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Top 15 Retail VC Funds & Investors in Belgium (June 2026)

The most active venture capital funds investing in Belgium Retail startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Belgium Retail startup companies. Find investors to raise a Seed, Series A or Series B round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Limburgse Reconversie Maatschappij
VC Fund
3 Belgium, United States, The Netherlands Seed, Series A Information Technology, Software, Biotechnology $494k–$11M
PMV
VC Fund
2 Belgium, United States, The Netherlands Series A, Seed Software, Biotechnology, Health Care $549k–$40M
Spreds
VC Fund
1 Belgium, France Series A, Seed, Series B Health Care, Information Technology, Food and Beverage
KPN Ventures
VC Fund
1 The Netherlands, Belgium, Germany Series A, Seed, Series B Software, Internet of Things, Information Technology
ING Group
VC Fund
1 United Kingdom, United States, The Netherlands Debt Financing, Post-IPO Debt Energy, Renewable Energy, Solar $75M–$3B
Angelwise
VC Fund
1 Belgium, The Netherlands Seed, Series A Software, SaaS, Marine Technology
Optiver
VC Fund
1 United States, United Kingdom, Brazil Series A, Series B, Seed FinTech, Cryptocurrency, Trading Platform $3.6M–$35M
SOSV
VC Fund
1 United States, India, United Kingdom Seed, Convertible Note, Pre-Seed Biotechnology, Health Care, Software
The Craftory
VC Fund
1 United States, United Kingdom, Chile Series A, Series B Health Care, Consumer Goods, Retail
ETF Partners
VC Fund
1 United Kingdom, France, Germany Series A, Series B Software, Renewable Energy, Information Technology $3.9M–$34M
Vendis Capital
VC Fund
1 The Netherlands, France, Belgium Private Equity, Venture - Series Unknown Retail, E-Commerce, Cosmetics
Korys
VC Fund
1 Belgium, The Netherlands, Germany Series B, Series A Biotechnology, Renewable Energy, Information Technology $3.9M–$110M
LeanSquare
VC Fund
1 Belgium, France, United States Seed, Series A Software, Music, Information Technology $200k–$12M
BNP Paribas Fortis
VC Fund
1 Belgium, United States, France Debt Financing, Series B Biotechnology, Software, Logistics $9.9M–$2B
Force Over Mass Capital
VC Fund
1 United Kingdom, United States, Germany Seed, Series A Software, Information Technology, FinTech $350k–$18M
Access all 22 VC funds in Belgium Retail startups.

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Investor list

Limburgse Reconversie Maatschappij
VC Fund · Hasselt, Limburg, Belgium · 3 investments in Belgium Retail startups

Oxygen for growth - LRM

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Investment focus

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

Investor stats

  • Total investments: 87
  • Round size: Seed $494k–$5.2M; Series A $1.6M–$11M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • 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.
  • MobieTrain — Train, connect and empower your frontline teams in minutes. MobieTrain boosts onboarding, training, engagement, and performance. All in one simple platform
  • TrendMiner — TrendMinder designs and delivers a fast, powerful and intuitive industrial analytics platform for everyone in operations to make smarter, data-driven decisions.
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PMV
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 2 investments in Belgium Retail startups

Do and dare company

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Investment focus

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

Investor stats

  • Total investments: 146
  • Round size: Seed $549k–$4.3M; Series A $2.7M–$40M
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • IVEX — IVEX offers Repeatable and Scalable Testing & Validation Data Analytics solutions for ADAS/AD Vehicles.
  • RheaVita — Streamline your lyophilization process with RheaVita's innovative freeze-drying technologies, accelerating drug development while ensuring compliance and efficiency. Discover our solutions today.
  • Gorilla — We empower Energy Retailers in pricing, forecasting and reporting with data-driven solutions in boosting speed and flexibility.
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Spreds
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Belgium Retail startups

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

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Investment focus

  • Industry: Health Care, Information Technology, Food and Beverage
  • Stage:Series A, Seed, Series B
  • Geography: Belgium, France

Investor stats

  • Total investments: 14
  • Lead/follow: no public data

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.
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KPN Ventures
VC Fund · Rotterdam, Zuid-Holland, The Netherlands · 1 investments in Belgium Retail startups

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, 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.

