Syndicate One, Bain & Company and Sofina have joined forces to conduct data-driven and qualitative research into Belgium’s maturing technology startup and investment ecosystems. The first result, the inaugural ‘State of Belgian Tech Report 2024’, combines insights from current data with results from a recent survey of 130+ startup founders, as well as a series of in-depth interviews with leading entrepreneurs and investors from across the country..
2024 is on its way to break records in many ways. Investments in Belgium have shown a post-2022 dip recovery stronger than the European average: in the first half of 2024, investments in Belgian tech start-ups amounted to nearly €500 million, surpassing the €424 million in total funding for the entire previous year.
Over the last six years, the average amount invested per round per stage has increased; tripling at seed and Series B stage, and more than doubling at Series A stage. The number of exits has steadily grown, with 22 exits recorded in the first half of 2024.
While experiencing unmistakable growth, the Belgian Tech ecosystem is still firmly in its early maturation phase. Over the last six years, early-stage financing rounds accounted for around 77% of capital raised by Belgian tech start-ups, compared to 42% in Europe over the same period. Survey results and interviews indicate that raising capital in the early business stages in Belgium has become less of a challenge, due to increased angel investment activity, amplifying presence of early-stage VCs and a growing support network.
As signs of a gradually maturing ecosystem, four ‘unicorns’ (companies with a $1 billion valuation or higher) have emerged in Belgium: team.blue, Collibra, Odoo and Deliverect.
A survey held by Syndicate One, which recorded responses from 130+ Belgian tech start-up founders, clearly identified the war for talent (recruitment and retention) as the main challenge. Specifically, the difficulty of attracting, retaining and rewarding senior talents poses a significant hurdle for the Belgian tech ecosystem’s further development.
“Pushing the Belgian tech ecosystem further to the next level is Syndicate One’s raison d’être. Besides strengthening the connective tissue in our ecosystem by uniting existing players and investing in new ones, we provide tools for anyone who aims to improve it. We believe this report can be a map of the ecosystem for entrepreneurs, investors and policymakers to make better, more informed decisions. We are honored to partner with Sofina and Bain & Company to present it to you.”
– Laurens De Poorter (Founder, Syndicate One)
“At Sofina, we back entrepreneurs with patient capital and supportive advice. We have done this across cycles and across generations of business leaders, in our home country and globally, in technology and other growth sectors. To bring this experience and our networks to bear for the success of innovative tech entrepreneurs in Belgium is natural. We have talent here, with great successes, but it also feels like the community is just getting started.”
– Giulia Van Waeyenberge (Managing Director, Sofina)
“The rise of Belgian Tech can benefit everyone: founders and leadership teams have the opportunity to innovate, learn, and deliver solutions that are cheaper, better, or greener for consumers. Investors, in turn, are increasingly drawn to the ecosystem, bringing in capital that accelerates growth. Most importantly, Belgian society as a whole stands to benefit from this momentum, creating a virtuous cycle of innovation and progress.”
– Cédric Bovy (Senior Partner, Bain & Company)
About Syndicate One
Syndicate One is an angel investment group of technology professionals making early-stage investments into high-potential Belgium based, and Belgian-founded technology startups.
Comprised of entrepreneurs, including the founders and operators of companies like Cowboy, Collibra, Showpad, Datacamp, Qover and Birdie), venture capital investors, Syndicate One exists to help young Belgian startups reach the next level by providing seed capital, mentorship, network access and more.
In addition, Syndicate One's mission is to make the Belgian tech ecosystem stronger by launching targeted initiatives, such as the first standardised convertible note agreement fit for the Belgian market (the S1 Convertible). To date, Syndicate One has invested in startups such as TechWolf, Aikido, SAPI, Kennek, Sirona Technologies, Cosmic Aerospace, Botanix, and other undisclosed companies.
About Bain & Company
About Sofina
Sofina is a Belgian investment company, listed on Euronext Brussels. Sofina’s mission is to partner with leading entrepreneurs and families, backing them with patient capital and supportive advice to foster sustainable growth of their businesses. Relationships and alignment are at the heart of what we do. Sofina has investments in Europe, Asia and the United States in various sectors, with a particular focus on Consumer and Retail, Digital Transformation, Education, Healthcare and Life Sciences as well as Sustainable Supply Chains. For more information, please visit www.sofinagroup.com.
Download and explore the Report right here.
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