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Top 20 Retail Startup Investors in Belgium in May 2025

Last updated: May 2025 A list of 20 angel investors and VC (Venture Capital) funds that invest in Retail startups based in Belgium. We rank investors based on the number of investments they made in Retail companies from Belgium. We update this investor list every month.

Top 20 Retail Startup Investors in Belgium in May 2025

Investor	Retail Belgium investments
Limburgse Reconversie Maatschappij	3
PMV	2
Toon Coppens	2
Jonas Dhaenens	1
BNP Paribas Fortis	1
Vendis Capital	1
The Craftory	1
Spreds	1
SOSV	1
ETF Partners	1
KPN Ventures	1
Korys	1
Wim Derkinderen	1
ING Group	1
Angelwise	1
Force Over Mass Capital	1
Lorenz Bogaert	1
Boris Bogaert	1
Optiver	1
Jos B. Peeters	1

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Investor list

Oxygen for growth - LRM

Investment focus

Information Technology, Software, Biotechnology
Funding Round, Series A, Seed
Belgium, United States, The Netherlands

Portfolio highlights

Cumul.io — Create powerful dashboards in minutes. Share with your teams, or integrate in your platform. Drive growth in your business today!
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.
Raw Stadia — Raw Stadia is a sports technology company that specializes in surface player interactions.

Do and dare company

Investment focus

Software, Biotechnology, Health Care
Series A, Seed, Series B
Belgium, United States, The Netherlands

Portfolio highlights

Nobi — Fall detection for the elderly at your home or in a residential care center with the smart Nobi lamp. Nobi ensures that you can be helped quickly.
Apideck — Integrate and monitor APIs at warp speed. Apideck is the fastest way for developers to build integrations. Connect new APIs in minutes instead of days.
Swave Photonics — Swave develops Spatial Computing, Holography, holographic chips, and holograms in the HXR chip to create 3D augmented and virtual reality and HUD Heads Up Displays

Toon Coppens (Belgium, 1981), graduated as a Master of Science in Informatics at the University of Ghent.In june 2000, during his first year at university, he successfully launched the first Belgian social networking site, which later became Redbox.be.He is the co-founder of Massive Media, the social media company behind the successfuldigital brands Netlog.com and Twoo.com. Massive Media enables members to meet nearby people instantly. Today, Over 80 million people have joined our sites on web and mobile.Toon lives in Ghent (Belgium) and London (UK), loves snowboarding and used to deejay and play volleyball a lot.>> Toon's personal Netlog (dutch)>> Twoo.com (dutch)

Investment focus

SaaS, Software, Artificial Intelligence
Seed, Angel, Pre-Seed
Belgium, United States

Portfolio highlights

Bizzy — Bizzy is the B2B intelligence platform helping you discover, qualify and engage with companies, smarter than ever.
Accurat — Accurat provides real-word shopper insights to support retail decision making with unprecedented accuracy. Our proprietary technology, platform and algorithms understand behaviour in high detail.
StarApps — StarApps is a boutique venture builder, turning game-changing ideas into breakthrough companies, managed by rockstar entrepreneurs.

Jonas Dhaenens - Group CEO @ team.blue Denmark

Investment focus

Software, SaaS, Enterprise Software
Seed, Angel, Pre-Seed
Belgium

Portfolio highlights

Qollabi — Make partner and account plans work with Qollabi BRM (Business Relationship Management) for professionals managing indirect sales channels like agents, branches, distributors, dealers, brokers, resellers etc.
Leadcamp — Leadcamp offers software solutions for email tracking, lead scoring, pipeline management, sales analytics and automation.
Cardify — Cardify redefines the way the fastest growing companies enable their sales team to deliver a more effective and personalized buyer/seller experience. The company was founded in 2019 and headquartered in Oost-Vlaanderen, Belgium.

BNP Paribas Fortis is a bank that provides personal and business banking services.

