# Series B investors in Belgium (2026 list)

> 21 series B investors in Belgium, 86% active in the last 12 months. Led by Balderton Capital, Inovia Capital, BNP Paribas. Ranked by what they funded.

Source: https://millionrounds.com/lists/series-b-investors-in-belgium (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Series B investors in Belgium

Updated 7 November 2026

Firms we have watched take part in a Series B round raised by a company in Belgium in the last two years, wherever the firm is based.

[See all 21 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fseries-b-investors-in-belgium)The top 21

**21** investors on the list No change this week

**344** cheques in 12 months *-7%* against the market

**$11M** median round they joined *+31%* against the market median

**86%** wrote a cheque in 12 months

**76%** have led a round

## The Top 21

Ordered by cheques observed, never by anything anyone paid for

Deploying now (18)

- 1 [Balderton Capital](https://millionrounds.com/fund/balderton-capital) *Deploying now* VC firm · United Kingdom **368** **$30M** median round **Oct 2026** last seen
- 2 [Inovia Capital](https://millionrounds.com/fund/inovia-capital) *Deploying now* VC firm · Canada **328** **$11M** median round **Nov 2026** last seen
- 3 [BNP Paribas](https://millionrounds.com/fund/bnp-paribas) *Deploying now* VC firm · France **256** **$17M** median round **Oct 2026** last seen
- 4 [European Investment Bank](https://millionrounds.com/fund/european-investment-bank) *Deploying now* Government · Luxembourg **246** **$37M** median round **Nov 2026** last seen
- 5 [Notion Capital](https://millionrounds.com/fund/notion-capital) *Deploying now* VC firm · United Kingdom **202** **$9.2M** median round **Oct 2026** last seen
- 6 [Seventure Partners](https://millionrounds.com/fund/seventure-partners) *Deploying now* VC firm · France **193** **$9.5M** median round **Sept 2026** last seen
- 7 [XAnge](https://millionrounds.com/fund/xange) *Deploying now* VC firm · France **192** **$8.1M** median round **Sept 2026** last seen
- 8 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen
- 9 [Singular](https://millionrounds.com/fund/singular) *Deploying now* VC firm · France **97** **$11M** median round **Oct 2026** last seen
- 10 [PMV](https://millionrounds.com/fund/pmv) *Deploying now* Government · Belgium **85** **$3.6M** median round **Sept 2026** last seen
- 11 [Supernova Invest](https://millionrounds.com/fund/supernova-invest) *Deploying now* VC firm · France **76** **$16M** median round **Sept 2026** last seen
- 12 [EIT Food RisingFoodstars](https://millionrounds.com/fund/eit-food-risingfoo) *Deploying now* Accelerator · Belgium **74** **$826K** median round **Oct 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 [Sofina](https://millionrounds.com/fund/sofina) *Deploying now* Family office · Belgium **21** **$82M** median round **Sept 2026** last seen
- 15 [Providence Equity Partners](https://millionrounds.com/fund/providence-equity-partners-2) *Deploying now* Private equity · United States **19** **$88M** median round **Sept 2026** last seen
- 16 [Innovation Fund](https://millionrounds.com/fund/innovation-fund) quiet VC firm · Belgium **14** **$8.1M** median round **Mar 2025** last seen
- 17 [Torus Capital](https://millionrounds.com/fund/torus-capital) *Deploying now* VC firm · Belgium **7** **$2.2M** median round **Jan 2026** last seen
- 18 [SFPIM](https://millionrounds.com/fund/sfpim) *Deploying now* VC firm · Belgium **5** **$9.4M** median round **Feb 2026** last seen
- 19 [Crédit Mutuel Impact](https://millionrounds.com/fund/credit-mutuel-impact) *Deploying now* Growth equity · France **3** **$34M** median round **Oct 2026** last seen
- 20 [finance.brussels](https://millionrounds.com/fund/finance-and-invest-brussels) quiet VC firm · Belgium **3** **$5.4M** median round **Feb 2025** last seen
- 21 [IMBC](https://millionrounds.com/fund/imbc) quiet Growth equity · Belgium **1** **$14M** median round **Feb 2025** last seen

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Physicl](https://millionrounds.com/company/physicl)** Seed · $10M *Led by* [Inovia Capital](https://millionrounds.com/fund/inovia-capital)
- **3** Nov **[Scatec](https://millionrounds.com/company/scatec)** Debt · $217M *With* [European Investment Bank](https://millionrounds.com/fund/european-investment-bank)
- **29** Oct **[Cohere](https://millionrounds.com/company/cohere)** $5B *With* [Inovia Capital](https://millionrounds.com/fund/inovia-capital)
- **28** Oct **[Easol](https://millionrounds.com/company/easol)** Series A · $30M *With* [Notion Capital](https://millionrounds.com/fund/notion-capital)
- **28** Oct **[Impress](https://millionrounds.com/company/impress)** Debt *With* [European Investment Bank](https://millionrounds.com/fund/european-investment-bank)
- **28** Oct **[Wealthsimple](https://millionrounds.com/company/wealthsimple)** Growth · $425M *With* [Inovia Capital](https://millionrounds.com/fund/inovia-capital)