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Investment focus

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

Investor stats

  • Total investments: 29
  • Lead/follow: no public data

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.
  • Wirepas — Wireless mesh connectivity for industrial IoT. Proven, ultra-reliable and scalable. Lowest total cost of ownership. The best mesh for IoT.
  • 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.
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ING Group
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 1 investments in Belgium Retail startups

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

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Investment focus

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

Investor stats

  • Total investments: 99
  • Round size: Post-IPO Debt $116M–$3B; Debt Financing $75M–$1.6B
  • Lead/follow: 24% lead, 76% follow

Portfolio highlights

  • Terra-Gen — Terra-Gen was established in August 2007, led by an experienced executive management team averaging over 25 years of relevant industry experience. The team has contracted or re-contracted over 10,000 MW of power generation facilities and has developed or acquired over $25 billion in assets over their careers.
  • Glenveagh Properties — Glenveagh Properties PLC, formerly Glenveagh Properties Ltd, is an Ireland-based company focused on developing and building starter, mid-size and executive and high-end homes, with a principal focus on the Greater Dublin Area, either for itself or on behalf of third parties. Its flagship residential development site is the Marina village, which islocated beside the marina in Greystones with clear views of the Irish Sea to the east and the Wicklow Mountains to the west. Its other developments include Cois Glaisin, Co. Meath that focuses on first-time buyer homes and is located in the Dublin commuter-belt town of Navan,; Holsteiner Park, Clonee that is a development of 15 detached houses built on half acre plots; Milltown Meadows that is located in Ashbourne and comprises 67 homes; and Herbert Hill that comprises apartments and is located in the centre of Dundrum.
  • Fnality International — Fnality International provides a digital cash system that uses blockchain technology to settle financial transactions. It was established in April 2019 and is headquartered in London, England.Fnality is the commercial realisation of a four-year Research & Development project called the "Utility Settlement Coin," which was firstproposed by UBS and London-based blockchain company Clearmatics.
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Angelwise
VC Fund · Hasselt, Limburg, Belgium · 1 investments in Belgium Retail startups

Angelwise Vlaams Investeringsfonds

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Investment focus

  • Industry: Software, SaaS, Marine Technology
  • Stage:Seed, Series A
  • Geography: Belgium, The Netherlands

Investor stats

  • Total investments: 10
  • Lead/follow: no public data

Portfolio highlights

  • Azumuta — Azumuta, the #1 industry-leading tool that fully supports operators by centralizing all knowledge, on-the-floor training and communication.
  • 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.
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Optiver
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 1 investments in Belgium Retail startups

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

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Investment focus

  • Industry: FinTech, Cryptocurrency, Trading Platform
  • Stage:Series A, Series B, Seed
  • Geography: United States, United Kingdom, Brazil

Investor stats

  • Total investments: 11
  • Round size: Series A $3.6M–$35M; Series B $21M–$31M
  • Lead/follow: 18% lead, 82% follow

Portfolio highlights

  • A5X — A5X is a financial institutional platform offers trading and post-trading solutions to the capital and financial markets.
  • Eden Block — Venture house dedicated to enabling a new digital future with blockchain
  • Digital Asset — As leaders in blockchain technology, Digital Asset empowers customers with Daml, the leading platform for multi-party applications; an innovative smart contract language and Canton, our privacy-enabled distributed ledger technology.
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SOSV
VC Fund · Princeton, New Jersey, United States · 1 investments in Belgium Retail startups, 75 in the past 12 months

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.

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Investment focus

  • Industry: Biotechnology, Health Care, Software
  • Stage:Seed, Convertible Note, Pre-Seed
  • Geography: United States, India, United Kingdom

Investor stats

  • Total investments: 1482
  • Lead/follow: no public data

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.
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The Craftory
VC Fund · London, England, United Kingdom · 1 investments in Belgium Retail startups

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.

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Investment focus

  • Industry: Health Care, Consumer Goods, Retail
  • Stage:Series A, Series B
  • Geography: United States, United Kingdom, Chile

Investor stats

  • Total investments: 19
  • Lead/follow: no public data

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?
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ETF Partners
VC Fund · London, England, United Kingdom · 1 investments in Belgium Retail startups

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.

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Investment focus

  • Industry: Software, Renewable Energy, Information Technology
  • Stage:Series A, Series B
  • Geography: United Kingdom, France, Germany

Investor stats

  • Total investments: 95
  • Round size: Series A $3.9M–$14M; Series B $5.5M–$34M
  • Lead/follow: 46% lead, 54% follow
  • Last fund: Likely still investing — raised $303M in 2024

Portfolio highlights

  • QuantWare — QuantWare designs, develops and fabricates state-of-the-art superconducting Quantum Hardware with excellent specs, and good service.
  • Modo Energy — Energy market data, benchmarking, and projections. All in one place and backed by Modo Energy insights.
  • Dexter Energy Services — Dexter helps asset-backed renewable traders maximize profits through accurate forecasts and price insights, day-ahead to real time.
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Access 48,091 investors

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

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Vendis Capital
VC Fund · Diegem, Vlaams-Brabant, Belgium · 1 investments in Belgium Retail startups

Private equity for consumer brands. Built for growth. Proven in execution.

