Capital raising services in Belgium
Belgium's venture market has matured significantly, with Brussels, Ghent and Leuven anchoring a mid-sized ecosystem that is increasingly on the radar of major continental and US growth funds.
Collibra and Showpad have demonstrated the international scale Belgian SaaS companies can reach, and a deepening cluster around Odoo, Deliverect and Silverfin is drawing mid- to late-stage investor attention.
We focus on mid- to late-stage Belgian companies raising growth capital on great terms - our extensive VC investor network, thorough preparation process, pitch deck building and operating and financial model build give founders the tools to run a competitive process with end-to-end management from mandate to close.
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VC rounds raised in the last 12 months in Belgium
$7.7M
Median VC valuation (across all stages) in Belgium
44x
Median VC revenue multiple (across all stages) in Belgium
$60M
Largest VC round raised in Belgium in the last 12 months
Raising venture capital in Belgium
Belgium's VC market is mid-sized, with Brussels, Ghent and Leuven anchoring the local scene. PMV, Sowalfin and finance.brussels participate in most early-stage rounds alongside private VCs; cross-border participation from Dutch, French and German investors is common at growth stage.
BVA-aligned documentation
The Belgian Venture Capital and Private Equity Association (BVA) coordinates industry conventions. Belgian venture rounds typically use BVA-aligned documentation, with adaptations for the new Companies Code (BCE 2019) and the Stock Option Law overlays.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Belgium. SAFEs are used occasionally where the lead investor is US-based but less universal than in the US. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. The Belgian BV / SRL structure (under the new Companies Code) is more flexible than the older BVBA for share issues and class structuring.
Regional public co-investment
PMV, Sowalfin and finance.brussels co-invest at seed and Series A alongside private VCs in their respective regions. Their preference structures, information rights and reporting requirements are well-defined and routinely accommodated.
Foreign investment screening
Belgium's interfederal FDI screening regime (in force from 2023) requires notification of investments giving control or qualifying stakes in Belgian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Coordinated between federal and regional authorities.
Closing mechanics
Capital increases and share transfers in Belgian BV/SRL structures require notarised resolutions and filings at the Banque-Carrefour des Entreprises. Closings are notary-driven events with associated formalities. Documents typically executed via DocuSign for non-notarial elements.
Largest private tech companies in Belgium
Odoo valued at $8.1B is the largest still privately-owned company in Belgium.
See all large tech companies in Belgium| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Odoo | | Odoo is a Grand-Rosière-headquartered open-source suite of integrated business applications. Founded in 2005, it encompasses CRM, eCommerce, accounting, inventory, manufacturing, and HR modules that interconnect for streamlined operations. The platform powers small to large enterprises globally, with community and enterprise editions deployable on-premises or in the cloud. | Jun-23 | $164M | $8.1B | |
team.blue | | team.blue is a Belgium-headquartered web hosting and cloud services provider operating across Europe. The company offers domain registration, shared hosting, VPS, and Microsoft 365 solutions under brands like Yourwebhoster and Combell. With data centers in Ghent and Amsterdam, team.blue supports small businesses with email services, website builders, and cybersecurity tools. | - | - | $5.5B | |
Collibra | | Collibra is a Brussels-headquartered data governance platform serving enterprises worldwide. Founded in 2008, it offers tools for data cataloging, lineage tracking, quality assessment, and compliance management to democratize data access. The platform integrates with Snowflake, Tableau, and Alation for business intelligence workflows. Collibra supports sectors like finance, healthcare, and manufacturing with clients including Barclays, AstraZeneca, and BNP Paribas. It maintains offices in New York, London, Sydney, and Tokyo following expansions since 2014. | Nov-21 | $250M Series G | $5.3B | |
Deliverect | | Deliverect is a Ghent-headquartered SaaS platform that integrates online ordering channels like Uber Eats, Deliveroo, and DoorDash with restaurant POS systems. The service automates order syncing to kitchen printers, reducing manual entry errors by 90 percent. Founded in 2018, Deliverect serves 20,000 locations in 30 countries including Europe, Middle East, and Australia, with offices in London and Sydney. | Jan-22 | $150M Series D | $1.4B | |
I-care Group | | I-care Group is a Belgium-headquartered leader in predictive maintenance for industrial equipment. Founded in 2004, it monitors hundreds of thousands of machines using AI-powered platforms with open APIs across 55 countries. Employing over 1,000 staff in 36 offices spanning Asia-Pacific, EMEA, and the USA, the firm has won awards like the 2025 Reliability Conference Solutions Award and Hannover Messe Factory Innovation Award. | Dec-25 | $24M | $1.2B | |
Aikido Security | | Aikido Security is a Ghent-based cybersecurity platform that unifies code scanning, cloud security, and runtime protection. Its AI-driven system automatically detects and remediates vulnerabilities across applications, infrastructure, and deployments. Engineering teams at companies like bol.com and Showpad rely on Aikido for comprehensive coverage without workflow disruptions. The platform scans repositories, containers, and cloud environments such as AWS and Kubernetes, prioritizing fixes to eliminate security debt efficiently. | Jan-26 | $60M Series B | $1.0B |
Startups who recently raised money in Belgium
Largest VC round raised recently in Belgium was a $60M Series B of Aikido Security in January 2026.
