and GMP requirements of the cell therapy industry.
  • Convert Pharmaceuticals — Convert Pharmaceuticals develops prodrugs that are inert upon administration to patients, but transform into potent anti-cancer agents upon entering tumors.
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Flanders Future Techfund
VC Fund · 2 investments in Belgium Medical startups

Flanders Future Techfund operates as an investment firm.

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Investment focus

  • Industry: Medical, Biotechnology, Clinical Trials
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Belgium, The Netherlands

Investor stats

  • Total investments: 7
  • Round size: Seed $2.7M–$30M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • EDGX — EDGX, founded in 2023 in Ghent, is a Belgian Space Tech company developing high-speed edge computing units for satellites. Its NVIDIA-powered Sterna Computer and SpaceFeather software enable real-time, AI-driven on-orbit data processing for applications in communication, Earth observation, and intelligence.
  • Flindr Therapeutics — Immagene develops personalized cancer immunotherapies to fight multiple cancer type.
  • Clouds of care — Increasing your probability of success through the adoption of meaningful endpoints, starting from electrophysiology.
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BioGeneration Ventures
VC Fund · Naarden, Noord-Holland, The Netherlands · 2 investments in Belgium Medical startups

Shaping new life-science ventures.

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Investment focus

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

Investor stats

  • Total investments: 66
  • Round size: Seed $1.1M–$50M; Series A $6M–$86M
  • Lead/follow: 29% lead, 71% follow
  • Last fund: May invest from a new fund soon — raised $172M in 2021

Portfolio highlights

  • Dualyx — Dualyx engages in the discovery and development of biologicals for the treatment of autoimmune and rare diseases.
  • Mironid — Google Analytics is a web analysis service provided by Google. Google utilizes the data collected to track and examine the use of www.mironid.com, to prepare reports on its activities and share them with other Google services. Google may use the data collected to contextualize and personalize the ads of its own advertising network.
  • Noviogendix Holding — NovioGendix, a privately-held molecular diagnostics company focused on the development of a non-invasive liquid biopsy test for prostate cancer. NovioGendix, based in Nijmegen (The Netherlands), is a molecular diagnostic company providing an expert-based, integrated approach in developing advanced and clinically useful molecular diagnosticassays for uro-oncological practice. NovioGendix has a range of diagnostic tests for prostate, bladder, kidney and other urologic cancers in various stages of development. Commencing activities in 2008 as a Radboud University Medical Center (Radboudumc) spin-off company, NovioGendix has a standing cooperation with various Radboudumc departments. The main shareholders of NovioGendix include BioGeneration Ventures, and Participatiemaatschappij Oost Nederland.
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Investsud
VC Fund · Marche-en-famenne, Luxembourg, Belgium · 2 investments in Belgium Medical startups

Investsud is a capital firm that works on investments in different industries including food, general industry, and technological startup.

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Investment focus

  • Industry: Biotechnology, Medical, Health Care
  • Stage:Series A, Seed, Series B
  • Geography: Belgium, France

Investor stats

  • Total investments: 14
  • Round size: Seed $546k–$24M; Series A $4.7M–$29M; Series B $22M–$23M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Brenus Pharma — Brenus Pharma develops off-the-shelf, next-generation in vivo immunotherapies designed to unlock the immune response against solid tumors.
  • Enodia Therapeutics — Enodia Therapeutics pioneers targeted protein degradation at the Sec61 translocon, developing small-molecule therapies for inflammatory and autoimmune diseases.
  • Novadip Biosciences — Novadip Biosciences, an advanced biopharmaceutical company focused on new generation of therapies from adipose stem cells adapted to hard and soft tissues reconstruction.
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New Science Ventures
VC Fund · New York, New York, United States · 2 investments in Belgium Medical startups

New Science Ventures is a venture capital firm that focuses on investments in life sciences and information technology companies. They invest in early and late stage companies taking novel scientific approaches to address significant unmet needs, while creating order-of-magnitude improvements in performances. The company also invests in companiesusing science-based innovations to address market needs in life sciences such as pharmaceuticals, biologics, medical devices, diagnostics, and IT. The team of the company expertise in strategy and corporate planning, operations and cost management, and leadership development.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series B, Series A, Series D
  • Geography: United States, United Kingdom, Belgium

Investor stats

  • Total investments: 92
  • Round size: Series A $4M–$49M; Series B $8M–$52M; Series D $5M–$38M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: May invest from a new fund soon — raised $24M in 2021

Portfolio highlights

  • Trellis Bioscience — Trellis Bioscience is developing native human antibodies to disrupt bacterial biofilms and address difficult-to-treat infections.
  • Novadip Biosciences — Novadip Biosciences, an advanced biopharmaceutical company focused on new generation of therapies from adipose stem cells adapted to hard and soft tissues reconstruction.
  • One Silicon Chip Photonics — Explore OSCP photonic and MEMS IMUs for GNSS-denied applications. Compare products, review integration resources, and contact our team about an evaluation.
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Omnes Capital
VC Fund · Paris, Ile-de-France, France · 2 investments in Belgium Medical startups

Omnes Capital takes a unique approach to renewable energy, transforming developers into independent power producers to provide green energy to millions.