Investment focus

Biotechnology, Logistics, Pharmaceutical
Debt Financing, Funding Round, Series B
Belgium, United States, Germany

Portfolio highlights

Aphea.Bio — . .sustainableagriculture-section {. backgroundcolor: fff;. boxshadow: 0 0.40rem 0.40rem rgba(0, 0, 0, 0.25);. display: flex;. flexdirection: column;. overflow: hidden;. backgroundsize: cover;. }.. .herobanner {. display: flex;. flexdirection: column;. position: relative
Hexa — eFounders partners with talented co-founders to build the future of product-led SaaS.
Global Infrastructure Partners — A leading global, independent infrastructure fund manager.

Vendis Capital is an independent private equity firm that focuses on building and investing in small- to medium-sized branded consumer companies in Europe. Its flexible capital structure includes both development capital and buyout capital.Vendis Capital supports entrepreneurs and their companies through various stages of development. It helpsits clients in establishing strategic roadmaps, planning and facilitating management additions, evaluating and executing acquisitions, and establishing proper monitoring and reporting tools.Vendis Capital was founded in 2009 and is headquartered in Diegem, Vlaams-Brabant.

Investment focus

Retail, E-Commerce, Manufacturing
Private Equity, Funding Round
The Netherlands, Belgium, France

Portfolio highlights

Kamera Express — Kamera Express - De Kamera Superstore voor Foto, Video, Objectieven, Lenzen, Accessoires en toebehoren, Studio en Licht, Verrekijkers, Telescopen, Computer, Media en meer
Skins Cosmetics — Skins Cosmetics is a cosmetic shop that sells skin cosmetics and beauty products.
Pink Gellac — Pink Gellac is a digital native and direct-to-consumer premium nail polish brand with a distinctive colour offering. Pink Gellac is known for its distinctive on-trend colour offering and its salon-like quality.

The alternative growth equity and consumer venture capital fund based in London and San Francisco. We invest in consumer brands with a positive social impact. We are Cause Capital.

Investment focus

Health Care, Consumer Goods, Retail
Series A, Series B, Funding Round
United States, United Kingdom, Chile

Portfolio highlights

Needed — Prenatal vitamins leave most women depleted, so we redesigned the Prenatal Multi from the ground-up, and paired it with the Omega-3 (DHA and EPA), Collagen Protein, and Pre/Probiotic that mamas need. Take them before, during, and after pregnancy (and while breastfeeding) for optimal prenatal and postpartum nourishment.
Edgard & Cooper — Edgard & Cooper offers foods for dogs and cats made with natural and nutritious ingredients. Their products are made with fresh meat and simple ingredients making it more balanced than over-processed pet food. Edgard & Cooper was founded in 2014 by Louis Chalabi and Jürgen Degrande and is headquartered in Kortrijk, Belgium.
NotCo — We are reinventing the foods we love to eat! Same great flavor, but made from plants. Meet the future of food. Why not?

We empower high-potential entrepreneurship and democratize venture capital. Discover promising start-ups & SMEs and invest alongside business angels.

Investment focus

Health Care, Information Technology, Food and Beverage
Series A, Seed, Series B
Belgium, France

Portfolio highlights

Opinum — What is Opinum Data Hub? Our Data Hub is a secured Cloud-based platform that allows energy and environmental actors to centralise, enhance, analyse, and share data.
Digiteal — Digiteal offers a wide range of services for e-invoice presentment, electronic payments and open banking.
NietsCo — NietsCo. is the home of Botaniets Gin 0.0%, a leading selection of alcohol-free products, carefully distributed to the world's best restaurants, concept stores, shops and consumers.

