Belgium is an example of one of Europe's growing startup ecosystems, total investment funding raised by Belgian startups has increased every year since 2017 from 123 Million Euros to 724 Million Euros in 2021. An example of rapid growth in the country can be seen in Flanders, which generates numerous top startups. The value of the ecosystem has increased 6x since 2016, bringing it to 32.6 Billion Euros.
The Belgian government is aiming to promote entrepreneurship and top startups in the country. Belgium offers a range of different business loans for different situations, including startup loans tailored to potential entreprenuers that are unemployed, which helps to promote innovation and enterprise, among the entire population of the country.
There are also a number of environments where talented entrepreneurs can get support for their idea in Belgium, with the number consistently increasing. As it stands, there are more than 60 incubators and accelerators in the country, helping budding startups to reach the next stage in their development.
1. Oper
Year Founded: 2018
HQ: Antwerp, Belgium
Size: 11-50
Founders: Geert Van Kerckoven, Nick Van Berckelaer, Wouter Lachat
Oper is a Belgian startup that was founded in 2018 and works in the FinTech market. The company assists financial services providers to create digital financial product offerings within a matter of days, when it would have proved too complicated for these providers to do so otherwise. With the company's ready-to-use modules, these financial institutions are able to rapidly customize their own offering to fit their business needs.
Since being founded, Oper has pitched a strong case to investors. Its last funding round was a Series A round that took place in July 2022. In total, the startup has secured funding arrangements with ten investors. These successful arrangements have allowed the company to raise a figure of $14.7 Million in startup funding.
2. Credix
Year Founded: 2021
HQ: Antwerp, Belgium
Size: 1-10
Founders: Thomas Bohner
Credix is a Belgian FinTech startup that was founded in 2021 and is based in Antwerp. The business aims to decentralize the credit investment market. This provides a safer avenue for both receivers of credit, in this case, credit Fintechs and non-bank loan providers in developing markets connect with institutional investors with fewer roadblocks, allowing faster access to capital.
The business has been very successful in raising startup funding, with 17 investors backing its mission. From these investors, the Belgian startup has managed to raise a total figure of $13.9 Million to further the startup's goals and ambitions.
3. Choco
Year Founded: 2018
HQ: Antwerp, Belgium
Size: 251-500
Founders: Daniel Khacab, Julian Hammer, Rogerio Da Silva Yokomizo
Choco is a Belgian startup that operates in the supply chain and logistics market. The company has developed a platform to connect restaurants with their suppliers more effectively. A simplified order process helps these restaurants to get the supplies they need, much faster as they request them, suppliers also benefit from improved customer relationships, which helps their bottom line.
Choco is an example of a Belgian unicorn; investors have significantly backed the startup with $309.8 Million in funding. The company's last funding round took place in December 2022. In total, 13 investors have fueled the funding raise which has helped to propel Choco to great heights.
4. Unbox
Year Founded: 2020
HQ: Antwerp, Belgium
Size: 51-100
Founders: Erik Saelens
Unbox is a Belgian startup operating in the Fintech market. The business has a mission to make the distribution of funds with funding within closed-loop networks transparent and targeted. Their system aims to be as deployable as possible, with an emphasis on security and flexibility. The startup has solutions for public incentive programmes, grants, philanthropy funds, welfare and more.
As it stands currently, the startup has not gone through any public fundraising to support its growth and development. As the business continues to scale and meet new challenges, it has a good chance of being successful in raising the funding it needs to grow further.
5. ProjectiveGroup
Year Founded: 2020
HQ: Machelen, Belgium
Size: 251-500
Founders: Stefan Dierckx
ProjectiveGroup is a Belgian startup that was founded in 2020 and is based in Machelen. The main clientele of the company is businesses in the financial industry, of which it has more than 60 large accounts across Europe. What it offers to its clientele is a range of digital transformation solutions to help bring financial services companies, many of which have legacy systems, into the 21st century.
The business has made a number of acquisitions to help it to meet the needs of its customers in a constantly changing technological environment. The business is in a strong position heading into the next few years.
6. AxonJay
Year Founded: 2021
HQ: Brussels, Belgium
Size: 11-50
Founders: Jean-Phillipe Schepens, Thomas Sonck
AxonJay is a startup in Belgium that works in the field of artificial intelligence. The company has created an easy-to-use application that allows businesses to predict the true behaviour of their business in their own digital ecosystem. Its algorithms are continually trained with a feedback loop to ensure that it is constantly improving and adapting to provide the most actionable intelligence to its user.
AxonJay has gone through a single round of startup funding since it was founded, this was a Pre-Seed round that took place in June 2021. No information about the investors in this round has been released, although the company has raised 1.1 Million Euros in startup funding during this round.