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Investment focus

  • Industry: Biotechnology, Software, Health Care
  • Stage:Series A, Series B, Venture - Series Unknown
  • Geography: France, Germany, United States

Investor stats

  • Total investments: 186
  • Round size: Series A $4.3M–$41M; Series B $4.4M–$53M; Venture - Series Unknown $3.8M–$46M
  • Lead/follow: 26% lead, 74% follow
  • Last fund: Likely actively investing — fresh fund, raised $132M in 2025

Portfolio highlights

  • Adictiz — Adictiz, a French company founded in 2009 by Charles Christory, develops and publishes social games for the web and mobile phones.With successful brands including “Space Dog” and “What a Stupid Pigeon”, which attract close to 2.5 million players every month, Adictiz has established itself as an expert player in social and mobile gaming.Basedat the EuraTechnologies economic excellence hub in Lille, which is dedicated to serving information and communication technology companies, Adictiz set up Adictiz Studio in late 2011, which specialises in the creation of customised social games for brands. Adictiz Studio was recently selected by Facebook as a PMD (Preferred Marketing Developer).
  • Complix — Complix is a biopharmaceutical company focused on the discovery and development of Alphabodiesâ„¢, a novel class of biopharmaceuticals that offer significant advantages over existing protein based therapies. Alphabodiesâ„¢ bind with high affinity to a wide range of disease targets and are particularly suited to address certain targets that aredifficult to reach with antibodies or other types of protein scaffolds. Due to their unique stability and versatility Alphabodiesâ„¢ can be delivered via alternative non-injectable routes of administration, unlike most therapeutic proteins.
  • EnduroSat — Enabling profitable LEO satellite constellations with standardized satellites and fixed-cost space service. 100+ satellites deployed to orbit
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Thuja Capital
VC Fund · Utrecht, Utrecht, The Netherlands · 2 investments in Belgium Medical startups

Thuja Capital invests in early stage medical product innovations for diagnosis, cure, care or prevention.

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Investment focus

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

Investor stats

  • Total investments: 54
  • Lead/follow: no public data

Portfolio highlights

  • Pan Cancer — Pan Cancer T is an immunotherapy company developing next-generation TCR-T cell therapies for solid cancer.
  • Synerkine Pharma — Synerkine Pharma. Connecting Cytokines for the benefit of patients.
  • Artica Therapeutics — Artica Therapeutics specializes in biotechnological research and development for medical devices, pharmaceutical processes, and food.
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BAN Vlaanderen
VC Fund · Hasselt, Limburg, Belgium · 2 investments in Belgium Medical startups

BAN Vlaanderen is the business angel network in Flanders, a value-added platform within which new or growing businesses are brought into contact with informal private investors, called Business Angels. Looking for venture capital This Business Angels bring not only money but also their own know-how, experience and contacts. Are connecting servicesoffered. Both the entrepreneurs and the business angelsBAN Vlaanderen is no investment, it does not own shares or take any investment decisions, nor for its own account or on behalf of the affiliates. Instead, it is a market where supply and demand are brought together. The information on this site is intended to initiate the purpose and operation of BAN Vlaanderen. For more information you can always contact one of our regional offices.BAN Vlaanderen is an association that aims to stimulate the development, support and promotion of entrepreneurship and investment culture in Belgium. Economic growth in Belgium

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Investment focus

  • Industry: Health Care, Medical, Apps
  • Stage:Seed, Series A
  • Geography: Belgium

Investor stats

  • Total investments: 8
  • Round size: Seed $263k–$1.9M
  • Lead/follow: 38% lead, 62% follow

Portfolio highlights

  • OutKept — Can you be phished? Verhoog je bewustzijn en naleving met volledig geautomatiseerde phishing-simulaties gemaakt door een community van ethische phishers.
  • Pom — POM stands for Peace of Mind. And it's exactly that worry-free feeling that they want their customers to achieve through their invoice management solutions, both for the receiver and the sender.Their goal is to eliminate the senseless time and effort spent because of inefficient systems. And thus freeing up time to do the things that reallymatter.
  • Oncomfort — Oncomfort’s solution for digital sedation is a completely new method for relieving patients’ pain and anxiety before, during and after medical procedures. This revolutionising digital therapy combines clinical hypnotherapy and integrative therapeutic techniques through Virtual Reality.
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VIB
VC Fund · Gent, Oost-Vlaanderen, Belgium · 2 investments in Belgium Medical startups