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Investment focus

  • Industry: Retail, E-Commerce, Cosmetics
  • Stage:Private Equity, Venture - Series Unknown
  • Geography: The Netherlands, France, Belgium

Investor stats

  • Total investments: 15
  • Lead/follow: 93% lead, 7% follow
  • Last fund: May invest from a new fund soon — raised $351M in 2019

Portfolio highlights

  • 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.
  • Nederlandse Obesitas Kliniek — De Nederlandse Obesitas Kliniek is a healthcare firm that treatment of morbid obesity
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Korys
VC Fund · Halle, Vlaams-Brabant, Belgium · 1 investments in Belgium Retail startups

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.

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Investment focus

  • Industry: Biotechnology, Renewable Energy, Information Technology
  • Stage:Series B, Series A
  • Geography: Belgium, The Netherlands, Germany

Investor stats

  • Total investments: 44
  • Round size: Series A $3.9M–$110M; Series B $6.4M–$41M
  • Lead/follow: 48% lead, 52% follow

Portfolio highlights

  • Trunkrs — Wij leveren pakketten tussen 17:00 & 22:00, Sneller, groener en vriendelijker. Same Day & Next Day bezorging door heel Nederland en Vlaanderen.
  • 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.
  • Commit Biologics — Add a description for facebook
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LeanSquare
VC Fund · Liège, Liege, Belgium · 1 investments in Belgium Retail startups

New Economy Startups Investor & Accelerator

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Investment focus

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

Investor stats

  • Total investments: 44
  • Round size: Seed $200k–$2.5M; Series A $247k–$12M
  • Lead/follow: 30% lead, 70% follow

Portfolio highlights

  • neuroClues — An easy-to-use eye-tracking environment to help practitioners instantaneously quantify their clinical exam
  • Gamevestor — Be more than a player. Invest in expert-selected video game projects and earn a share of their commercial revenues.
  • 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!
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BNP Paribas Fortis
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Belgium Retail startups

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

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Investment focus

  • Industry: Biotechnology, Software, Logistics
  • Stage:Debt Financing, Series B
  • Geography: Belgium, United States, France

Investor stats

  • Total investments: 24
  • Round size: Series B $9.9M–$109M; Debt Financing $32M–$2B
  • Lead/follow: 13% lead, 87% follow

Portfolio highlights

  • MobieTrain — Train, connect and empower your frontline teams in minutes. MobieTrain boosts onboarding, training, engagement, and performance. All in one simple platform
  • Aerospacelab — Aerospacelab makes access to space simple. By combining our satellite platforms with mission payloads, Aerospacelab is able to deliver end-to-end satellite solutions tailored to meet your business needs.
  • 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.
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Force Over Mass Capital
VC Fund · London, England, United Kingdom · 1 investments in Belgium Retail startups

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.

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Investment focus

  • Industry: Software, Information Technology, FinTech
  • Stage:Seed, Series A
  • Geography: United Kingdom, United States, Germany

Investor stats

  • Total investments: 163
  • Round size: Seed $350k–$4.5M; Series A $3.3M–$18M
  • Lead/follow: 21% lead, 79% follow
  • Last fund: May invest from a new fund soon — raised $131M in 2020

Portfolio highlights

  • Aibuild — Ai Build is a London based company developing Artificial Intelligence and Robotic technologies for large scale additive manufacturing. We believe additive manufacturing is the core technology for achieving a sustainable environment and a highly efficient on-demand economy.We are a team of creative and enthusiastic people with strong background inthe areas of 3D printing, robotics, computer vision, machine learning, computational design and physics. We are partnering with some of the world’s most innovative companies and investors to bring our disruptive Autonomous Large Scale 3D Printing technology into a wide range of industrial applications. Our purpose is to empower factories of the future to make Manufacturing easy, smart, sustainable and affordable.
  • Converge — Pioneering sustainable construction with smart concrete sensors, predictive AI, and real-time monitoring. Build faster, safer, and greener.
  • MONET — Embedded finance for agencies and B2B platforms. Frictionless access to white-labelling B2B credit, global payments and new revenue streams. Offer white-label invoice finance to your network, driving growth for you and your suppliers.
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Retail VC funding in Belgium at a glance

Stats across 19 deals from 22 investors.

22
investors
in Belgium Retail startups
19
deals
in Belgium Retail startups
$4.2M
median round
in Belgium Retail startups
41%
lead investors
lead at least one round
26%
Series A
most common funding stage

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