The food manufacturing industry in the Benelux region is dynamic and robust, characterized by a wide range of companies producing everything from snacks and beverages to dairy and plant-based alternatives. These firms, often innovative startups alongside established players, focus on enhancing food quality, sustainability, and convenience. The industry is witnessing a shift towards healthier options and environmentally friendly practices, responding to consumer demand for transparency and health benefits. With advancements in technology and a focus on reducing food waste, the Benelux food manufacturing sector is poised for significant growth, aiming to meet both local and global demands.


The listed investors reflect a mix of corporate bodies and venture capital firms, headquartered across Benelux cities such as Leuven and Luxembourg. Ranging in size from small firms to those managing thousands of employees, these investors have been active, collectively participating in over 250 deals in 2024. Founded from 1958 to 2018, their focus spans early-stage startups to established companies in food manufacturing, showcasing a commitment to innovation and sustainability in culinary practices.


Top 13 Food Manufacturing Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in significant transactions within the food manufacturing context, such as leading a $58 million Series B funding round for Infinite Roots, a Hamburg-based mycelium company, which is focused on producing sustainable food alternatives. This investment highlights the EIC's engagement in the food sector, as mycelium is increasingly recognized for its potential in food production. Additionally, the EIC has provided grants to companies like Green Spot Technologies, which may also have implications for food manufacturing. These activities illustrate the EIC's role in supporting innovative solutions within the food industry.


2. EIT Food

  • Website: eitfood.eu
  • Type: Corporate
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2016
  • Headcount: 51-200
  • Number of deals in 2024: 37
  • LinkedIn: eit-food

EIT Food is a not-for-profit organization founded in 2016, based in Leuven, Flanders, Belgium. It is dedicated to transforming the food system through innovation, education, and entrepreneurship. EIT Food supports agrifood startups and entrepreneurs by providing resources, funding opportunities, and educational programs aimed at creating healthier and sustainable food solutions. In 2024, EIT Food was involved in 37 investments, including notable transactions such as Kokomodo, which raised $216,309 in a grant, and Phytolon, which secured $4,100,000 in a seed round in 2020, along with additional funding in grants. These initiatives engage various stakeholders, including businesses and the public, to foster collaboration and drive change in the food sector, particularly in food manufacturing.


3. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a leading private equity firm based in Luxembourg, founded in 2005. It specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made notable investments in the food manufacturing sector, including the acquisition of Munchy Food Industries, a Malaysian snacks group known for its popular brands like Munchy’s Choc-o biscuits, for approximately US$250 million in 2018. In 2013, CVC acquired Continental Foods Belgium SA for about $528 million, further solidifying its presence in the food industry. More recently, in 2021, CVC acquired a majority interest in Dodoni, a Greek dairy brand, aiming to enhance its growth in the specialty cheese sector. These transactions highlight CVC's strategic focus on delivering sustainable value and growth through investments in food manufacturing.


4. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. In recent years, the EIB has been involved in several significant transactions within the food manufacturing industry. For instance, it provided debt financing of approximately $38.8 million to Carbery Group in December 2019, which is a notable player in the food sector. Additionally, in September 2024, the EIB supported MATR Foods with a debt financing round of about $22.2 million. These investments highlight the EIB's role in facilitating growth and innovation in the food manufacturing sector, alongside its broader mandate to support sustainable development across various industries.


5. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating primarily in the nutrition, health, and beauty sectors. The company offers a wide range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients, serving various industries with innovative solutions aimed at enhancing product offerings and addressing sustainability challenges. As an investor, dsm-firmenich has been actively involved in the food manufacturing sector, with notable transactions including: 1) Phytolon, an Israeli start-up that raised $14.5 million to commercialize proprietary colors for food and beverage applications; 2) Ganeden Biotech, which raised $12 million in a venture round; 3) Frontier Nutrition, a Bangladesh-based fortified snacks company that secured $6 million in Series B financing; and 4) Chinova Bioworks, which raised $6 million in Series A funding to expand its food preservation solutions. These investments highlight dsm-firmenich's commitment to advancing innovation in the food manufacturing industry.


6. Astanor

  • Website: astanor.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: astanor-venture

Astanor is an impact investment firm based in Luxembourg, founded in 2017, that specializes in the agrifood tech sector. They aim to support innovative companies that are working towards creating sustainable food systems through strategic guidance and investment. Astanor has been involved in several notable transactions in the food manufacturing context, including a $30 million Series B investment in Plantible Foods, a company focused on producing duckweed protein, and a €16.5 million Series A investment in Stockeld Dreamery, a Swedish startup developing alternative dairy products. Additionally, they participated in funding rounds for Umiami, a foodtech company, which highlights their active role in supporting advancements in food technology and manufacturing.


7. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a specialty chemical distributor and innovation service provider founded in 2001, headquartered in Antwerp, Flanders, Belgium. The company caters to over 63,000 customers across various sectors, including life sciences and industrial markets, by providing high-quality raw materials and innovative formulations. In recent years, Azelis has strategically expanded its footprint in the food manufacturing sector through several key acquisitions. Notably, they acquired Hortimex, a Polish distributor specializing in food ingredients and nutraceuticals, to strengthen their position in Poland's Food & Nutrition market. Additionally, their acquisition of Tunçkaya, a Turkish distributor of food ingredients and additives, further solidified their presence in the Turkish food market. Azelis also acquired Ingredi AB, a distributor focused on raw materials for the Swedish food and health industry. These transactions highlight Azelis's commitment to enhancing their capabilities and offerings within the food manufacturing industry.