Strategic research in on life sciences and biotechnology

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Series B, Seed
  • Geography: Belgium, Brazil, Denmark

Investor stats

  • Total investments: 28
  • Round size: Seed $3.1M–$11M; Series A $6.8M–$84M; Series B $4.7M–$65M
  • Lead/follow: 0% lead, 100% 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.
  • MRM Health NV — MRM Health NV, is a biopharmaceutical company focused on the discovery and development of innovative therapeutics based on the human microbiome. MRM Health was incorporated early 2020 by MRM Technologies, a Center of Expertise for microbiome research based in the biotech cluster in Ghent, in a joint venture with the Flemish Institute ofBiotechnology (VIB), an excellence-based entrepreneurial life sciences research institute in Flanders, Belgium, that focuses on translating basic scientific results into pharmaceutical, agricultural and industrial applications.
  • Rainbow Crops — Rainbow Crops is a next-generation Agtech company developing climate-resilient, high-performing crop varieties.
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Inventures SA
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 2 investments in Belgium Medical startups

Inventures is a European venture capital fund that builds a better world through a portfolio of investments in sustainable businesses.The firm has two funds: Inventures I & Inventures II.Inventures was created to support early stage smart and innovative European businesses, to support sustainable job growth and empower entrepreneurs.Inventures empowers citizenship co-investments through a crowdfunding platform, MyMicroInvest.

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Investment focus

  • Industry: Health Care, Software, Biotechnology
  • Stage:Series A, Seed, Series B
  • Geography: Belgium, France, United Kingdom

Investor stats

  • Total investments: 51
  • Round size: Seed $67k–$2.1M; Series A $422k–$14M; Series B $165k–$21M
  • Lead/follow: 8% lead, 92% follow
  • Last fund: May invest from a new fund soon — last raise in 2016

Portfolio highlights

  • BiOceanOr — BiOceanOr harnessed the power of Marine Biology and AI to deliver bio-guided services that optimize fish welfare and fish growth, while supporting aquaculture sustainability standards
  • myskillcamp — Myskillcamp is a digital learning platform and educational design support service. Myskillcamp supports their customers in the digital transformation of their company and the launch of their Digital Learning project. From the audit of needs to the design of engaging educational devices, through a pilot phase, they make a point of honor to adapt thedigital to the specificities of each and give it meaning.With their online platform, businesses can manage their learner communities and connect all their partners in one place. Their tool also allows businesses to structure training spaces by skills, trades, brands within camps. In parallel, businesses can create educational content from scratch, select a map in their marketplace, or plan sessions in-class. Businesses can organize the distribution of their training to a single learner or to a whole group.
  • Octave — Optimize energy use with Octave's battery storage (BESS) and energy management system (EMS). Reduce costs, increase flexibility.
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Dental Innovation Alliance
VC Fund · Raleigh, North Carolina, United States · 2 investments in Belgium Medical startups

Dental Innovation Alliance (DIA) is a venture capital company that invests in, advises on, and accelerates the growth of early-stage companies that are transforming dentistry through technology.

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Investment focus

  • Industry: Dental, Health Care, Software
  • Stage:Seed, Series A
  • Geography: United States, Belgium, Germany

Investor stats

  • Total investments: 11
  • Round size: Seed $1.8M–$2.1M; Series A $4.5M–$5.5M
  • Lead/follow: 73% lead, 27% follow

Portfolio highlights

  • Relu — Integrate Relu's automatic 3D segmentations seamlessly into your CBCT software.
  • Alta Smiles — Alta Smiles provides patent-pending orthodontic clinical support solutions. It is driven by a mission to make orthodontic and oral care solutions more accessible and convenient through innovation and technology.
  • Perceptive — Developer of an image-guided robotic restorative dentistry platform for crowns and fillings. CYBERDONTICS enables dentists to identify, remove and restore tooth decay with higher precision than is currently possible using human senses and human hands. CYBERDONTICS adds capacity to dental clinics. For patients, CYBERDONTICS aims to provide superiorrestorations at a lower cost and in less time.
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Debiopharm Innovation Fund
VC Fund · Lausanne, Vaud, Switzerland · 2 investments in Belgium Medical startups