See all VC rounds in Belgium| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Jan-26 | Aikido Security | | Aikido Security is a Ghent-based cybersecurity platform that unifies code scanning, cloud security, and runtime protection. Its AI-driven system automatically detects and remediates vulnerabilities across applications, infrastructure, and deployments. Engineering teams at companies like bol.com and Showpad rely on Aikido for comprehensive coverage without workflow disruptions. The platform scans repositories, containers, and cloud environments such as AWS and Kubernetes, prioritizing fixes to eliminate security debt efficiently. | Connect VenturesDovesco+10 | $60M | $1.0B | Series B | |
Mar-26 | Vertical Compute | | Vertical Compute is a developer of chiplet-based processors minimizing data movement for energy-efficient computing. Its architecture achieves substantial power reductions in AI inference and data center workloads. Headquartered in the San Francisco Bay Area, the company targets hyperscale cloud providers and edge deployments. Vertical Compute licenses its disaggregated silicon designs to semiconductor partners for high-performance, low-latency applications. | Drysdale VenturesVCT Vector Gestion+10 | $44M | - | Seed | |
Dec-25 | I-care Group | | I-care Group is a Belgium-headquartered leader in predictive maintenance for industrial equipment. Founded in 2004, it monitors hundreds of thousands of machines using AI-powered platforms with open APIs across 55 countries. Employing over 1,000 staff in 36 offices spanning Asia-Pacific, EMEA, and the USA, the firm has won awards like the 2025 Reliability Conference Solutions Award and Hannover Messe Factory Innovation Award. | - | $24M | $1.2B | Undisclosed stage | |
Dec-25 | Aidoptation | | Aidoptation is a developer of autonomous driving technology optimized for dual-use scenarios, spanning commercial automotive sectors, police and first-responder vehicles, and defense environments. The company focuses on robust, adaptable systems that perform reliably across diverse operational demands. | Belfius BankEthias Ventures+2 | $24M | - | Series A | |
May-26 | Tekst | | Tekst is a Norwegian software company headquartered in Oslo that automates business-to-business communications through AI-powered analysis and workflow platforms. The firm processes invoices, contracts, and emails for enterprises in logistics and manufacturing, extracting data with 99 percent accuracy via natural language processing. Tekst serves Nordic clients like DHL and Aker Solutions, integrating with ERP systems such as SAP and Microsoft Dynamics for streamlined supplier interactions. | ElephantEntourage | $14M | - | Series A | |
Dec-25 | OTIV | | OTIV is a Vienna-based company developing AI systems for autonomous train operations on rail networks in Europe. The platform uses computer vision and sensors to enable driverless freight and passenger services compliant with European Train Control System standards. OTIV collaborates with Austrian Federal Railways and Deutsche Bahn on pilot projects. | Finindusimec.istart+3 | $11M | - | Undisclosed stage | |
Jan-26 | Superlinear | | Superlinear builds Holon, an AI operating system for orchestrating people, processes, and machines in European enterprises to eliminate silos and drive productivity gains. | BDO | $7.1M | - | Series A | |
Dec-25 | Trendtracker | | Trendtracker is an AI-driven tool for strategic foresight and intelligence. It analyzes trends, forecasts scenarios, and supports decision-making for businesses and organizations seeking competitive edges in dynamic markets. | Armilar Venture PartnersCapricorn Partners | $6.9M | - | Series A | |
Feb-26 | MegaCool Technologies | | MegaCool Technologies develops high-efficiency cooling hardware using generative design for AI data centers and edge devices, tackling thermal challenges in dense compute environments. | Vsquared Ventures | $5.9M | - | Seed | |
Dec-25 | Mindoo AI | | Mindoo AI is a Vienna-headquartered platform that serves as an AI assistant for healthcare providers, handling appointment scheduling, consultation transcription, documentation, and follow-ups with multilingual support and EHR integration to streamline clinical workflows. | 6 Degrees CapitalSyndicate One | $5.9M | - | Seed | |
