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Top 5 Active Series A Investors in Belgium (2025): Complete Guide for Founders

Deqian Jia
Deqian Jia
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Belgium InvestorsSeries A InvestorsFundraisingVenture CapitalStartups

In the Belgian / Benelux context, "Series A" is usually:

  • €3–10M rounds (sometimes smaller "A-minus" in the €2–3M range)
  • With €1–5M cheques from a lead investor
  • Backing companies that already have:
    • Real revenue (or serious pilots)
    • Repeatable sales motion
    • A credible path to €10–20M ARR

When preparing your Series A pitch, having a professional data room is essential. Peony helps Belgian startups organize investor materials with AI-powered document organization, track investor engagement with page-level analytics, and securely share sensitive financial and operational data. With transparent pricing at $40/user/month, Peony delivers enterprise-grade secure data rooms without the $5,000-20,000 per-deal costs of legacy platforms.

The funds in this guide can all lead or co-lead in that bracket, but they play slightly different roles:

  • Fortino, SmartFin → classic Series A/B leads in B2B tech.(Fortino Capital)
  • Hummingbird, Volta, Capricorn → often lead/participate in earlier As or "large seed → A bridge" rounds, especially in SaaS/deep tech/health.(VC Mapping)

So: be honest about your traction and round size when you shortlist.

1. How to Pick the Right Belgium Series A Investor

A. Know what "Series A" means in Belgium

In the Belgian / Benelux context, "Series A" is usually:

  • €3–10M rounds (sometimes smaller "A-minus" in the €2–3M range)
  • With €1–5M cheques from a lead investor
  • Backing companies that already have:
    • Real revenue (or serious pilots)
    • Repeatable sales motion
    • A credible path to €10–20M ARR

B. Match sector + thesis, not just "we're a startup"

The Belgian Series A landscape is heavily skewed to B2B and tech:

  • Pure B2B SaaS / PaaS:

  • Digital / data / health / industry 4.0 / clean tech:

    • Capricorn Partners (multiple funds: Digital Growth, HealthTech, Industrial Biotech, etc.)(capricorn.be)

  • Global "anything huge" from Belgium:

    • Hummingbird Ventures (global early-stage, Belgium roots, pre-seed → Series A cheques).(VC Mapping)

If you're pure consumer / marketplace / hardware-only, these funds can still be interested, but your life is easier if you have at least a software / platform / data backbone.

C. Geography & ambition

All five funds invest beyond Belgium, but they expect you to think bigger than "Benelux lifestyle business":

  • Fortino, SmartFin, Volta → North-West Europe / pan-European B2B plays.(Fortino Capital)
  • Hummingbird → truly global; they've backed companies like Deliveroo and Kraken.(VC Mapping)
  • Capricorn → EU-wide in digital/health/clean-tech, often leading Series A in niche but big verticals (e.g. Aspect Analytics' €10M Series A).(aspect-analytics.com)

Your pitch should make it clear:

"We're headquartered in Belgium, but the market we're going after is European or global, and here's our path."

D. Ownership & fund economics

These are institutional funds. They care about:

  • Ownership: typically wanting 10–20% in a Series A lead
  • Room to follow on in Series B/C
  • A realistic shot at €100M+ exit, not €20M trade sale

So when you design your round:

  • Don't overslice the cap table with a massive seed syndicate.
  • Leave space for a Series A lead to get meaningful ownership.

2. Top 5 Active Series A Investors in Belgium (2025)

Ordered more by "who you should know" than by AUM.

1. Fortino Capital – B2B SaaS Specialists

Snapshot:

  • HQ / Belgian presence: Antwerp / Zaventem, plus Amsterdam & Munich offices(Fortino Capital)
  • Stage: Late-seed & Series A (plus growth / PE funds)(Fortino Capital)
  • Cheque size: €0.5–3M in venture fund for late-seed/Series A; larger via growth/PE funds(Fortino Capital)
  • Focus: High-growth B2B SaaS & PaaS, digital tech, North-West Europe(Fortino Capital)

Fortino is one of the go-to names when people say "serious B2B SaaS money in Belgium." Their venture capital approach is laser-focused on late-seed and Series A, explicitly targeting B2B SaaS/PaaS with proven product–market fit, and deploying €0.5–3M equity tickets.(Fortino Capital)

They also run growth / private equity funds that can back you later when you're scaling beyond Series B.(Fortino Capital)

Best fit if you:

  • Are a B2B SaaS/PaaS company with paying customers and retention
  • Have a clear go-to-market engine and want to scale in Benelux / DACH / UK
  • Are aiming for serious scale, not a small exit

How to pitch Fortino:

  • Speak their language: show ARR, NRR, churn, sales efficiency
  • Have a clear ICP and repeatable sales process
  • Emphasise that you're becoming a category leader, not a nice tool

2. SmartFin – Growth Equity for B2B Tech

Snapshot:

  • HQ: Brussels(Smartfin)
  • Stage: Late Series A, Series B & growth (but can enter earlier if growth is strong)(VC Mapping)
  • Cheque size: €1–25M, focusing on growth rounds for B2B tech firms(VC Mapping)
  • Focus: B2B technology companies across Europe; strong in software & fintech(Smartfin)
  • Firepower: €600M+ assets under management and a fresh €250M third growth fund closed in Jan 2025.(Vestbee)

SmartFin is a growth equity-style investor for B2B tech. They're often mentioned as one of the core "scale-up partners" for European software businesses, and are active in Belgium and across Europe.(Smartfin)

They primarily invest at Series A/B and beyond, often when companies are ready to push aggressively into new markets.