Debiopharm invests in Smart Data & Digital Health companies developing technologies that are applicable in the areas of oncology or infectious diseases

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Investment focus

  • Industry: Health Care, Biotechnology, Software
  • Stage:Series A, Seed, Pre-Seed
  • Geography: United States, Switzerland, France

Investor stats

  • Total investments: 48
  • Round size: Seed $943k–$6M; Pre-Seed $317k–$1.7M; Series A $3.5M–$25M
  • Lead/follow: 56% lead, 44% follow

Portfolio highlights

  • Octozi — AI agents that accelerate clinical development. Automate data cleaning, review, reconciliation, and reporting across your trials.
  • ModernVivo — Search millions of preclinical papers and extract experimental conditions in minutes. Design faster, better-powered in vivo studies with deterministic results.
  • MedaSystems — Streamline patient and provider inquiries for Expanded Access or Compassionate Use with secure, 21st Century Cures Act compliant, cloud software.
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KBC
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 2 investments in Belgium Medical startups

KBC Private Equity - the investment company of KBC Group - provides development capital and finances buy-outs to medium-sized companies in Belgium and in Central and Eastern Europe, KBC's home markets.Boasting an experienced team of 28 people, it has more than 60 active investments in portfolio with a market value in excess of EUR 400million.KBC Private Equity aims to become one of the leading private equity providers on KBC Group's home markets. As an active shareholder with a long-term perspective, KBC Private Equity is involved in taking strategic decisions and providing support to management teams.

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Investment focus

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

Investor stats

  • Total investments: 37
  • Round size: Seed $529k–$8M; Pre-Seed $425k–$1.9M; Series A $3M–$65M
  • Lead/follow: 27% lead, 73% follow

Portfolio highlights

  • Qivalis — Qivalis is a financial technology company designed for payments, settlements, and financial services.
  • Octave — Optimize energy use with Octave's battery storage (BESS) and energy management system (EMS). Reduce costs, increase flexibility.
  • Ion Beam Applications — Ion Beam Applications is a Belgium-based company that develops and markets technologies, pharmaceutical products and tailored solutions for the healthcare sector, with emphasis on cancer diagnosis and therapy. IBA is also active in the sterilization and ionization field. The Company operates through two business segments, namely the pharmaceuticalssegment, which includes radiopharmaceuticals and the equipments segment, which encompasses proton therapy, particle accelerators and dosimetry.
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Forbion Capital Partners
VC Fund · Naarden, Noord-Holland, The Netherlands · 2 investments in Belgium Medical startups

Impacting the future of medicine.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Series C
  • Geography: United States, United Kingdom, The Netherlands

Investor stats

  • Total investments: 228
  • Round size: Series A $19M–$180M; Series B $16M–$155M; Series C $22M–$120M
  • Lead/follow: 50% lead, 50% follow
  • Last fund: Likely actively investing — fresh fund, raised $606M in 2026

Portfolio highlights

  • Sling Therapeutics — Sling Therapeutics is a biopharmaceutical company focused on late-stage development for thyroid eye disease, aspiring to improve the lives of patients and their families.
  • Beacon Therapeutics — Beacon aids in restoring and improving the vision of patients with ophthalmic gene therapy. Find out more.
  • Lisata Therapeutics — Lisata is a clinical-stage pharmaceutical company dedicated to improving lives through the discovery, development, and commercialization of innovative medicines.
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Be Angels
VC Fund · Louvain-la-neuve, Vlaams-Brabant, Belgium · 2 investments in Belgium Medical startups

Early stage Entrepreneurs Coaching and FinancingOne of Europe's leading Business Angels Networks. We connect innovative growth companies to equity finance and coaching by experienced angel investors. The network is 250 members strong and has been assisting innovative entrepreneurs to find financing for more than 10 millions Euros in thelast 4 years.

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Investment focus

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

Investor stats

  • Total investments: 25
  • Round size: Seed $251k–$1.5M; Pre-Seed $78k–$571k
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • ChainComply — ChainComply provides enhanced KYT due diligence solutions for banks and VASPs and relieves them from stressing over incoming transfers from crypto exchanges. 
ChainComply develops a SaaS tool that scans the client's crypto exchange and blockchain transaction history to reveal the source of funds of crypto holders. The company solutionsimplifies complex transaction streams, and then it identifies high-risk transactions and patterns, enabling AML teams to understand their clients better and meet regulatory obligations efficiently.
  • Visiblie — We get your brand recommended by ChatGPT, Perplexity, Gemini, Claude and every major AI search engine in weeks. Done for you.
  • TalentGuide — Unlock workforce potential with Talentguide's skills intelligence platform, transforming ambition into measurable ability through actionable insights and personalized development paths.
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Buysse & Partners
VC Fund · Antwerpen, Antwerpen, Belgium · 2 investments in Belgium Medical startups

Buysse and Partners is a private equity investment group based in Antwerpen that offers smart equity, a growth fund, and partnerships.

