# VC firms based in Belgium (2026 list) > 186 VC firms based in Belgium, 19% active in the last 12 months. Led by European Commission, Capricorn Partners, Thibaud Elziere. Ranked by what they funded. Source: https://millionrounds.com/lists/vc-firms-based-in-belgium (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # VC firms based in Belgium Updated 7 November 2026 VC firms headquartered in Belgium. [See all 186 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-belgium)The top 25 **186** investors on the list No change this week **149** cheques in 12 months *-5%* against the market **$5.5M** median round they joined *-31%* against the market median **19%** wrote a cheque in 12 months **13%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (16) - 1 [European Commission](https://millionrounds.com/fund/european-commission) *Deploying now* VC firm · Belgium **160** **$2.8M** median round **Sept 2026** last seen - 2 [Capricorn Partners](https://millionrounds.com/fund/capricorn-partners) *Deploying now* VC firm · Belgium **84** **$8.3M** median round **Oct 2026** last seen - 3 [Thibaud Elziere](https://millionrounds.com/fund/thibaud-elziere) *Deploying now* VC firm · Belgium **59** **$3M** median round **Apr 2026** last seen - 4 [Eurostars](https://millionrounds.com/fund/eurostars) *Deploying now* VC firm · Belgium **49** **$2.6M** median round **Jul 2026** last seen - 5 [Pitchdrive](https://millionrounds.com/fund/pitchdrive) *Deploying now* VC firm · Belgium **49** **$1.6M** median round **Oct 2026** last seen - 6 [Astanor Ventures](https://millionrounds.com/fund/astanor-ventures) *Deploying now* VC firm · Belgium **47** **$10M** median round **Oct 2026** last seen - 7 [Fortino Capital](https://millionrounds.com/fund/fortino-capital) *Deploying now* VC firm · Belgium **47** **$8.4M** median round **Sept 2026** last seen - 8 [Volta Ventures](https://millionrounds.com/fund/volta-ventures) *Deploying now* VC firm · Belgium **41** **$3M** median round **Jul 2026** last seen - 9 [Qbic Fund](https://millionrounds.com/fund/qbic-fund) *Deploying now* VC firm · Belgium **40** **$7M** median round **Jul 2026** last seen - 10 [Limburgse Reconversie Maatschappij](https://millionrounds.com/fund/limburgse-reconversie-maatschappij) *Deploying now* VC firm · Belgium **32** **$2.3M** median round **Jul 2026** last seen - 11 [Quest for Growth](https://millionrounds.com/fund/quest-for-growth) quiet VC firm · Belgium **24** **$8.3M** median round **Jul 2024** last seen - 12 [Big Bang Ventures](https://millionrounds.com/fund/big-bang-ventures) quiet VC firm · Belgium **17** **$3.2M** median round **Mar 2013** last seen - 13 [LRM](https://millionrounds.com/fund/lrm) *Deploying now* VC firm · Belgium **15** **$4.2M** median round **Dec 2025** last seen - 14 [Smartfin](https://millionrounds.com/fund/smartfin) *Deploying now* VC firm · Belgium **15** **$13M** median round **Oct 2026** last seen - 15 [E-Merge](https://millionrounds.com/fund/e-merge) quiet VC firm · Belgium **14** **$1.2M** median round **Nov 2015** 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 [VIB](https://millionrounds.com/fund/vib) *Deploying now* VC firm · Belgium **12** **$23M** median round **Jun 2026** last seen - 18 [imec.xpand](https://millionrounds.com/fund/imec-xpand) *Deploying now* VC firm · Belgium **10** **$13M** median round **Sept 2026** last seen - 19 [Droia Ventures](https://millionrounds.com/fund/droia-ventures) *Deploying now* VC firm · Belgium **9** **$67M** median round **Nov 2026** last seen - 20 [Inventures SA](https://millionrounds.com/fund/inventures-investment-partners-impact-venture-capital) quiet VC firm · Belgium **9** **$406K** median round **Jun 2014** last seen - 21 [Lean Fund](https://millionrounds.com/fund/lean-fund) quiet VC firm · Belgium **9** **$235K** median round **Feb 2015** last seen - 22 [Allegro Investment