Dec-25 | Donna | | Donna is a London-based AI sales assistant that briefs reps via calls, transcribes meetings, and updates CRMs like Salesforce. The tool handles follow-up emails and logging, reducing admin time for teams at enterprises across Europe. Deployed since 2020, it integrates with Zoom and Google Workspace. | Everywhere VenturesFortino Capital+5 | $4.8M | - | Series A | |
Dec-25 | AILOS Robotics | | AILOS Robotics is a provider of precision gearboxes and actuation systems for humanoid and collaborative robots enhancing motion control in industrial automation. | Finance.BrusselsHTGF (High-Tech Gruenderfonds)+1 | $4.1M | - | Seed | |
May-26 | Ventory | | Ventory is a Tel Aviv-headquartered SaaS provider of field inventory management, AI-driven analytics, and supply chain optimization for retail and distribution. Its platform tracks stock levels in real-time across warehouses and stores, forecasting demand with machine learning. Serving clients in Europe and the Middle East since 2019. | DelawareFinindus+2 | $3.1M | - | Undisclosed stage | |
Dec-25 | Wodan AI | | Wodan AI is a cybersecurity firm offering a platform that fully encrypts AI models and sensitive data for secure inference and training. Its homomorphic encryption technology protects against breaches in cloud environments, supporting frameworks like TensorFlow and PyTorch. Targeted at enterprises in finance, healthcare, and government, Wodan serves European clients with deployments since 2023. | Adara VenturesJME Ventures+2 | $2.3M | - | Pre-seed | |
Apr-26 | Wenite | | Wenite offers an all-in-one platform for HR service providers and consultants. | imec.istart | $2.1M | - | Seed |
Top VCs and strategic investors in Belgium
Syndicate One, PMV, Pitchdrive and Louis Jonckheere funded the most startups in Belgium in the last 12 months.
See all VCs in Belgium| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
PMV | | PMV is a Belgium-based investment company shaping the Flemish economy. The firm provides equity financing to startups, scale-ups, and established businesses from inception through international expansion, managing over 500 portfolio companies in cleantech, healthtech, and ICT sectors. | VectrixXFAAzumuta+2 | 21 | Series A | |
imec.istart | | imec.istart is a Leuven-based accelerator program linked to imec, Europe's top research center for nanoelectronics and digital technologies. Ranked number one university-linked accelerator by UBI Global, it invests in and supports deep-tech startups in AI, photonics, healthtech, and semiconductors. The program provides up to 250,000 euros in funding, lab access, and mentorship, with alumni raising over 1 billion euros collectively. imec.istart operates across Europe, with cohorts in Belgium, the Netherlands, and France. | WeniteTalentGuideOTIV+2 | 16 | Pre-seed | |
Syndicate One | | Syndicate One is a Brussels-headquartered venture syndicate founded in 2021. It offers early-stage financing, mentorship, and scaling support to Belgian startups in SaaS, AI, and cleantech. Backed deals include over 30 companies raising €50 million collectively through co-investments with European VCs. | HolmesRingtimeAikido Security+2 | 12 | Seed | |
Pitchdrive | | Pitchdrive is a Berlin-based seed-stage venture capital fund that accelerates investment decisions to weeks using a proprietary data-driven evaluation engine. Founded in 2021, it invests €500,000 to €2 million in European tech startups, completing 40 deals with a focus on SaaS, AI, and climate tech. Post-investment, founders receive €700,000 in value-add services including talent introductions and growth workshops. The firm has deployed €40 million across cohorts, achieving 3x portfolio growth in 18 months through partnerships with Atomico and Cherry Ventures. | OtamiserOTIVDonna+2 | 11 | Seed | |
L | Louis Jonckheere | | Louis Jonckheere is the co-founder and board member of In The Pocket, a digital product studio specializing in mobile and web applications. | Exhibitly.aiHolmesAikido Security+2 | 9 | Pre-seed |