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Investment focus

  • Industry: Software, Cloud Computing, FinTech
  • Stage:Series A, Seed, Venture - Series Unknown
  • Geography: Belgium, United Kingdom, The Netherlands

Investor stats

  • Total investments: 6
  • Round size: Seed $1.1M–$1.9M; Series A $4M–$11M
  • Lead/follow: 50% lead, 50% follow
  • Last fund: May invest from a new fund soon — raised $25M in 2012

Portfolio highlights

  • Twikit — Deliver unforgettable customer experiences with real time 3D product configurators, linked to your existing order and manufacturing flows.
  • Bluebee — Delivering a streamlined way for users to analyze, explore, and manage large-scale genomics data in the cloud.
  • moonbird — Hold moonbird in your hand and breathe along. A tactile, screen-free breathing coach trusted by 80,000+ users for less stress, better sleep, and more calm.
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Carevolution
VC Fund · 1 investments in Belgium Medical startups

Offers health consulting services

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Investment focus

  • Industry: Health Care, Medical Device, Medical
  • Stage:Seed
  • Geography: Belgium, United States

Investor stats

  • Total investments: 3
  • Round size: Seed $1.2M–$4.5M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • moveUP — Ontvang medische zorg op afstand voor en na uw operatie. moveUP is gespecialiseerd in de begeleiding van knie- en heupoperaties.
  • Helpper — Helpper verbindt mensen die thuishulp zoeken voor dagelijkse taken, met hulpvaardige buurtbewoners die een centje willen bijverdienen.
  • Neuroventis — Neuroventis emboldening people with neurological disorders. Learn how our technology is changing the world of neurological care.
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Integrale Advisors
VC Fund · Sunnyvale, California, United States · 1 investments in Belgium Medical startups

Integrale Advisors L.L.C. is a Real Estate Investment, Advisory and Business Development Firm.

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Investment focus

  • Industry: Medical, Health Care, Therapeutics
  • Stage:Series A
  • Geography: Belgium

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Novadip Biosciences — Novadip Biosciences, an advanced biopharmaceutical company focused on new generation of therapies from adipose stem cells adapted to hard and soft tissues reconstruction.
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Gesval
VC Fund · Liège, Liege, Belgium · 1 investments in Belgium Medical startups

A limited company of the University of Liège (ULiege).

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Investment focus

  • Industry: Biotechnology, Medical, Software
  • Stage:Venture - Series Unknown, Seed, Series A
  • Geography: Belgium

Investor stats

  • Total investments: 5
  • Round size: Venture - Series Unknown $2.2M–$4.7M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Phasya — Phasya offers solutions for detecting drowsiness and measuring eye movements. These solutions are based on eye tracking technologies using eye images. Phasya also develops solutions for detecting various physiological and cognitive states such as stress, attention, cognitive load, and mind wandering.Phasya solutions can be used in variousapplications such as safety, medical diagnosis, and research. We have notably specific solutions and developments for driver monitoring applications.Indeed physiological and cognitive states such as drowsiness influence the ability of an individual to perform a task or to make a decision. Furthermore the measurement of ocular parameters enables one to understand the brain activity and gaze behavior.
  • Ampacimon — Ampacimon develops dynamic line rating systems for transmission and distribution systems operators. Ampacimon’s products address grid infrastructure challenges such as aging assets, transmissions congestion, renewable integration, interconnectors.
  • Hedera-22 — Explore the top online casino no verification withdrawal Australia sites. Fast payouts, crypto banking, and safe pokies at trusted no KYC casinos.
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Nivelinvest
VC Fund · Louvain-la-neuve, Vlaams-Brabant, Belgium · 1 investments in Belgium Medical startups

Nivelinvest is a venture capital firm based in Belgium that finances seed stage investments of Small and Medium Enterprises.

