# Investors based in Belgium (2026 list) > 622 investors based in Belgium, 8% active in the last 12 months. Led by European Commission, Gimv, EASME - EU Executive Agency for SMEs. Source: https://millionrounds.com/lists/investors-based-in-belgium (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Investors based in Belgium Updated 26 October 2026 Firms headquartered in Belgium, ordered by what we have observed them do rather than by what they claim to invest in. Where a firm sits is not where it invests; for that, see investors in Belgium. [See all 622 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-belgium)The top 25 **622** investors on the list No change this week **201** cheques in 12 months *-16%* against the market **$7.9M** median round they joined *-1%* against the market median **8%** wrote a cheque in 12 months **7%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (18) - 1 [European Commission](https://millionrounds.com/fund/european-commission) *Deploying now* VC firm · Belgium **160** **$2.8M** median round **Sept 2026** last seen - 2 [Gimv](https://millionrounds.com/fund/gimv) quiet Private equity · Belgium **104** **$42M** median round **Dec 2019** last seen - 3 [EASME - EU Executive Agency for SMEs](https://millionrounds.com/fund/easme-eu-executi) *Deploying now* Government · Belgium **91** **$4.9M** median round **Dec 2025** last seen - 4 [PMV](https://millionrounds.com/fund/pmv) *Deploying now* Government · Belgium **85** **$3.6M** median round **Sept 2026** last seen - 5 [Capricorn Partners](https://millionrounds.com/fund/capricorn-partners) *Deploying now* VC firm · Belgium **83** **$7.8M** median round **Sept 2026** last seen - 6 [EIT Food RisingFoodstars](https://millionrounds.com/fund/eit-food-risingfoo) *Deploying now* Accelerator · Belgium **74** **$826K** median round **Oct 2026** last seen - 7 [Thibaud Elziere](https://millionrounds.com/fund/thibaud-elziere) *Deploying now* VC firm · Belgium **59** **$3M** median round **Apr 2026** last seen - 8 [Eurostars](https://millionrounds.com/fund/eurostars) *Deploying now* VC firm · Belgium **49** **$2.6M** median round **Jul 2026** last seen - 9 [Astanor Ventures](https://millionrounds.com/fund/astanor-ventures) *Deploying now* VC firm · Belgium **47** **$10M** median round **Oct 2026** last seen - 10 [Fortino Capital](https://millionrounds.com/fund/fortino-capital) *Deploying now* VC firm · Belgium **47** **$8.4M** median round **Sept 2026** last seen - 11 [Pitchdrive](https://millionrounds.com/fund/pitchdrive) *Deploying now* VC firm · Belgium **47** **$1.6M** median round **Sept 2026** last seen - 12 [Volta Ventures](https://millionrounds.com/fund/volta-ventures) *Deploying now* VC firm · Belgium **41** **$3M** median round **Jul 2026** last seen - 13 [Qbic Fund](https://millionrounds.com/fund/qbic-fund) *Deploying now* VC firm · Belgium **40** **$7M** median round **Jul 2026** last seen - 14 [Limburgse Reconversie Maatschappij](https://millionrounds.com/fund/limburgse-reconversie-maatschappij) *Deploying now* VC firm · Belgium **32** **$2.3M** median round **Jul 2026** last seen - 15 [Quest for Growth](https://millionrounds.com/fund/quest-for-growth) quiet VC firm · Belgium **24** **$8.3M** median round **Jul 2024** last seen - 16 [Sofina](https://millionrounds.com/fund/sofina) *Deploying now* Family office · Belgium **21** **$82M** median round **Sept 2026** last seen - 17 [Big Bang Ventures](https://millionrounds.com/fund/big-bang-ventures) quiet VC firm · Belgium **17** **$3.2M** median round **Mar 2013** last seen - 18 [LRM](https://millionrounds.com/fund/lrm) *Deploying now* VC firm · Belgium **15** **$4.2M** median round **Dec 2025** last seen - 19 [Smartfin](https://millionrounds.com/fund/smartfin) *Deploying now* VC firm · Belgium **15** **$13M** median round **Oct 2026** last seen - 20 [Verlinvest](https://millionrounds.com/fund/verlinvest) *Deploying now* Family office · Belgium **15** **$30M** median round **Oct 2026** last seen - 21 [CMB](https://millionrounds.com/fund/cmb) quiet Investment firm · Belgium **14** **$240M** median round **May 2019** last seen - 22 [E-Merge](https://millionrounds.com/fund/e-merge) quiet VC firm · Belgium **14** **$1.2M** median round **Nov 2015** last seen - 23 [Innovation Fund](https://millionrounds.com/fund/innovation-fund) quiet VC firm · Belgium **14** **$8.1M** median round **Mar 2025** last seen - 24 [S.R.I.W.](https://millionrounds.com/fund/sriw) quiet Government · Belgium **12** **$25M** median round **Sept 2018** last seen - 25 [VIB](https://millionrounds.com/fund/vib) *Deploying now* VC firm · Belgium **12** **$23M** median round **Jun 2026** last seen **597 more on this list** Login free to see all 622, filter by stage, sector and market, and keep the ones that fit. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-belgium) ## The Newest Cheques Rounds this list's investors joined most recently - **21** Oct **[Constellate Proteomics](https://millionrounds.com/company/constellate-proteomics)** Pre-seed · $169K *With* [imec.istart](https://millionrounds.com/fund/imec-istart-fund) - **15** Oct **[Metabolize](https://millionrounds.com/company/metabolize)** Seed · $3.2M *Led by* [Astanor Ventures](https://millionrounds.com/fund/astanor-ventures) - **14** Oct **[Traya](https://millionrounds.com/company/traya)** $32M *Led by* [Verlinvest](https://millionrounds.com/fund/verlinvest) - **13** Oct **[reebuild](https://millionrounds.com/company/reebuild)** Seed · $3.4M *Led by* [Fortino Ventures](https://millionrounds.com/fund/fortino-ventures) - **13** Oct **[Ubitium GmbH](https://millionrounds.com/company/ubitium-gmbh)** Seed · $14M *With* [KBC Focus Fund](https://millionrounds.com/fund/kbc-focus-fund) - **8** Oct **[Edonia](https://millionrounds.com/company/edonia)** $17M *Led by* [EIT Food RisingFoodstars](https://millionrounds.com/fund/eit-food-risingfoo) ## Stages This Year 179 rounds - Seed **24%** - Venture **20%** - Grant **15%** - Series A **13%** - Series B **8%** - Other **21%** ## What They Backed Sectors, last 12 months - AI **46** - Biotech **28** - Healthcare **19** - Agtech **12** - Cleantech **11** - Energy **8** ## Cheques by Quarter Led Joined 64 Q1 25 49 Q2 25 67 Q3 25 87 Q4 25 41 Q1 26 51 Q2 26 45 Q3 26 8 Q4 26 The last bar is the quarter still running. ## Lists Like This - [Investors based in United States 73,560](https://millionrounds.com/lists/investors-based-in-united-states) - [Investors based in United Kingdom 8,105](https://millionrounds.com/lists/investors-based-in-united-kingdom) - [Investors based in Canada 3,870](https://millionrounds.com/lists/investors-based-in-canada) - [Investors based in India 3,853](https://millionrounds.com/lists/investors-based-in-india) - [Investors based in Germany 3,440](https://millionrounds.com/lists/investors-based-in-germany) - [Investors based in China 3,020](https://millionrounds.com/lists/investors-based-in-china) - [Investors based in United Arab Emirates 2,910](https://millionrounds.com/lists/investors-based-in-united-arab-emirates) - [Investors based in Australia 2,576](https://millionrounds.com/lists/investors-based-in-australia) - [Investors based in France 2,267](https://millionrounds.com/lists/investors-based-in-france) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about investors based in Belgium ### Who are the most active investors based in Belgium? By cheques observed, the most active are European Commission, Gimv, EASME - EU Executive Agency for SMEs, PMV and Capricorn Partners. ### How many investors based in Belgium are there? 622 are on record. 8% made an investment in the last 12 months and 7% have led a round. ### Which stages do investors based in Belgium back? Of the rounds with a named stage in the last 12 months, mostly Seed (32%) and Grant (19%). ### How big are the rounds investors based in Belgium join? The typical (median) round among the leading investors here is $7M. ### Which sectors do investors based in Belgium back most? In the last 12 months, mostly AI, Biotech and Healthcare. ### Which investors based in Belgium lead the most rounds? Capricorn Partners (19 led), Smartfin (5 led) and Sofina (4 led). ### What have investors based in Belgium invested in recently? Recent rounds include Constellate Proteomics (Pre-seed, Oct 2026, with imec.istart), Metabolize (Seed, Oct 2026, with Astanor Ventures) and Traya (Oct 2026, with Verlinvest). ### How is this list of investors based in Belgium ranked? By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night. Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)