Fund](https://millionrounds.com/fund/allegro-investment-fund) quiet VC firm · Belgium **9** **$2.5M** median round **May 2012** last seen - 23 [Finindus](https://millionrounds.com/fund/finindus) quiet VC firm · Belgium **8** **$8.3M** median round **Oct 2025** last seen - 24 [Meusinvest](https://millionrounds.com/fund/meusinvest) quiet VC firm · Belgium **8** **$17M** median round **Jan 2019** last seen - 25 [VIVES Partners](https://millionrounds.com/fund/vives-partners) *Deploying now* VC firm · Belgium **8** **$56M** median round **Sept 2026** last seen **161 more on this list** All 186 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-belgium) ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Anaheim Bio](https://millionrounds.com/company/anaheim-bio)** Series A · $45M *With* [Droia Ventures](https://millionrounds.com/fund/droia-ventures) - **3** Nov **[Wormsensing](https://millionrounds.com/company/wormsensing)** Series A · $11M *With* [KBC Focus Fund](https://millionrounds.com/fund/kbc-focus-fund) - **30** Oct **[Setara Biosciences](https://millionrounds.com/company/setara-biosciences)** Series A · $90M *With* [Droia Ventures](https://millionrounds.com/fund/droia-ventures) - **29** Oct **[Ravical](https://millionrounds.com/company/ravical)** Seed · $17M *With* [Pitchdrive](https://millionrounds.com/fund/pitchdrive) - **28** Oct **[DMC Biotechnologies](https://millionrounds.com/company/dmc-biotechnologies)** $18M *With* [Capricorn Partners](https://millionrounds.com/fund/capricorn-partners) - **27** Oct **[Lette](https://millionrounds.com/company/lette)** Seed · $6.5M *With* [Pitchdrive](https://millionrounds.com/fund/pitchdrive) ## Stages This Year 135 rounds - Seed **26%** - Series A **18%** - Venture **17%** - Grant **15%** - Series B **6%** - Other **19%** ## What They Backed Sectors, last 12 months - AI **40** - Biotech **26** - Healthcare **17** - Fintech **8** - Agtech **7** - Cleantech **7** ## Cheques by Quarter Led Joined 41 Q1 25 31 Q2 25 49 Q3 25 52 Q4 25 37 Q1 26 43 Q2 26 34 Q3 26 11 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states) - [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states) - [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom) - [VC firms based in China 1,473](https://millionrounds.com/lists/vc-firms-based-in-china) - [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india) - [VC firms based in Canada 1,211](https://millionrounds.com/lists/vc-firms-based-in-canada) - [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany) - [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom) - [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about VC firms based in Belgium ### Who are the most active VC firms based in Belgium? By cheques observed, the most active are European Commission, Capricorn Partners, Thibaud Elziere, Eurostars and Pitchdrive. ### How many VC firms based in Belgium are there? 186 are on record. 19% made an investment in the last 12 months and 13% have led a round. ### Which stages do VC firms based in Belgium back? Of the rounds with a named stage in the last 12 months, mostly Seed (33%) and Series A (23%). ### How big are the rounds VC firms based in Belgium join? The typical (median) round among the leading investors here is $7M. ### Which sectors do VC firms based in Belgium back most? In the last 12 months, mostly AI, Biotech and Healthcare. ### Which VC firms based in Belgium lead the most rounds? Capricorn Partners (19 led), Smartfin (5 led) and Astanor Ventures (3 led). ### What have VC firms based in Belgium invested in recently? Recent rounds include Anaheim Bio (Series A, Nov 2026, with Droia Ventures), Wormsensing (Series A, Nov 2026, with KBC Focus Fund) and Setara Biosciences (Series A, Oct 2026, with Droia Ventures). ### How is this list of VC firms 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)