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Investment focus

  • Industry: Biotechnology, iOS, Energy
  • Stage:Series A, Seed, Series B
  • Geography: Belgium, United States

Investor stats

  • Total investments: 6
  • Round size: Series A $6.6M–$32M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • e-peas — Discover e-peas, pioneer of the Ambient IoT concept since 2014, which offers the most efficient energy harvesting pmics on the market to make your devices more energy self-sufficient: AEMs.
  • A-Mansia Biotech — A-Mansia Biotech is a developer of products based on the properties of the Akkermansia muciniphila (A. muciniphila) bacterium. The company's nutritional supplement based on a gut bacterium called Akkermansia, the population of microorganisms housed in the gastrointestinal tract. A. muciniphila is located in the mucus layer covering theintestinal epithelium, which allows the bacterium to establish a close cross-talk with the host.
  • Novadip Biosciences — Novadip Biosciences, an advanced biopharmaceutical company focused on new generation of therapies from adipose stem cells adapted to hard and soft tissues reconstruction.
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Gimv
VC Fund · Antwerpen, Antwerpen, Belgium · 1 investments in Belgium Medical startups

Gimv, a trusted European investment company, helps mid-market businesses create sustainable value through growth capital and expertise across diverse sectors.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series B, Private Equity
  • Geography: Belgium, United States, France

Investor stats

  • Total investments: 155
  • Lead/follow: no public data

Portfolio highlights

  • Curana — Curana is a manufacturer of bike equipment and accessories.
  • Kivu Bioscience — At Kivu Bioscience, we leverage advanced, next-generation proprietary ADC technologies to deliver more precise and effective cancer treatments.
  • ImmunOs Therapeutics — ImmunOs Therapeutics AG is a clinical-stage biotechnology company focused on discovering and developing next generation and novel human immunomodulatory proteins with a role in both innate and adaptive immunity.Their mission is to develop the next generation of novel therapeutics that will improve the lives of patients with serious disease.
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BIP Investment Partners
VC Fund · Luxembourg, Luxembourg, Luxembourg · 1 investments in Belgium Medical startups

BIP Investment Partners S.A. (BIP) is an independent financial holding company backed by Luxembourg family shareholders.Its activities are divided between providing private equity to businesses, particularly venture capital to startups, and investing in large, well-established Luxembourg-based businessesThe company was founded in 2000 as ajoint venture between Banque Générale du Luxembourg (BGL), later a part of Fortis Group, and now as the newly re-formed BGL and several smaller partners, under the name BGL Investment Partners, which was changed to 'BIP Investment Partners' in February 2006 after the rebranding of BGL. BIP is listed on the Luxembourg Stock Exchange, where it is one of the ten component companies of the main LuxX Index stock market index.

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Investment focus

  • Industry: Video, Medical, Software
  • Stage:Series A, Series B
  • Geography: Belgium

Investor stats

  • Total investments: 2
  • Lead/follow: no public data

Portfolio highlights

  • XDC — CinemaNext is the largest cinema integrator company in EMEA (installation, digital, content, Dolby Atmos, laser projectors, NOC, maintenance & support).
  • Movetis — Movetis NV, a pharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of diseases in the gastrointestinal (GI) area. Its products address GI disorders, such as severe chronic constipation, ascites, paediatric reflux, as well as severe forms of GI motility disorders, including refractorygastro-oesophageal reflux disease. The company's lead product, Resolor, is used for the symptomatic treatment of chronic constipation in women. Resolor is also tested for chronic constipation in males and children, as well as opioid-induced constipation and post operative ileus. Its products also include M0002, which is in Phase II trials to treat ascites, an accumulation of fluid caused by liver malfunction; and M0003 that is entering Phase II development for symptomatic treatment of heartburn and regurgitation in patient's refractory to PPIs, and pediatric reflux. In addition, the company also has two prioritized compounds out of its preclinical portfolio, M0014 and M0012, and two compound libraries. It has partnership agreements with the universities of Ghent, Leuven, and Rotterdam. The company was founded in 2006 and is headquartered in Turnhout, Belgium.
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EQT Life Sciences
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 1 investments in Belgium Medical startups, 12 in the past 12 months

Providing capital plus strategic, clinical, operational, financial, and commercial support to deliver the added value inventors seek.

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Series B, Series C
  • Geography: United States, The Netherlands, Switzerland

Investor stats

  • Total investments: 156
  • Lead/follow: no public data

Portfolio highlights

  • XyloCor Therapeutics — XyloCor Therapeutics is a bio-pharmaceutical company intended to develop gene therapy for people with advanced coronary artery disease. The company's service focuses on developing gene therapy to stimulate the formation of new coronary blood vessels and serve areas of the heart that are not receiving adequate blood supply, enabling patientswith refractory angina who exhausted pharmacologic options to cure their cardiovascular diseases painlessly and cost effectively.
  • Atalanta Therapeutics — Atalanta was created to address the urgent global need for interventions to treat neurodegenerative diseases.
  • Tenpoint Therapeutics — Tenpoint Therapeutics Ltd. is a global, clinical-stage biotech company developing groundbreaking treatments to rejuvenate vision in the aging eye.
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Quest for Growth
VC Fund · Leuven, Vlaams-Brabant, Belgium · 1 investments in Belgium Medical startups

Quest for Growth (QGPLF) is an Internet company located in 19 Lei, Leuven, Flanders, Belgium.

