The internet service provider industry in Benelux encompasses a mix of telecommunication giants and innovative startups that deliver vital connectivity services. Companies in this sector offer everything from fiber-optic internet to mobile broadband and emerging technologies such as IoT. This market is evolving rapidly, driven by increasing consumer demand for faster, more reliable internet and the growing importance of digital connectivity in our daily lives. The shift toward remote work and digital streaming has further accelerated investments in infrastructure and service enhancement, signaling a robust future for internet service providers in the Benelux region.


The investors in the Benelux internet service provider space include various entities, from corporate giants like KPN to venture capital firms such as Fortino Capital. These investors vary in size, with many employing a workforce of over 10,000, while others operate with small teams. Founded between 1982 and 2019, these investors accumulated a significant number of deals in 2024, highlighting their active engagement in the market as they support the expanding demand for internet services.


Top 14 Internet Service Provider Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. EIB focuses on supporting sustainable projects across various sectors, including infrastructure, energy, and technology. In the context of internet service providers, EIB has been involved in significant transactions such as providing $27,532,570 in debt financing to Hyperoptic in 2016, $391,142,303 to Deutsche Glasfaser in 2024, and $27,166,383 to Gigaclear in 2016. These investments highlight EIB's commitment to enhancing internet connectivity and supporting the growth of companies that are crucial to the digital infrastructure.


2. 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 prominent investment firm founded in 2005, based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the telecommunications sector, acquiring Hong Kong Broadband Network in 2012 for approximately HK$5 billion, which highlights their interest in internet service provision. In 2010, they acquired Sunrise Communications, a major Swiss telecom provider, for an enterprise value of CHF 3.3 billion, further emphasizing their commitment to the industry. Additionally, their investment in Arteria Networks, a fibre operator, showcases their focus on the B2B segment of the telecom market, positioning them well for growth in the internet service provider landscape. These transactions reflect CVC's strategic approach to investing in companies that are integral to the connectivity and communication infrastructure.


3. Kpn

  • Website: kpn.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1989
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: kpn

KPN is a leading telecommunications provider based in Rotterdam, South Holland, Netherlands, founded in 1989. The company offers a comprehensive range of services, including fixed and mobile telephony, internet, and television, catering to both consumers and businesses. KPN is known for its reliable network and extensive service offerings. In recent years, KPN has made significant acquisitions to strengthen its position in the internet service provider market. Notably, in 2017, KPN acquired Solcon, a Dutch internet service provider, enhancing its service portfolio. Additionally, KPN's acquisition of Youfone in 2023, a Mobile Virtual Network Operator, and its earlier acquisition of Telfort in 2005, which added millions of subscribers to its mobile network, further illustrate KPN's strategic focus on expanding its telecommunications and internet services. These transactions align with KPN's goal of providing essential connectivity and ICT solutions in the Netherlands.


4. ABN AMRO Clearing Bank

  • Website: abnamro.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1982
  • Headcount: 501-1000
  • Number of deals in 2024: 19
  • LinkedIn: abn-amro-clearing-bank-n-v-

ABN AMRO Clearing Bank, founded in 1982 and based in Amsterdam, Netherlands, is a banking institution that provides a range of financial services including personal banking, business banking, and investment management. As a venture capital investor, they have been involved in various transactions that support the growth of internet service providers. Notably, they participated in a significant debt financing round for CityFibre, a U.K.-based network operator aiming to expand its fiber network to 8 million homes. Additionally, they were part of the financing for Deutsche GigaNetz GmbH, which is focused on enhancing network infrastructure. Their involvement in these transactions highlights their commitment to investing in the internet service provider sector, making them a relevant player in this industry.


5. Altice Group

  • Website: altice.net
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 2001
  • Headcount: 10001+
  • LinkedIn: altice-group

Altice Group, founded in 2001 and based in Luxembourg, is a corporate investor primarily focused on telecommunications and mass media. The company provides a range of services including internet, TV, and phone services to residential and business customers across Western Europe, Israel, the United States, and the Caribbean. Notable transactions include the acquisition of Suddenlink Communications for $9.1 billion in 2015, which expanded its footprint in the U.S. internet service market. Additionally, Altice acquired Covage for approximately $1.1 billion in 2019, further enhancing its capabilities in providing internet services. The company also acquired PHAROL, SGPS for $8.96 billion in 2014, and signed an agreement to acquire Coriolis Télécom in 2021 for €415 million, demonstrating its ongoing commitment to expanding its internet service offerings.