7. Vertuoza
Year Founded: 2021
HQ: Nivelles, Belgium
Size: 51-100
Founders: Antoni Fillipo, Dominique Pellegrino, Kevin Vermeulen
Vertuoza is a SaaS startup that targets the construction sector. It aims to create a sole digital environment for the management of construction companies. Some of the features it includes are the ability to edit estimates, work schedules, site follow up and invoicing for jobs. This can be achieved from anywhere as long as the user has access to the internet, making it quick and convenient.
Vertuoza's last funding round was a Seed Funding round that took place in October 2022, where it raised 4 Million Euros. Overall, the Belgian startup has raised a figure of 5.2 Million Euros, which was achieved through agreeing to deals with seven investors.
8. Hammer IMS
Year Founded: 2016
HQ: Hasselt, Belgium
Size: 101-250
Founders: Noel Deferm, Tom Redant
Hammer IMS is a Belgian startup that was founded in 2016 and is currently based in Hasselt. The company works in industrial automation and provides advanced contactless measurement systems for thickness, weight and any potential anomalies within a flat structure. It also uses industrial sensing technology to improve efficiency and profits within production line settings.
The business has gone through a single funding round since being founded, with a Seed Round taking place in September 2016. This funding round was supported by a single investor and the business managed to raise 800,000 Euros.
9. ThreeFold Tech
Year Founded: 2018
HQ: Lochristi, Belgium
Size: 51-100
Founders: Kristof De Spiegeleer, Peter Van Der Henst
ThreeFold Tech is a Belgian startup that works in the IT sector and is based in Lochristi. The company specializes in deploying decentralized cloud solutions for other businesses to improve the security of their infrastructure. This helps to prevent what is currently a pandemic of cybercrime, with hacking numbers increasing each year. A decentralized cloud is likely to be the next step in cybersecurity.
The business has gone through a single round of startup funding since being founded, with a Pre-Seed funding round taking place in February 2019. This funding round allowed the startup to raise a total of 4.5 Million Euros. Specific information about the investors has not yet been released.
10. IntelliProve
Year Founded: 2021
HQ: Ghent, Belgium
Size: 11-50
Founders: Joeri Tulkens
IntelliProve is a Belgian healthcare startup that was founded in 2021 and is based in Ghent. The company aims to use wearable technology and technology such as smartphone cameras to assist with compiling data on patients and provide key health parameters based on the appearance of the patient.
The Belgian startup went through its first round of startup funding in November 2022. This funding round was supported by three investors and this helped IntelliProve to raise a total of $1 Million to further scale the business and attract new customers to its platform.
11. Apicbase
Year Founded: 2017
HQ: Antwerp, Belgium
Size: 51-100
Founders: Carl Jacobs, Julien Burlat, Kim Rothuys, Pieter Wellens
Apicbase is a Belgian startup that works in the FoodTech market and has grown steadily since being founded. They have created a platform for the food and beverage industry that helps its clients to manage their products, the inventory they carry, health & safety, sales and analytics. It represents a full tech solution to the management of the business from a single place.
The company's last round of startup funding took place in the form of a Series A round in May 2021, where the company raised 7 Million Euros. Overall, the company has raised 9.2 Million Euros across all of its funding rounds and this money has been raised with the help of four investors.
12. Alpega
Year Founded: 2017
HQ: Zaventem, Belgium
Size: 101-250
Founders: Todd DeLaughter
Alpega is a Belgian startup that was founded in 2017 and is currently based in Zeventem, Belgium. The company aims to provide software solutions to support the needs of logistics companies worldwide. This includes things like Transport Management, Freight Exchanges and much more to assist global supply chains.
No information has been provided about investment into the startup, however, the company has made three ventures into acquisitions. To date, Alpega has taken over Road Heroes, Wotrant and one other startup to improve its own offering.
13. Greenomy
Year Founded: 2020
HQ: Brussels, Belgium
Size: 1-10
Founders: Alexander Stevens, Sarah Lokman
Greenomy is a Belgian GreenTech startup that was founded in 2020. The startup has created a sustainability platform that allows for direct reporting to businesses and other financial institutions. The company has already made waves by partnering with various large organizations across Europe to assist with regulation and sustainability compliance and cut down on leg work.
Since being founded, the Belgian startup has managed to raise a total of $8.5 Million to fuel growth and development. This funding was achieved by a pair of investors, with the company's last funding round being a Corporate Round that yielded a large raise.
14. Accountable
Year Founded: 2017
HQ: Brussels, Belgium
Size: 1-10
Founders: Alexis Eggermont, Nicolas Quarre
Accountable is a Belgian startup that operates in the FinTech market. The company has created a financial companion platform for self-employed workers in the modern day. Users are able to generate and manage their invoices on the platform, as well as being able to get their tax calculations completed for them, avoiding penalties. More than 20,000 independent contractors in Belgium are using the platform to manage their finances.