SOSV is a global, deep tech venture capital firm that operates the HAX and IndieBio startup development programs focused on human and planetary health. SOSV invests $500,000 in startups at their inception as they onboard either HAX or IndieBio for a 4-6 month period designed to accelerate the raise of their next institutional round. SOSV joins thelater rounds of HAX and IndieBio graduates. HAX, based in a 35,000 sq ft facility in Newark, NJ, is equipped with machine tools, 3D printers, chemical, electrical and mechanical engineering labs, as well as on-staff engineering and design experts. SOSV's IndieBio has locations in NYC and San Francisco, both of which offer extensive services and facilities to founders including on-site BSL-2 labs, well equipped lab benches and hoods, and advanced lab equipment, such as chromatography equipment.

Investment focus

Biotechnology, Health Care, Software
Seed, Convertible Note, Pre-Seed
United States, India, United Kingdom

Portfolio highlights

MixRift — MIXRIFT - game developers specialized in Mixed Reality
unspun — From 3D scan to perfect fitting custom jeans. unspun makes each pair of jeans unique to your actual body and design. On a mission to reduce global carbon emissions by 1%. As seen in Fast Company's World Changing Ideas, Time's Best Inventions, and PopSci's Best of What's New. Welcome to the future of apparel.
Mesa Quantum — Unlock the potential of chip-scale quantum sensing for enhanced Position, Navigation, And Timing capabilities. Explore Mesa Quantum's practical solutions.

ETF Partners supports talented entrepreneurs and management teams with investment capital and experience. Its funds come from institutional investors, global corporations, and family offices. The firm creates value by investing in and supporting great European companies that deliver Sustainability Through Innovation.

Investment focus

Software, Renewable Energy, Information Technology
Funding Round, Series A, Series B
United Kingdom, France, Germany

Portfolio highlights

Hubcycle — Hub cycle converts fruit, vegetable waste into raw materials for the hygiene and food industries.
Next Sense — Next Sense creates climate-neutral buildings with data insights, simulations, and AI control.
Beams — Beams is a new renovation platform. We offer a seamless, end-to-end service to plan, design and build every room in your home.

KPN Ventures is a corporate venture arm of KPN that aims to partner with innovative technology companies, providing access to capital, expertise, network, and customer channels. It focuses on early growth-stage European companies in networking technology, the internet of things, smart home, digital healthcare, cyber security, mobile and video (OTT)services, cloud computing, data, and analytics. It began operation on June 1, 2015, with its headquarters in Rotterdam in the Netherlands.

Investment focus

Software, SaaS, Information Technology
Series A, Series B, Seed
The Netherlands, Belgium, Germany

Portfolio highlights

Perlego — Perlego is an online library subscription service for textbooks and non-fiction titles. Having partnered with over 3,000 of the world's best publishers, it gives its users unlimited access to over 650,000 eBooks and publications via an affordable monthly subscription. It aims to make learning accessible to all. It was founded in 2016 and isheadquartered in London, England.
CloudTalk — CloudTalk is an intuitive and easy-to-use cloud-based call center software with many advanced features designed to improve customer support.
BOX ID Systems — BOX ID Systems develops and offers an end-to-end location & process mining solution to cost effectively track millions of logistics assets digitally throughout the industrial supply chain across Europe and the World - including site-to-site, on-premises and indoor buildings digital twin of supply chain processes. The system is built on aspecialized analytics software platform, sensorik tracking devices and efficient data-, device- and user-management tools, including functions to support process automation and optimization. Industrial and automotive production customers benefit from making their logistics processes more efficient and cost optimized, with 100% transparency within their critical processes throughout the entire supply chain.

Korys is the name chosen by the Colruyt family for their investment structure. The name Korys is derived from the Latin word for hazelnut tree – Corylus - which is at the origin of the Colruyt name.Their multi-disciplinary approach enables us to create a well-balanced, diversified portfolio of listed stocks and bonds, private equity funds, anddirect participations in small and medium-sized companies. Through their investments, they aim to make a positive impact on people and the planet, while generating attractive returns. A “three P” approach (People, Planet, Profit) forms the cornerstone of their investment strategy. They invest for the long term, as they realize that it takes time to achieve the sustainable impact they are aiming for. They focus their investments in sectors in which they have built substantial expertise as a team: Cleantech, consumer goods & retail and life sciences.