6. SES Satellites

  • Website: ses.com
  • Type: Corporate
  • Headquarters: Betzdorf, Grevenmacher, Luxembourg
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: ses

SES Satellites, founded in 1985 and headquartered in Betzdorf, Luxembourg, is a leading satellite telecommunications provider that specializes in video broadcast and data connectivity solutions. The company operates a fleet of over 70 satellites, ensuring global coverage and reliable connectivity for various sectors, including broadcasting, government, and maritime. Notably, SES has made significant investments in expanding its internet service capabilities through SES Networks, which they acquired for $730 million in 2016. Additionally, SES Networks raised substantial funding in previous years, including $460 million in a Series H round in 2015. In 2024, SES announced its acquisition of U.S.-based Intelsat for $3.1 billion, which is expected to create the world's largest satellite services provider, further solidifying SES's position in the internet service provider market.


7. Millicom (Tigo)


Millicom International Cellular SA, operating under the Tigo brand, is a prominent telecommunications provider based in Luxembourg, primarily serving Latin America. Founded in 1992, Millicom has established itself as a key player in the telecommunications sector, offering a diverse range of services including mobile and fixed line telecommunications, broadband, cable TV, and mobile financial services. The company has made significant investments in the internet service provider space, highlighted by their acquisitions of Tigo Panama, Tigo Guatemala, and Cable Onda. In 2022, Millicom completed the acquisition of Tigo Panama, solidifying its presence in the region after initially acquiring an 80% stake in 2018. In 2021, they acquired the remaining 45% equity interest in Tigo Guatemala for $2.2 billion, further enhancing their market position. Additionally, their acquisition of Cable Onda, the largest cable and fixed telecommunications provider in Panama, for an enterprise value of $1.46 billion, underscores their commitment to expanding their internet service offerings. These transactions reflect Millicom's strategic focus on enhancing connectivity and digital solutions for consumers and businesses alike.


8. United Group B.V.

  • Website: united.group
  • Type: Corporate
  • Headquarters: Hoofddorp, North Holland, Netherlands
  • Founded year: 2000
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: united-group-b.v.

United Group B.V. is a corporate investor based in Hoofddorp, North Holland, Netherlands, founded in 2000. The company is a prominent telecommunications and media provider in Southeast Europe, offering a wide range of services that include television, internet, landline, and mobile telephony. Their customer base encompasses both consumers and businesses, who rely on their services for connectivity and access to media content. In recent years, United Group has made significant acquisitions to strengthen its position in the telecom market, including the acquisition of Bulgarian telecom operator Vivacom for €1.2 billion, which is expected to enhance their internet service capabilities. Additionally, they acquired Bulsatcom in February 2024, further expanding their reach in the region. Other notable transactions include the acquisition of Telemach Hrvatska for approximately $247 million in June 2019 and Optima Telekom in July 2021. These strategic acquisitions highlight United Group's commitment to growing its internet service provider business and enhancing its media offerings through content production and advertising.


9. BIO - the Belgian Investment Company for Developing Countries


BIO - the Belgian Investment Company for Developing Countries is a not-for-profit organization established in 2001, based in Brussels, Belgium. It aims to provide investment support and development financing to private sector companies in developing countries, facilitating access to resources for growth and sustainable development. Among its notable transactions, BIO has invested in Poa Internet, which raised funds to enhance internet services, and TowerCo of Africa, which secured $40 million in financing to install 506 new telecom towers in rural Uganda, thereby improving access to 4G and 5G data services. This investment is expected to significantly impact local communities by providing better connectivity and creating job opportunities. Additionally, BIO has been involved in other financing activities, such as supporting Irrawaddy Green Towers and various banks, but its direct involvement in telecommunications projects highlights its relevance in the internet service provider context.


10. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology and operates across various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Prosus partners with local entrepreneurs to create valuable products and services, fostering community growth and sustainable business practices. Notably, Prosus has been involved in significant transactions relevant to the internet service provider context, such as their investment in FiberSense, which raised $14 million in 2024, indicating a commitment to enhancing connectivity solutions. Additionally, their early investment in Tencent, a major player in the internet services industry, further highlights their strategic interest in this sector. Overall, Prosus Group's diverse portfolio and focus on technology make them a prominent investor in the internet service provider landscape.


11. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000. The firm specializes in early-stage investments in innovative technology companies, providing both financial support and strategic guidance to entrepreneurs. Their focus is primarily on Europe and Israel, where they aim to empower startups and foster growth in the tech ecosystem. Notably, Mangrove has been involved in several transactions with FreedomPop, a company that offers internet services. They participated in multiple funding rounds for FreedomPop, including Series A investments in 2012 and 2013, and a Series B round in 2015, which collectively raised significant capital for the company. This involvement highlights Mangrove's interest in the internet service provider sector, alongside their broader investment strategy in technology.


12. Fortino Capital


Fortino Capital is a venture capital and growth equity firm based in Antwerp, Flanders, Belgium, founded in 2013. The firm specializes in investing in B2B software companies, providing both funding and strategic support to help these businesses grow and scale effectively. Notably, Fortino Capital has made significant investments in the telecommunications sector, including the acquisition of Melita Plc, a leading telecommunications operator in Malta, and Cabovisão, both of which highlight their engagement in the internet service provider market. Additionally, they have invested in Odin Groep and Van Roey ICT Group, further showcasing their commitment to supporting growth in technology and telecommunications-related businesses. These transactions reflect Fortino's strategic approach to diversifying their portfolio while maintaining a focus on sectors that are integral to the digital economy.


13. KPN Ventures

  • Website: kpnventures.com
  • Type: Venture Capital
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: kpn-ventures

KPN Ventures is a venture capital firm based in Rotterdam, South Holland, Netherlands, founded in 2015. The firm focuses on investing in innovative technology companies across various sectors, including Cloud Computing, Cyber Security, and Digital Healthcare. KPN Ventures provides capital, expertise, and networking opportunities to help early-stage companies grow and succeed in their respective markets. Notably, KPN Ventures has made significant investments in companies relevant to the internet service provider industry. For example, they invested in Cujo AI, which develops AI-driven services for network operators, highlighting their interest in enhancing network capabilities. Additionally, KPN Ventures has invested in Actility, a leading provider of network solutions for the IoT market, which is crucial for modern internet service provision. These transactions reflect KPN Ventures' strategic focus on technologies that support and improve internet services.


14. Cipio Partners

  • Website: cipiopartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cipio-partners

Cipio Partners is a venture capital firm based in Luxembourg, founded in 2003, specializing in European growth capital and minority buyouts for technology companies. They focus on providing financial support and strategic guidance to help businesses scale and prepare for liquidity events. Their investment strategy primarily targets technology firms with proven business models and significant revenue, particularly in the software and B2B sectors. Notably, Cipio Partners has participated in several funding rounds for BridgeWave Communications, a supplier of 4G millimeter wave backhaul solutions, which is crucial for supporting 4G Mobile and LTE networks. This involvement highlights their engagement in the internet service provider sector, as these technologies are essential for enhancing internet connectivity and infrastructure.



Internet Service Provider Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
KpnRotterdam, South Holland, Netherlands10001+19892
ABN AMRO Clearing BankAmsterdam, North Holland, Netherlands501-1000198219
Altice GroupLuxembourg10001+20010
SES SatellitesBetzdorf, Grevenmacher, Luxembourg1001-500019852
Millicom (Tigo)Luxembourg10001+19920
United Group B.V.Hoofddorp, North Holland, Netherlands10001+20001
BIO - the Belgian Investment Company for Developing CountriesBrussels, Brussels, Belgium51-20020014
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
Mangrove Capital PartnersLuxembourg11-5020005
Fortino CapitalAntwerp, Flanders, Belgium11-5020139
KPN VenturesRotterdam, South Holland, Netherlands1-1020153
Cipio PartnersLuxembourg11-5020032


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