8. PeakBridge


PeakBridge VC is a venture capital firm based in Luxembourg, founded in 2018, that specializes in FoodTech investments. The firm supports early-stage founders and businesses in the food industry by providing investment, consulting services, and access to a vast network of industry experts. Their focus is on innovative solutions that address significant challenges in the global food system, making them a key player in the FoodTech sector. Notable transactions include a €6 million Series A funding round for Rival Foods, aimed at expanding operations and developing new protein sources, and participation in the €12 million Series A financing for Standing Ovation, a startup working on animal-free casein and cheese substitutes. These investments highlight PeakBridge's commitment to advancing food manufacturing technologies and solutions.


9. Eurofins

  • Website: eurofins.com
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 1987
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: eurofins

Eurofins Scientific SE is a prominent laboratory testing company based in Luxembourg, founded in 1987. With a workforce exceeding 10,000 employees and a global presence across 62 countries, Eurofins specializes in a diverse array of analytical and testing services. The company serves various industries, including pharmaceuticals, food, and environmental sectors, ensuring compliance and quality assurance for its clients' products. Notably, Eurofins has made strategic acquisitions to bolster its capabilities in the food industry, such as the acquisition of ARS Probata in September 2023, which enhances its food assurance portfolio in Europe. Additionally, Eurofins has a history of acquiring laboratories and companies that complement its testing services, including Craft Technologies and Eurofins Lab Zeeuws-Vlaanderen, further expanding its operational footprint. These transactions underscore Eurofins' commitment to maintaining high standards in food safety and quality, making it a key player in the food manufacturing landscape.


10. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a Brussels-based venture capital firm founded in 1995, focusing on high-growth consumer brands across various sectors, including food, beverage, health, and technology. The firm provides long-term capital and strategic advisory services to help brands scale and innovate. Notable transactions in the food manufacturing context include their investment in Oatly, a pioneer in oat-based dairy alternatives, and a significant stake in Mutti S.p.A., an Italian leader in tomato processing with a strong market presence. Additionally, Verlinvest has invested in Sambazon, known for its premium acai products, and Sir Kensington's, a condiments company. These investments reflect Verlinvest's strategy of prioritizing consumer needs and sustainable practices within the food sector.


11. Aqua-Spark

  • Website: aqua-spark.nl
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: aquaspark

Aqua-Spark is a Utrecht-based venture capital firm founded in 2013, dedicated to promoting sustainable practices within the aquaculture industry. The firm invests in innovative solutions that enhance production efficiency and address environmental challenges. Aqua-Spark collaborates with a global community of investors to support companies that are making strides in sustainable fish farming and feed production. Notable transactions include their participation in funding rounds for Calysta, a company that produces alternative protein for fish feed, raising significant amounts in Series D funding, and Kuehnle Agrosystems, which focuses on sustainable agricultural practices. These investments highlight Aqua-Spark's commitment to advancing food manufacturing through sustainable aquaculture solutions.


12. Nutreco

  • Website: nutreco.com
  • Type: Corporate
  • Headquarters: Amersfoort, Utrecht, Netherlands
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: nutreco

Nutreco is a leading animal nutrition company based in Amersfoort, Utrecht, Netherlands, founded in 1994. With a workforce of over 10,000 employees, Nutreco specializes in providing innovative feed solutions for livestock and aquaculture, focusing on enhancing productivity and supporting animal health. The company is committed to sustainable practices to meet the growing global demand for food. Nutreco has been involved in several significant transactions in the food manufacturing context, including investments in Mosa Meat, a company focused on cultured meat production, and BlueNalu, which is developing cell-based seafood products. These investments reflect Nutreco's strategy to support innovative food technologies that align with their mission of sustainability and food security.


13. The HEINEKEN Company

  • Website: theheinekencompany.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1863
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: heineken

The HEINEKEN Company, founded in 1863 and based in Amsterdam, Netherlands, is a leading brewery known for its diverse range of beers and beverages, including the iconic Heineken® brand. With a workforce of over 10,000 employees, the company has made significant strides in the food manufacturing sector through strategic acquisitions. Notable transactions include the acquisition of Strongbow, a classic U.K. cider, aimed at enhancing its distribution in the U.S. market. In 2021, Heineken acquired Distell Group Limited for $2.5 billion, further expanding its portfolio in the beverage sector. Additionally, the company has strengthened its position in the Asia-Pacific region by acquiring Asia Pacific Breweries for approximately $4.6 billion. These transactions highlight Heineken's commitment to growth within the food and beverage manufacturing industry, making it a significant player in this sector.



Food Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
EIT FoodLeuven, Flanders, Belgium51-200201637
CvcLuxembourg1001-5000200516
European Investment Bank (EIB)Luxembourg1001-5000195899
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
AstanorLuxembourg11-50201710
AzelisAntwerp, Flanders, Belgium1001-500020015
PeakBridgeLuxembourg11-5020188
EurofinsLuxembourg10001+19878
VerlinvestBrussels, Brussels, Belgium11-5019955
Aqua-SparkUtrecht, Utrecht, Netherlands11-5020132
NutrecoAmersfoort, Utrecht, Netherlands10001+19941
The HEINEKEN CompanyAmsterdam, North Holland, Netherlands10001+18634


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