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Investment focus

  • Industry: Biotechnology, Hardware, Software
  • Stage:Series B, Series C
  • Geography: Belgium, France, The Netherlands

Investor stats

  • Total investments: 24
  • Lead/follow: no public data

Portfolio highlights

  • Qpinch — Our patented QHT - Qpinch Heat Transformer - technology recovers and transforms waste heat into carbon neutral process heat.
  • Finquest — Tap into the largest private company database in the world to change the way you find and connect with M&A targets using Data, AI, & People.
  • Confo Therapeutics — Confo Therapeutics is a drug discovery company building internal drug discovery programs on GPCRs addressing unmet medical need. Confo Therapeutics employs its proprietary CONFO® technology to lock inherent unstable functional conformations of GPCRs as a superior starting point for drug discovery. CONFO® body-stabilized active state conformationsof these receptors disclose previously inaccessible structural features empowering the discovery of novel agonists for better therapeutic intervention.
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Financière Spin-Off Luxembourgeoise
VC Fund · 1 investments in Belgium Medical startups

Specializes in spin-off and spin-out investments.

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Investment focus

  • Industry: Medical, Health Care, Medical Device
  • Stage:Series A
  • Geography: Belgium

Investor stats

  • Total investments: 1
  • Lead/follow: no public data

Portfolio highlights

  • Synergia Medical — Synergia Medical aims at developing and commercializing next generation neurostimulation devices. It relies on a seasoned management team with extensive experience in developing implantable neurostimulators.In only three years time, the company became ISO13485 certified, created and sold an OEM external neurostimulator for a motorized amputeeprosthesis arm and developed its first version of the NAOS platform.Supported by private investors and public research grants, the company has quickly grown to a team of thirteen highly skilled multidisciplinary professionals.
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LeanSquare
VC Fund · Liège, Liege, Belgium · 1 investments in Belgium Medical startups

New Economy Startups Investor & Accelerator

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Investment focus

  • Industry: Software, Music, Internet
  • Stage:Seed, Series A
  • Geography: Belgium, France, United States

Investor stats

  • Total investments: 41
  • Lead/follow: no public data

Portfolio highlights

  • Un:Hurd Music — Welcome to the one stop music marketing shop. We help you understand your audience before creating award winning release strategies.
  • ClimateCamp — Looking for a sustainable way to collaborate with your suppliers on emissions reduction projects? Look no further than our platform - Book a demo for free!
  • Base for music — Base for Music is the marketing solution specialized in fan acquisition, enabling you to achieve your growth goals and providing you with transparent da...
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Sofinnova Investments
VC Fund · Menlo Park, California, United States · 1 investments in Belgium Medical startups

Sofinnova deploys human and financial capital to turn dreams into drugs. We are a clinical-stage biopharmaceutical venture capital firm with approximately $2B in assets under management and committed capital.

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Investment focus

  • Industry: Biotechnology, Health Care, Pharmaceutical
  • Stage:Series B, Series A, Series C
  • Geography: United States, France, United Kingdom

Investor stats

  • Total investments: 191
  • Lead/follow: no public data

Portfolio highlights

  • Aiolos Bio — Long Description: Aiolos Bio is a biotech company focused on developing therapies for respiratory diseases like asthma as well as other immune conditions. The company is initially focused on advancing AIO-001, a monoclonal antibody therapy for moderate-to-severe asthma that only requires dosing every 6 months. Aiolos Bio was founded by anaccomplished team with decades of drug development experience and leadership in the biotech industry.
  • Star Therapeutics — Star Therapeutics mission is to develop therapies for as many diseases as possible for millions of patients.
  • Rapport Therapeutics — Precision medicines to match the complexity of the human brain.
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Sofinnova Partners
VC Fund · Paris, Ile-de-France, France · 1 investments in Belgium Medical startups, 19 in the past 12 months

Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Series C
  • Geography: France, United States, United Kingdom

Investor stats

  • Total investments: 219
  • Lead/follow: no public data

Portfolio highlights

  • Moon Surgical — MastOR is a medical device company developing a surgical robot for laparoscopy assistance. MastOR is an early-stage surgical robotics company whose laparoscopy assistance platform broadens access to minimally-invasive techniques for surgeons and optimizes resource utilization in the operating room.
  • BrightHeart — BrightHeart develops an AI-based platform for fetal ultrasound analysis to improve detection of congenital heart defects.
  • Alia Therapeutics — Alia Therapeutics is developing next-generation gene-editing medicines to cure rare genetic diseases.
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NV Industriebank LIOF
VC Fund · Maastricht, Limburg, The Netherlands · 1 investments in Belgium Medical startups