G | Gilles Mattelin | | Henchman AI operates with Gilles Mattelin as co-CEO and founder, building AI tools for business automation. The company targets enterprise workflows from a base informed by Mattelin's Vlerick Business School training. Henchman focuses on practical AI deployments in sales and operations. | FeedelityAikido SecurityRookoo+2 | 9 | Pre-seed |
Finance.Brussels | | Finance.Brussels is the Brussels Capital-Region's investment company managing €200 million in funds for startups and scale-ups. Established in 2010, it invests in biotech, cleantech, and digital sectors through vehicles like BeAngels Fund and PMV co-investments. The firm supports 150+ portfolio companies, providing equity up to €5 million alongside mentoring from Hub.brussels. It operates from the Brussels metropolitan area, fostering 10,000 jobs. | OtamiserAILOS RoboticsWooclap+2 | 9 | Seed | |
Seeder Fund | | Seeder Fund is a Belgium-based provider of early-stage financing for digital startups. The fund offers up to EUR 200,000 in seed capital for product-market validation, up to EUR 300,000 pre-Series A for growth confirmation, and up to EUR 1,000,000 for scale-ups achieving break-even proximity. | VectrixAliceXFA+2 | 8 | Pre-seed | |
J | Jorn Vanysacker | | Jorn Vanysacker is the co-CEO and founder of Henchman, a Ghent-based sales execution platform providing AI-driven coaching and conversation intelligence for B2B teams. Henchman analyzes sales calls and integrates with CRM tools like Salesforce for enterprises in Europe. Vanysacker guides expansion from Belgium into neighboring markets. | FeedelityRookooEagl+2 | 8 | Pre-seed |
NewSchool.vc | | NewSchool.vc is a venture capital fund based in San Francisco that targets pre-seed and seed-stage technology startups disrupting sectors like real estate, finance, and healthcare. The firm manages investments in over 20 companies, emphasizing founders leveraging AI and automation for legacy industries. Notable portfolio includes platforms automating property management and digital lending tools. NewSchool.vc extends beyond funding with operational support, drawing from networks in Silicon Valley and New York. | HolmesRingtimeFeedelity+2 | 5 | Pre-seed |
What if not VC? Non-equity funding in Belgium
Belgium's non-dilutive funding stack is strong for its size - between the R&D wage tax exemption, regional public investors and EU funding access, Belgian startups can extend runway with substantial public-sector support before signing a VC term sheet.
R&D wage tax exemption
80% partial exemption on payroll withholding tax for R&D personnel. Effectively an 8-15% wage subsidy on R&D personnel costs. The single largest non-dilutive incentive in Belgium and routinely claimed by tech startups with R&D headcount.
Regional public investors
PMV (Flanders), Sowalfin (Wallonia) and finance.brussels (Brussels) provide equity, lending and guarantees. Often the first institutional capital in Belgian tech rounds and a recurring later-stage source.
Tax shelter for digital and audiovisual
Belgium's tax shelter regime (originally for audiovisual production) has been extended to qualifying digital sectors. Provides a tax credit to corporate investors funding qualifying projects; can be a meaningful non-dilutive capital source for relevant tech businesses.
EU funding access
Belgian companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies that can wait the 6-12 month process.
Crowdfunding
Belgian equity crowdfunding platforms operate alongside European platforms. Used for raises typically €100k-1M, often layered on top of a lead investor. Tax shelter for individual investors in qualifying SMEs adds an incentive for retail participation.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Belgium and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Belgium.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Belgium
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Belgium
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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