Best fit if you:

  • Already have a few million in ARR and can show strong growth
  • Are B2B software/tech (fintech, infrastructure, productivity, etc.)
  • Are planning a big European scale-up and need a partner for that journey

How to pitch SmartFin:

  • Bring cohort and NRR data; they're very metrics-driven
  • Show how a €10–20M round translates into concrete growth (markets, teams, sales)
  • Be prepared for "institutional" depth in DD: governance, reporting, unit economics

3. Hummingbird Ventures – Global Outlier Hunters (with Belgian DNA)

Snapshot:

  • Origins / presence: Founded with roots in Ghent; listed among top Belgian VCs, now global with hubs on three continents(pitchdrive.com)
  • Stage: Pre-seed → Series A (and sometimes later)(hummingbird.vc)
  • Cheque size: Roughly $0.5–15M at early stages; ~90 investments and 11 exits to date(VC Mapping)
  • Focus: Generalist but tech-heavy: marketplaces, fintech, gaming, AI, healthcare, etc., backing "non-linear" founders and outlier outcomes.(hummingbird.vc)

Hummingbird is the "swing for the fences" fund in this list. They've backed global hits like Deliveroo and Kraken and are known for being comfortable with unconventional, high-variance bets.(VC Mapping)

They invest globally but maintain Belgian ties and can absolutely lead or join a Belgian Series A, especially if your ambition and market size are truly huge.

Best fit if you:

  • Are going after a massive, global opportunity (fintech, platforms, deep tech, AI, etc.)
  • Have a product and traction, but you're also a bit "weird" (in a good, non-linear way)
  • Want a partner who's ok with bold, non-obvious paths

How to pitch Hummingbird:

  • Lean into your founder story and ambition, not just spreadsheets
  • Show a credible route to category dominance, not just survival
  • Be honest, direct and opinionated – they're backing you as a person as much as the deck

4. Volta Ventures – Benelux B2B SaaS Seed → Early A

Snapshot:

  • Base: Benelux-focused, strong presence in Ghent / Amsterdam region(Volta Ventures)
  • Stage: Seed & early-stage; can stretch into small Series A ("A-minus")
  • Cheque size: About €100k–€1M from new seed fund; €350k–€2.3M typical range according to their investment profile(Volta Ventures)
  • Focus: Benelux-based B2B SaaS – software, IT, SaaS, AI, fintech for business customers(Volta Ventures)

Volta positions itself as the B2B SaaS seed fund for Benelux – often the first professional money into SaaS startups, then following their winners into early Series A.(Volta Ventures)

In April 2025 they launched a €20M dedicated seed fund for Benelux B2B SaaS with tickets between €100k and €1M, aiming for ~15 startups.(Volta Ventures)

Best fit if you:

  • Are an early-stage B2B SaaS startup based in Belgium or broader Benelux
  • Have a product in market, first revenue, and strong early usage
  • Want an investor who deeply understands SaaS mechanics and seed→A journey

How to pitch Volta:

  • Focus on team, early traction, and GTM hypothesis
  • Show that your ACV, cycle times, and niche can scale into a meaningful SaaS business
  • Make it clear you see them as partners from seed through early A, not just "spray & pray" capital

5. Capricorn Partners – Deep Tech, Digital & Health Series A

Snapshot:

  • HQ: Leuven, Belgium(capricorn.be)
  • Stage: Seed → Series A/B, depending on fund (Digital Growth, HealthTech, Industrial Biotech, etc.)(PitchBook)
  • Focus: Innovative technology companies in digital, health, and clean tech, turning data into actionable insights (AI, IoT, digital twin, business 4.0, digital health).(capricorn.be)
  • Recent activity:
    • Managing multiple VC funds including Capricorn Digital Growth Fund, HealthTech Fund II, Chemistry Fund, Industrial Biotech Fund, etc.(PitchBook)
    • In 2025, Capricorn HealthTech Fund II announced a first close at €51M to back innovative health-tech startups.(Silicon Canals)
    • Capricorn led a €10M Series A for Aspect Analytics to scale its spatial biology software, alongside PMV and others.(aspect-analytics.com)

Capricorn is the deep-tech / digital / health-tech specialist in this list. If you're leveraging serious data, AI, digital twin tech, or are in medtech/digital health, they're one of the most relevant Belgian investors at Series A.(capricorn.be)

Best fit if you:

  • Are a digital, health-tech, industrial biotech, or clean-tech company with a strong IP/tech base
  • Have early commercial traction or pilots and now need a serious Series A to scale
  • Want investors who understand regulated, technical, or capital-intensive markets

How to pitch Capricorn:

  • Lead with technology and real-world outcomes (clinical results, industrial efficiency, CO₂ reduction, etc.)
  • Show a path from R&D-heavy beginnings to scalable, recurring revenue
  • Be prepared for deep technical and market diligence

3. Five Quick Tips for Pitching Belgian Series A Investors

1. Be specific about your stage and metrics

Don't just say "we're raising Series A."