Investment focus

Biotechnology, Information Technology, Renewable Energy
Funding Round, Series A, Series B
Belgium, The Netherlands, Germany

Portfolio highlights

Greenely — Greenely is the electricity company that optimizes your electricity use using smart technology in an app. We help you take control of your consumption.
OroraTech — From safeguarding forests and ecosystems to protecting communities and critical assets, OroraTech's advanced technology and reliable insights address challenges, mitigate risks, and drive meaningful impact.
PanTera — PanTera wants to bring a new hope to cancer patients by enabling the widespread use of radiopharmaceuticals for personalised treatment of tumors

Wim Derkinderen is the Founder, Director, and Board member of FixForm.

Investment focus

Software, Information Technology, SaaS
Seed, Pre-Seed, Angel
Belgium, Spain, United States

Portfolio highlights

FixForm — At FixForm, we aim to keep spaces and buildings in good, safe and clean condition. Our platform allows everybody to report problems with just the snap of a picture. Simplify your maintenance today and become part of the FixForm community.
RiftPay — Banking and finance done with others. Introducing a social banking, finance, and mobile payment platform. The financial industry is designed to cater to the individual. RiftPay puts groups first, making us truly unique.
Hotel Manager — Hotel Manager is the platform for delivering modern experiences to guests, wherever they are. Launch and build your hotel app in no time and manage your growth easily. All in one platform with zero technical knowledge required.

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services. They serve more than 85 million private, corporate and institutional customers in Europe, North and Latin America, Asia and Australia. They draw on our experience and expertise, their commitment to excellent service andtheir global scale to meet the needs of a broad customer base, comprising individuals, families, small businesses, large corporations, institutions and governments.

Investment focus

Energy, Renewable Energy, FinTech
Debt Financing, Post-IPO Debt, Funding Round
United Kingdom, United States, The Netherlands

Portfolio highlights

Neoen — Neoen is an independent energy company, develops, finances, builds, and operates power plants based on renewable energies in France, Portugal, Australia, Mexico, Egypt, and El Salvador. It operates solar, wind, and biomass power plants. The company, through its subsidiaries, also specializes in the development of marine renewable energy projects inFrance; supports photovoltaic project developers and investors in the design, construction, operation, and maintenance of solar power plants in France and abroad; and develops solar and wind farms.
Enfinity Global — We develop value added solutions to accelerate the transition to a sustainable global energy economy
STX Group — Founded in 2005, STX Group provides access to renewable energy, biofuels, energy efficiency and carbon markets. We're hiring!

Angelwise Vlaams Investeringsfonds

Investment focus

Software, SaaS, Marine Technology
Seed, Series A, Funding Round
Belgium, The Netherlands

Portfolio highlights

Pleevi — AI powered smart charging APIs to charge fleet more cost-efficient and cleaner on professional sites
xyzt.ai — The big data platform to easily visualize and analyze any spatio-temporal data. Scaling to billions of records.
Accurat — Accurat provides real-word shopper insights to support retail decision making with unprecedented accuracy. Our proprietary technology, platform and algorithms understand behaviour in high detail.

Force Over Mass Capital is an FCA regulated venture capital firm focused on early stage technology investments across UK and Europe. We invest in B2B innovation across four verticals, i.e. Fintech, Artificial Intelligence, SaaS and Industry 4.0.FOM cap operates both seed and scale-up funds to support early stage businesses through their growthjourney.