The startup has been active in securing startup funding, with great success. The company's last round of startup funding was a Series A funding round that took place in May 2022, where the company raised 10 Million Euros. Overall, the startup has raised a figure of 17.4 Million Euros, from six investors.
15. Raito
Year Founded: 2021
HQ: Brussels, Belgium
Size: 11-50
Founders: Bart Vanderkerckhove, Dieter Wachters
Raito is a Belgian startup that was founded in 2021 and is currently based in Brussels. The business operates in the cybersecurity market. The company creates solutions for collaboration and automation within data teams, that allows them to manage data access across their databases and dashboards.
The business has gone through a single round of startup funding since being founded in 2021, with a Seed Funding round taking place in October 2022. This funding round was supported by four investors and has allowed the startup to raise a figure of $4 Million to support growth and product development.
16. GIG Technology
Year Founded: 2015
HQ: Lochristi, Belgium
Size: 101-250
Founders: Kristof De Spiegeleer, Sacha Vekeman, Willem Hendrickx
GIG Technology is a startup in Belgium that was founded in 2015 and is currently based in Lochristi. The company creates software solutions for its customers to help them to power and deploy scalable and secure cloud ecosystems. Its software systems are deployed for use across Europe, Africa, the Middle East and even further afield.
Despite the fact that the company has not received any publicly announced startup funding, it has participated in the acquisition of another startup. This acquisition took place to better position the company to attack multiple angles of the market.
17. Fiberklaar
Year Founded: 2021
HQ: Ghent, Belgium
Size: 51-100
Founders: Rik Missault
Fiberklaar is a telecoms startup in Belgium that was founded in 2021 and is currently based in Ghent. The company currently maintains its operations in the Flanders region of the country and is responsible for designing, building and managing fibre internet infrastructure within the region.
The company has not yet displayed intentions to seek startup funding, however, if the business decides to expand outside of Flanders and work on different regions, it is likely that the company will seek additional funding to support the initial investment required to do this.
18. FlowTribe
Year Founded: 2021
HQ: Antwerp, Belgium
Size: 11-50
Founders: Dominic Wijnen
FlowTribe is a Belgian startup that was founded in 2021 and is currently based in Antwerp. The company itself operates in the software market and provides a software solution. The business automates the most time-consuming processes for lawyers and accountants, making sure that smaller businesses can get prompt and effective access to legal and financial support,
The business has gone through a single funding round since being founded, with a Seed Funding round that took place in February 2022. This funding round allowed the company to raise a figure of 1.3 Million Euros, with no information being publicly displayed about the investors themselves.
19. Casper
Year Founded: 2020
HQ: Ghent, Belgium
Size: 51-100
Founders: Zhong Xu
Casper is a Belgian startup that was founded in 2020 and is currently based in Ghent, Belgium. The company aims to bring the concept of virtual food halls to market, with the ambition of having an ecosystem for every major city in Europe; allowing users to get access to the best food from their local area from the comfort of their own homes.
The business has gone through a single round of startup funding since it was founded, with this funding round taking place in April 2020. The round in question was supported by four investors and allowed the company to raise a figure of 5 Million Euros.
20. LetsBuild
Year Founded: 2019
HQ: Brussels, Belgium
Size: 101-250
Founders: Gari Nickson, Klaus Nyengaard, Nikolaj Berntsen, Renalud Lacroix, Thomas Goubau
LetsBuild is a Belgian startup that was founded in 2019 and is currently based in Brussels, Belgium. The company has created a software platform that makes it easier for construction project teams and workers to have critical information about their projects at their fingertips. They can view tasks, reports and collaborate with team members effectively through using this system, improving team efficiency.
In addition to securing startup funding, the company has also completed two acquisitions of its own. The company has managed to raise a total figure of $15 Million in startup funding, with five investors backing the business and its business model.
21. Discai
Year Founded: 2021
HQ: Brussels, Belgium
Size: 11-50
Founders: Erik Lutz, Johan Thijs
Discai is a Belgian FinTech startup that was founded in 2021 and is currently based in Belgium. The company helps financial services providers to focus on their core business by taking away the difficulty of leveraging technology in their business by providing and developing smart financial tools to be used by these companies.
Discai has seen financial support from investors, with a total of 12 Million Euros being raised by the company. This funding was achieved through the support of a single investor during the company's Seed Funding Round.
FAQs
What Are The Strongest Industries In Belgium?
The strongest startup industries in Belgium are Healthcare, Marketing & Sales and FinTech.
What Is The Average Investment In The Startup Industry In Belgium?
The average investment in Belgian startups is currently listed at 85 Euros per capita.
How Many Startups Are There In Belgium?
There are currently more than 4000 tech startups in Belgium.