Share:

  • ARR (or clear revenue run-rate)
  • Growth over the last 6–12 months
  • Net dollar retention / churn (even if rough)
  • Sales cycle and average deal size

Belgian / Benelux funds are generally pragmatic and numbers-driven.

2. Make Belgium a strength, not an excuse

Frame it like:

  • Talent: strong engineering/product talent at competitive cost
  • Location: easy access to France / NL / Germany / UK
  • Ecosystem: access to funds like Fortino, SmartFin, Capricorn + public tools (PMV, regional programs)

Then show exactly how you will win beyond Belgium (DACH, UK, Nordics, US, etc.).

3. Tailor your story to each fund's thesis

Examples:

  • To Fortino / Volta / SmartFin: lean into B2B SaaS excellence—KPIs, sales motion, expansion, land & expand, AI in your product.(Fortino Capital)
  • To Capricorn: emphasise tech depth, data/AI, regulatory path, and strategic impact.(capricorn.be)
  • To Hummingbird: go heavy on ambition, insight, and your ability to create an outlier, not just a solid business.(hummingbird.vc)

The fastest way to get ignored is sending the same generic email to all five.

4. Use Belgium's ecosystem to get warm intros

Tactically:

  • Ask founders in portfolios of Fortino, SmartFin, Volta, Capricorn, Hummingbird for 20 minutes and feedback on your deck
  • Use PMV, imec, Agoria, incubators, university TTOs (KU Leuven, UGent, VUB) to triangulate intros
  • Conferences/meetups in Brussels, Ghent, Antwerp, Leuven are very small-world; show up and talk to people

A warm intro from a trusted founder is still the single biggest conversion booster.

5. Run a crisp, European-style process

You'll look far more investable if you:

  • Have a tight data room (Peony or similar) with deck, metrics sheet, cap table, key contracts, product demo

  • Offer a clear process:

    • Week 1–2: intros + product demos
    • Week 3–4: deep dives (tech + commercial)
    • Week 5–6: partner meetings & term sheet discussions

  • Communicate updates (new customer, metric milestones) clearly and concisely

Belgian funds don't love drama. They love clarity, consistency, and no bullshit.

Why professional data rooms matter for Belgian Series A fundraising

Belgian startups need to present complex documentation—financial projections, regulatory compliance, partnership agreements, and market expansion plans—professionally to build investor confidence.

Peony helps Belgian startups create investor-ready data rooms with AI-powered organization that sets up in minutes instead of weeks.

Key benefits: page-level analytics show which documents investors review most, enterprise security protects sensitive information, and transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal.

Conclusion

Raising Series A capital in Belgium in 2025 requires matching your stage, sector, and geography to the right investors. The funds on this list are actively deploying, but they're selective. Bring clear metrics, a European or global ambition narrative, and a disciplined process—not just vision.

Having a professional data room is table stakes for serious fundraising. Peony helps Belgian startups organize investor materials, track engagement, and securely share sensitive data at a fraction of legacy platform costs.

Ready to pitch Belgian Series A investors? Set up your investor data room with Peony in minutes, not weeks.

Q&A Section

What's the best way to organize investor materials for Belgian Series A fundraising?

Peony offers AI-powered document organization that automatically structures financials, regulatory filings, and partnership agreements into a professional data room in minutes. Page-level analytics show which documents investors review most, helping you anticipate questions.

How can I track which investors are most engaged with my Belgian startup pitch?

Peony provides page-level analytics showing which documents investors review and how much time they spend on each section. This helps identify serious investors and tailor follow-up conversations with actionable insights.

What's the most cost-effective data room solution for Belgian startups raising Series A?

Peony offers transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal. For a 5-person team, Peony costs $200/month vs $3,000-5,000+ for legacy platforms, delivering enterprise features at startup-friendly pricing.

How do I securely share sensitive financial and regulatory information with Belgian investors?

Peony provides enterprise-grade security with identity-bound access, dynamic watermarking, and screenshot protection. With link expiry and instant access revocation, you maintain complete control over sensitive documentation.

What data room features are essential for Belgian startups pitching to Series A investors?

Belgian startups need data rooms that handle complex documentation: financials, regulatory compliance, partnership agreements, and market expansion plans. Peony offers AI-powered organization, page-level analytics, custom branding, and comprehensive security. With 10-minute setup vs weeks for legacy platforms, Peony helps Belgian startups look professional without breaking the budget.

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