NV Industriebank LIOF is the Limburg development and investment company. LIOF contributes to the prosperity of the province with an ongoing program to strengthen the province's economic base. LIOF targets industry and the dynamic service sector.Its four core activities are Acquisition, Participation, Development/Innovation andBusiness Parks, as these relate to the location/relocation of (foreign) companies, venture capital participation in Limburg companies with prospects, the development/implementation of programs and projects to sharpen the competitive edge of Limburg business and the coordination of the development of new business parks.LIOF has a strategic approach which targets opportunities for long-term economic development. In this it has a bridging role between government and business. LIOF is an ambitious professional organization and speaks the language that business understands.

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Investment focus

  • Industry: Biotechnology, Medical, Health Care
  • Stage:Series A, Seed
  • Geography: The Netherlands, Belgium

Investor stats

  • Total investments: 25
  • Lead/follow: no public data

Portfolio highlights

  • Ansana — Ansana develops sterilization solutions for the pharmaceutical and healthcare industries. This technology is significantly cutting patient risk, reducing the environmental imprint, lowering expenses, and increasing flow.
  • Mosa Meat — Mosa Meat produces slaughter-free hamburgers. The burger is harvested from cow cells, rather than raising and slaughtering a whole animal. By growing meat naturally from cells, Mosa Meat strives to accelerate the transition to a truly sustainable global food system.
  • SpecifAi Parking — Maximize your revenue, increase your efficiency and streamline your parking operation.
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Hunza Ventures
VC Fund · Luxembourg, Luxembourg, Luxembourg · 1 investments in Belgium Medical startups

Hunza Ventures is a venture capital firm incorporated in 1998 in Luxemburg. The firm has focused its investments on early and mid-stage life sciences and IT companies with outstanding growth prospects.Hunza Ventures has built a large and well-balanced portfolio based on the strong entrepreneurial experience of the fund’s shareholders andmanagers. Since inception, Hunza Ventures has backed 20 companies in Belgium, Israel, USA and Singapore.Hunza Ventures has raised two funds:Hunza Ventures raised €15 million. The fund made 14 venture investments and is fully invested. A series of companies have successfully been divested.Hunza Ventures II raised €6.25 million in October 2008. This fund is actively investing and is currently raising additional capital.

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Investment focus

  • Industry: Medical, Health Care, Biotechnology
  • Stage:Series A
  • Geography: Belgium, United States

Investor stats

  • Total investments: 2
  • Lead/follow: no public data

Portfolio highlights

  • ITeos Therapeutics — iTeos Therapeutics is pioneering the discovery and development of highly differentiated immuno-oncology therapeutics for cancer patients.
  • Formac Pharmaceuticals — Formac is a spin-off company from the University of Leuven, Belgium (K.U.Leuven), from which it has obtained the exclusive and worldwide rights to develop and commercialise ordered mesoporous silica materials for the delivery of poorly soluble API's. The company was incorporated on 3 October 2007 and is privately owned. The main shareholdersof Formac are K.U.Leuven, Allegro Investment Fund, Hunza Ventures, Gemma Frisius Fonds K.U.Leuven, Vinnof PMV and Life Sciences Research Partners VZW (formerly D. Collen Foundation).Since its incorporation Formac has signed more than 40 feasibility agreements with Tier 1 Pharma companies and SMEs in the field of human and veterinary medicine. To date, Formac is the only company that demonstrated the clinical relevancy of the silica based technology in a clinical setting.
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Yves Beudin
Angel · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Belgium Medical startups

Yves Beudin

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Investment focus

  • Industry: Medical, Health Care, Biotechnology
  • Stage:Angel
  • Geography: Belgium

Investor stats

  • Total investments: 1
  • Lead/follow: no public data

Portfolio highlights

  • OneLIFE — Enzymatic cleaning solutions against soiling and biofilms for medical devices and the hospital environment. Safe for staff, patients and visitors.
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Medical Investor funding in Belgium at a glance

Stats across 150 deals from 186 investors.

186
investors
in Belgium Medical startups
150
deals
in Belgium Medical startups
$3.6M
median round
in Belgium Medical startups
40%
lead investors
lead at least one round
19%
Grant
most common funding stage
89/11
VC / Angel
share of investor count

Access all 186 investors in Belgium Medical startups.

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