Inside the Mind of an Investor: An Interview with Jürgen Ingels, Founding Partner of Smartfin

In the ever-evolving world of venture capital, staying ahead of trends and making strategic investment decisions can be the difference between success and missed opportunities. We spoke with Jürgen Ingels, seasoned investor and Founding Partner of Smartfin, about his biggest deals, lessons learned, and expectations for the future of startups and scaleups. From record-breaking valuations to the importance of strong founding teams, here’s an inside look at what drives investment decisions in today’s tech landscape.

Looking Back: 2024’s Most Notable Investments

What was your favorite investment of 2024, and why?
My investment in Solana. Simply because it yielded the highest returns, but also because it was a fascinating and exciting case to follow.

Which deal from 2024 stood out the most to you?
The most recent funding round by OpenAI. With a valuation soaring to $157 billion, it underscores the exponential pace of technological development we’re seeing. For context, it took Microsoft over two decades to reach a similar valuation.

Predictions for 2025

Which company from your portfolio do you expect to make the biggest leap in 2025?
We’re currently looking at a new startup that focuses on optimizing and automating the audit process using AI. Auditing remains a sector riddled with inefficiencies, and I believe this company is very well positioned. By streamlining complex financial processes and reducing human error, they are poised to disrupt the audit industry in a significant way.

And what about a company outside of your portfolio?
Walt Disney continues to impress me. They have shown an incredible ability to adapt and thrive in an evolving media landscape. A great example of this is their streaming division Disney+: what was once a loss-making business unit is now one of the main drivers of profit. Last quarter, this division still posted a loss of 500 million dollars, whereas now it is profitable. Furthermore, with the release of Inside Out 2, they managed to set a new record for the highest-grossing animated film of all time. Their ability to innovate while staying true to their brand identity is remarkable.

Lessons from a Seasoned Investor

Who is your favorite startup or scaleup founder, and why?
Jeff Bezos remains an inspiration as an entrepreneur and founder. His journey from creating an online bookstore to building Amazon into a global tech empire is nothing short of extraordinary. And he’s also hugely passionate about space exploration just like myself.

What was your biggest success in 2024?
Bringing Barack Obama to Belgium for SuperNova was a highlight of the year. It was an ambitious goal that many thought was impossible, but through persistence and belief, we made it happen. The event was a huge success, putting SuperNova on the map as a world-class platform for innovation, inspiration and thought leadership.

And the biggest lesson you learned?
No idea is too ambitious if you truly believe in it and are willing to commit fully. Securing Obama for SuperNova seemed like an impossible feat, yet we achieved it. This year, we’ve done it again – this time with Oprah Winfrey. The key takeaway? Dream big, execute relentlessly, and surround yourself with the right team.

Navigating Investment Challenges

Any regrets from the past year?
Every investor encounters missed opportunities, but I view setbacks as learning experiences rather than regrets. If I could go back, I would have doubled down on certain high-performing investments. That being said, every decision offers valuable insights for future strategies.

What are the biggest investment risks right now?
One of the biggest risks is that startups raise too much capital too quickly. Although this is often seen as a success in the press, it can pose a risk for a company’s future development. Companies may lose focus by trying too many things at once too early on, which can come at the expense of growth and efficiency. Limited resources often force startups to be frugal and relentlessly focus on their 'north star'.

Tools for Investors and Founders

1. Eat Move Sleep – Tom Rath: Although it’s not about investing, I believe this book is a great guide for living a healthier and more balanced life. I often give it to entrepreneurs in my network as a gift as I know the toll of building out a business can take on oneself from time to time.
2. The Intelligent Investor – Benjamin Graham: A must-read for any investor.
3. Start, Grow, Sell – Jürgen Ingels: A book I wrote about my time as an entrepreneur, filled with fun and actionable lessons and insights.

Which app would you recommend to every investor?
I’m a big fan of Notion. It’s an incredibly powerful tool for managing your own knowledge database. As an investor, you need to maintain an overview in a world full of information and quickly distill the right insights. This tool helps you to do that in an organized and flexible way.

What investment tool helped you the most in 2024?
We recently launched Quantium at Smartfin, a fund and portfolio reporting tool that has been a game-changer. It significantly improves the efficiency of our processes and enables better data-driven decision-making.

The Role of SuperNova in the Investment Ecosystem

Which SuperNova 2024 speaker left the biggest impression on you?
Charles Duke’s keynote was unforgettable. As an 89-year-old astronaut and pilot of the Apollo 16 mission — one of only 12 people to ever walk on the moon — he shared his unique experiences in an impressive and authentic way. With a slideshow full of pictures from the mission and stories about his life, he took the audience on a journey that went beyond technology and space exploration.

Who would you love to see speak at SuperNova in the future?
Marc Andreessen. He’s one of the most influential figures in Silicon Valley and helped shape tech giants like Facebook, Twitter, and Airbnb. Would be great to have him on our stage.

Investing in Startups: Key Considerations

What are the most critical factors when evaluating a startup?
Passion is first and foremost key. The product itself, market potential, existing traction are of course also important. Furthermore, the chemistry between founders and investors should also be taken into account. As active investors, we coach and support founders in their growth journey, which means the collaboration should feel like a two-way street. A strong personal and professional match makes this possible and increases the chances of success.

How important is the founding team?
Essential. We prefer to invest in a great team with an idea that still needs improvement rather than in a not so great team with a brilliant idea. The best teams recognize early when they need to adjust, know how to pivot to grow, and are open to new ideas."

The Future of Tech Investment in Belgium

What trends in fintech and innovation are you closely following?
Within fintech, I strongly believe in the 'auctioning model' , where financial services will become increasingly digital and customers will be less dependent on one or a few large service providers.

What do you hope SuperNova can achieve for investors in the future?
Our goal is to make SuperNova one of the best technology festivals in Europe. We want investors to see SuperNova as the place to discover promising technology companies from our region. Instead of our companies having to go abroad to attract the attention of international investors, we want to create a platform with SuperNova where investors come to see our innovation up close.

Why is connecting investors with startups at SuperNova so valuable?
Even if a startup isn’t actively seeking capital, the networking opportunities are invaluable. Engaging with investors helps them refine their strategy, validate their ideas, and prepare for future funding rounds.

How is Belgium’s startup and scaleup ecosystem evolving?
Belgium’s venture capital landscape, although young compared to other regions, is growing rapidly, and international investors are showing increasing interest in our tech scene. With initiatives like SuperNova, we aim to further elevate Belgium as a leading hub for innovation and technology.

As the startup ecosystem continues to evolve, so do the opportunities for investors and entrepreneurs alike. Jürgen Ingels' insights highlight the critical factors that drive successful investments – strong teams, market potential, and the right strategic approach. With events like SuperNova fostering connections between investors and startups, the future of tech innovation in Belgium looks brighter than ever.