Investment focus

Software, Information Technology, FinTech
Seed, Series A, Funding Round
United Kingdom, United States, Germany

Portfolio highlights

Barte — VBarte is a benchmark for B2B interactions. They designed it to automate payment procedures in Latin America. They optimize cash flow management for small and midsize enterprises through automated payments and revenue-based financing, enabling users to get easy access to financial metrics and credit payments.
Apaleo — Transform your hospitality business with an open platform. Easily connect 3rd party applications to build a best-in-class tech stack for your hotel
SentientSports — SentientSports is revolutionising the sports industry by unlocking the full potential of AI in sporting organisations.

Lorenz is co-founder and CEO Ghent-based start-up studio StarApps. He also co-founded early stage investment fund Pitchdrive. He previously created Netlog, Twoo (exit to Tinder), Realo (exit to Axel Springer), Delta (exit to eToro) and Rydoo (exit to Sodexo).

Investment focus

Software, SaaS, Artificial Intelligence
Seed, Pre-Seed, Series A
Belgium, United Kingdom, United States

Portfolio highlights

FixForm — At FixForm, we aim to keep spaces and buildings in good, safe and clean condition. Our platform allows everybody to report problems with just the snap of a picture. Simplify your maintenance today and become part of the FixForm community.
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.
Accurat — Accurat provides real-word shopper insights to support retail decision making with unprecedented accuracy. Our proprietary technology, platform and algorithms understand behaviour in high detail.

Startup Enabler & Angel Investor. In 2011 I co-founded Cardwise that later became Xpenditure NV an innovative product for managing expenses. Which was acquired by Sodexo Group (EURONEXT:SDXOF) in March 2017 after a very succesfull growth phase with more then 6000 customers globally (eg. Deloitte, Henkel, PWC,....) Reinvested partly in the newventure with Sodexo & iAlbatros. We launched this new corp-up venture in June 2018 under the name of RYDOO and I'm acting COO and board member.. Next to that I'm also investing in promising early stage startups with Tumbzup bvba.In the early 90ies I've been involved in commercialisation of the first Internet solutions. My passion has always been making new innovative products marketable towards B2B markets. I've pioneered in the internet sector and have been involved in the launch of Europe's first Internet service providers PING (Eunet) and Yucom (JV BT & ING), now both part of Belgacom (BELG:BB).Later, I became Chief Commercial Officer at SpaceChecker and after the acquisition by Punch Telematix, I became Country Manager. Punch Telematix is now owned by Trimble (NASDAQ: TRMB). In 2007, I joined Massive Media (publishers of Netlog & TWOO), a leading European on-line community that has recently been acquired by IACI (NASDAQ:IACI). As Director of Business Development, I successfully set-up the complete business development strategy and team from scratch.

Investment focus

Software, FinTech, Enterprise Software
Seed, Pre-Seed
Belgium, United Kingdom, United States

Portfolio highlights

Oper — Oper is the mortgage platform that helps lenders and brokers digitise and streamline their mortgage distribution.
Cardify — Cardify redefines the way the fastest growing companies enable their sales team to deliver a more effective and personalized buyer/seller experience. The company was founded in 2019 and headquartered in Oost-Vlaanderen, Belgium.
Hotel Manager — Hotel Manager is the platform for delivering modern experiences to guests, wherever they are. Launch and build your hotel app in no time and manage your growth easily. All in one platform with zero technical knowledge required.

As a global market maker, Optiver works to make the world's markets fairer, more transparent and more efficient for everyone.

Investment focus

FinTech, Finance, Stock Exchanges
Series A, Seed, Series C
United States, Belgium, The Netherlands

Portfolio highlights

Auros — We develop world class technology to implement arbitrage and other trading strategies within the crypto space.
BMLL Technologies — BMLL Technologies Ltd. operates cloud based technology platform that offers machine learning and inference framework for common limit order book problems.
Sk3w Technologies — Sk3w Technologies specializes in providing exchange access solutions.

Has a PhD in Solid State Physics from the University of Leuven. He worked at Bell Telephone Manufacturing Cy, PA Technology and BeneVent Management, before starting Capricorn Venture Partners.

Investment focus