Fueling Innovation:

The Investors Driving Belgium’s Startup Revolution

The Belgian startup ecosystem has undergone a remarkable transformation over the past decade. From a time when venture capital was scarce to a dynamic landscape where investors now queue up to invest in promising companies, this evolution has not only changed how startups attract capital but also how businesses manage that capital. In this article, we explore insights from three influential figures in the Belgian investment landscape: Wim Derkinderen of Pitchdrive, Jan Vorstermans of Angelwise, and Filip Van Innis of Fortino. We examine their views on the growth of the ecosystem, the role of SuperNova, and the challenges faced by startups.

The Rise of Venture Capital in Belgium

The Belgian startup scene has developed significantly in recent years. Wim Derkinderen, founder of Pitchdrive, emphasizes the enormous transformation the ecosystem has undergone. "10 or 15 years ago, there were only a handful VC’s in Belgium. Today, there are plenty," says Derkinderen. What started as a small, niche market has evolved into a thriving ecosystem with many investors willing to commit larger sums to startups. This shift, according to Derkinderen, is not just about the amount of capital but also how investors and startups approach each other.

In the early years, raising early stage funding was often limited to smaller amounts. Today, it’s not uncommon for startups to aim for raising a million, with valuations also much higher than five years ago. This change has transformed the landscape for investors. "Five years ago, the VCs had the upper hand with top startups coming to us to ask for funding. Nowadays, they have many more options to choose from and it's all about the added value you bring as an investor and not just the money.” explains Derkinderen. Startups now have more options as they can choose from many investors eager to back them.

Jan Vorstermans of Angelwise echoes this sentiment but also highlights the importance of strategic investments. "The market is more mature, but that also means that startups need to be clearer about their value proposition and scalability," he says. Vorstermans believes that venture capitalists are becoming more selective, focusing on companies that can demonstrate real traction and a strong team from the outset.

The Importance of Relationships and Sustainability in Investments

According to Filip Van Innis of Fortino, building long-term relationships is crucial to the success of venture capital. Van Innis explains that investors in the VC sector do not think short-term. "VC is not a transactional model. We are not public equity. We do not come in one day, and exit the next day," he says. Building trust and investing in companies that can make a long-term difference is essential to any VC model and thus also Fortino’s strategy. On top of that,Van Innis said, "Our strategy is anchored around mission-critical software. We want to invest in must-have software. Vitamins can be cut, but you still need those painkillers, also in the long run.”

At Angelwise, led by Jan Vorstermans, sustainability also plays an important role in the investment strategy. "We believe that companies with a strong focus on sustainability not only contribute to a better world but also lay a solid foundation for long-term value creation," says Vorstermans. Sustainable business practices are not just an ethical choice but also a strategic move for a company's long-term performance. Angelwise actively seeks startups that integrate sustainability into their core business models.

The Role of SuperNova in the Belgian Startup Scene

An important event in the Belgian ecosystem that fosters this growth and development is SuperNova. All three recognize the crucial role this event plays in connecting startups with investors. SuperNova provides a platform where companies and investors can meet, exchange ideas, and build valuable relationships.

"Fundraising is a hell of a task for startup founders, just like selling or developing their product. The more time a founder can spend on the latter two, the better. SuperNova is a way to speak with the whole ecosystem and connect with your next investors," says Vorstermans. This event has grown into one of the largest in the Benelux, boosting the visibility of Belgian startups internationally.

Filip Van Innis also sees SuperNova as an excellent opportunity for founders to expand their network and raise capital. "Many founders are in a constant fundraising mode and hence look for new contacts. It’s just very efficient to meet people this way," he says.

Vorstermans adds that SuperNova is not only an opportunity for startups but also for investors to gain insights into emerging trends and potential unicorns. "Every year, we see new disruptive ideas coming out of Belgium, and SuperNova helps put them on the map."

Dealing with Underperforming Startups

In the venture capital world, it's inevitable that not every investment will be a success. Derkinderen emphasizes the importance of supporting startups that underperform. "We don't drop people quickly. On the contrary, we certainly don’t put less time into it, and we just brainstorm with those companies," says Derkinderen. This reflects Pitchdrive’s philosophy of not just working with winners but also supporting companies going through tough times.

At Fortino, they take a similar approach. Van Innis refers to the prime Belgian example of Colibra, a startup that needed time in its early years to break through. “According to its founders, the first few years were rather tough, and the future phenomenal growth journey was not obvious at that point. It is by genuine hard work and persistence they reached the inflection point of growth, becoming the unicorn story we all know. Perseverance pays off," says Van Innis. This example highlights Fortino's belief in loyalty and long-term support for startups, recognizing that sustainable growth often takes time – no journey is a linear growth path.

Vorstermans takes a hands-on approach to struggling startups at Angelwise. "We work closely with founders to understand their challenges, reassess priorities, and explore operational improvements. Our goal is to ensure they come out stronger from difficult periods," he explains. This philosophy aligns with Angelwise's commitment to being a long-term partner rather than just a capital provider.

The Impact of Diversity and Inclusion

Diversity and inclusion remain important topics within the Belgian startup ecosystem, but the reality is that progress still needs to be made. At Pitchdrive, Derkinderen says, "To me, a founder is a founder. Whether it's a man, woman, or non-binary person, I don’t care. They just have to be good founders." However, he acknowledges that diversity remains a statistical challenge.

Filip Van Innis also recognizes the importance of diversity. "We value diversity in all its forms. Heterogeneous teams just make you better companies," he says. While diversity is not the most important investment, Fortino acknowledges that different perspectives contribute to better company performance and innovation.

Vorstermans, meanwhile, highlights that diversity in thought and experience leads to better decision-making. "We value teams where founders and early team members bring different backgrounds and perspectives. It helps drive innovation and resilience," he states.

Future Trends and Technologies

The future of the Belgian startup ecosystem seems to be focused on the development of disruptive technologies. According to Vorstermans, future-focused investments will primarily be in machine learning, AI, automation, and fintech. The trend of the FIRE movement, where young people start investing earlier, is influencing the way the financial sector is evolving. Vorstermans says, "AI not only speeds up processes but also innovation exponentially."

Van Innis is also optimistic about the future of Belgian tech companies in the international market. With companies like TechWolf, LegalFly, Bizzy, and Vertuoza in their portfolio aiming not just to disrupt local markets, but to make an impact on the European and even global stage. “It takes time to build momentum, but we’re starting to see that flywheel turn, notably in Ghent. Fortino has also tried to play a role in this by backing Teamleader, Zentrick, Piesync early on which has helped strengthen and expand the ecosystem” he says.

Vorstermans sees startups like Accurat and Henchman as proof that Belgian startups can thrive internationally. "Accurat, part of Anglewise’s portfolio, has a strong team and an impressive client base. Henchman, part of Pitchdrive’s portfolio, demonstrated with its exit that value is built over time, not just at the point of investment."

The Belgian startup ecosystem has evolved in an exciting and dynamic way. The growth of venture capital, the influence of events like SuperNova, and the changing role of investors are allowing startups to develop faster than ever before. The support of investors like Pitchdrive, Angelwise, and Fortino plays a crucial role. As the ecosystem continues to grow, sustainability, diversity, and building long-term relationships remain central to the strategies of both startups and investors.