## Stages This Year

319 rounds

- Venture **16%**
- Series A **15%**
- Debt **15%**
- Seed **14%**
- Series B **11%**
- Other **29%**

## What They Backed

Sectors, last 12 months

- AI **114**
- Biotech **23**
- Energy **18**
- Fintech **17**
- Agtech **16**
- Healthcare **15**

## Cheques by Quarter

Led Joined

93 Q1 25

101 Q2 25

86 Q3 25

123 Q4 25

110 Q1 26

94 Q2 26

75 Q3 26

18 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [Early stage investors in United States 3,774](https://millionrounds.com/lists/early-stage-investors-in-united-states)
- [Series A investors in United States 2,305](https://millionrounds.com/lists/series-a-investors-in-united-states)
- [Seed investors in United States 2,252](https://millionrounds.com/lists/seed-investors-in-united-states)
- [Series B investors in United States 1,647](https://millionrounds.com/lists/series-b-investors-in-united-states)
- [Growth investors in United States 1,329](https://millionrounds.com/lists/growth-investors-in-united-states)
- [Early stage investors in United Kingdom 1,166](https://millionrounds.com/lists/early-stage-investors-in-united-kingdom)
- [Series C investors in United States 967](https://millionrounds.com/lists/series-c-investors-in-united-states)
- [Pre-seed investors in United States 774](https://millionrounds.com/lists/pre-seed-investors-in-united-states)
- [Seed investors in United Kingdom 692](https://millionrounds.com/lists/seed-investors-in-united-kingdom)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders at Series B and scaling

- Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies Reid Hoffman · 2018 3.95 from 7,118 ratings on Goodreads Scaling and operations Leading and managing Moats and competition About the book Foreword by Bill Gates LinkedIn cofounder, legendary investor, and host of the award-winning Masters of Scale podcast reveals the secret to starting and scaling massively valuable companies. What entrepreneur or founder doesn’t aspire to build the next Amazon, Facebook, or… On AmazonListen on Audible
- One Page Talent Management: Eliminating Complexity, Adding Value Marc Effron · 2010 4.00 from 311 ratings on Goodreads Leading and managing Hiring and culture Scaling and operations About the book A Revolutionary Approach to Talent Management You know that winning in today’s marketplace requires top quality talent. You also know what it takes to build that talent, and you spend significant financial and human resources to make it happen. Yet somehow, your company’s… On AmazonListen on Audible
- The Culture Code: The Secrets of Highly Successful Groups Daniel Coyle · 2017 4.24 from 37,412 ratings on Goodreads Hiring and culture Leading and managing About the book What do Pixar, Google and the San Antonio Spurs basketball team have in common?The answer is that they all owe their extraordinary success to their team-building skills. In The Culture Code, Daniel Coyle goes inside some of the most effective organisations in the world and… On AmazonListen on Audible
- Scaling Up: How a Few Companies Make It...and Why the Rest Don't Verne Harnish · 2014 4.16 from 6,229 ratings on Goodreads Scaling and operations Leading and managing About the book Winner of the 2015 International Book Awards for General Business Winner of the 2015 National Indie Excellence Award for General Business Winner of the 2015 Readers' Favorite International Book Award Gold Medal for Non-Fiction Business Winner of the 2015 Paris Book… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&stage=scaling).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about series B investors in Belgium

### Who are the most active series B investors in Belgium?

By cheques observed, the most active are Balderton Capital, Inovia Capital, BNP Paribas, European Investment Bank and Notion Capital.

### How many series B investors in Belgium are there?

21 are on record. 86% made an investment in the last 12 months and 76% have led a round.

### Which stages do series B investors in Belgium back?

Of the rounds with a named stage in the last 12 months, mostly Series A (19%) and Debt (19%).

### How big are the rounds series B investors in Belgium join?

The typical (median) round among the leading investors here is $11M.

### Which sectors do series B investors in Belgium back most?

In the last 12 months, mostly AI, Biotech and Energy.

### Which series B investors in Belgium lead the most rounds?

Balderton Capital (22 led), DST Global (12 led) and Notion Capital (10 led).

### Where are series B investors in Belgium based?

Among the most active, most are based in Belgium (9), France (6) and the United Kingdom (3).

### What have series B investors in Belgium invested in recently?

Recent rounds include Physicl (Seed, Nov 2026, with Inovia Capital), Scatec (Debt, Nov 2026, with European Investment Bank) and Cohere (Oct 2026, with Inovia Capital).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)