The medical tourism agencies industry in Benelux is thriving, as patients increasingly seek healthcare options outside their home countries. This sector includes companies that arrange travel and medical services, targeting those in need of treatments that may be more affordable or specialized abroad. Medical tourism agencies in this region not only provide logistical support but also collaborate with hospitals and clinics to ensure quality care. Emerging trends like telemedicine and wellness travel are shaping future pathways for growth, attracting investment from various funds eager to tap into this lucrative market focusing on customer satisfaction and innovative health solutions.


The list features a range of investors, including corporate giants, private equity firms, and venture capital players, primarily headquartered in Luxembourg and the Netherlands. These investors vary in size, with some managing large asset pools while others work in more specialized capacities. Founded between 1985 and 2019, they collectively engaged in over 160 investments in 2024, highlighting their active role in boosting healthcare innovation. Their varied backgrounds and focus areas reflect a rising interest in the medical tourism sector and its potential for growth.


Top 14 Medical Tourism Agencies Investors in Benelux


1. 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 2024, the EIB was involved in 99 investments, demonstrating its active role in financing initiatives that promote growth and job creation. Notably, the EIB has made significant investments in the medical technology sector, including a €15 million financing agreement with eCential Robotics for research and innovation in neuro-musculo-skeletal surgery. Other relevant transactions include debt financing for medneo, Vivasure Medical, and Robocath, which further illustrate the EIB's commitment to supporting advancements in healthcare technology that can enhance medical services, including those related to medical tourism.


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 based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. Founded in 2005, the firm manages approximately €193 billion in assets 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 healthcare sector, acquiring major entities such as the Metropolitan Hospital Group, one of Greece's largest private hospitals, and the Hellenic Healthcare Group. These acquisitions reflect CVC's commitment to enhancing healthcare services, which is integral to the medical tourism industry. Furthermore, their investment in PT Siloam International Hospitals in Indonesia and the acquisition of Quironsalud and ELSAN further solidify their position in the healthcare market, making them a relevant player in the medical tourism landscape.


3. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, Gimv has made significant investments in the healthcare sector, including a €12.5M investment in Equipe Zorgbedrijven, a group of specialized clinics in the Netherlands, aimed at expansion and facility investment. They also invested in Almaviva Santé, which raised over $54 million, indicating their commitment to healthcare services. Furthermore, their acquisition of France Thermes highlights their interest in wellness and tourism, which is closely related to medical tourism. Overall, Gimv's focus on healthcare and wellness-related investments positions them as a relevant player in the medical tourism agencies sector.


4. HOWZAT Partners

  • Website: howzatpartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: howzat-media

HOWZAT Partners is a venture capital firm based in Luxembourg, founded in 2006. The firm specializes in investing in digital businesses and provides funding and strategic advisory services to early-stage companies. Their investment portfolio includes notable transactions such as Heymondo, which raised $750,000 in a seed round in 2018, and itravel, which has received over $10 million in funding across multiple rounds (Series A and B) from 2016 to 2018. The focus on itravel, a company in the travel sector, suggests that HOWZAT Partners is actively engaged in industries that intersect with travel, potentially including medical tourism, where digital solutions play a crucial role in connecting patients with healthcare services abroad.


5. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. Notably, Exor has made significant investments in the healthcare sector, including a 45% stake acquisition in Lifenet Healthcare for €67 million, which highlights its commitment to healthcare innovation. This investment is particularly relevant to the medical tourism industry, as it underscores Exor's engagement in healthcare services that could cater to medical tourists. Additionally, Exor has participated in various funding rounds for companies like BizAway and Resilience, further demonstrating its active role in supporting innovative ventures across different sectors.


6. Rockstart

  • Website: rockstart.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: rockstart

Rockstart is a venture capital firm and startup accelerator based in Amsterdam, Netherlands, founded in 2011. The firm focuses on empowering early-stage founders across various sectors, including AgriFood, Energy, and Emerging Technology. Rockstart provides investment, mentorship, and networking opportunities to help startups scale and succeed. In the context of healthcare, Rockstart has made several notable investments in companies such as FlyMedi, which connects patients with medical providers for international healthcare services, and SmartBridge Health, which aims to improve healthcare access. Additionally, they have invested in Medvice Digital Health, iClinic, and Saludtools, all of which contribute to the healthcare ecosystem. These transactions highlight Rockstart's commitment to supporting purpose-driven entrepreneurs in the health sector, which is closely related to medical tourism.


7. Noshaq

  • Website: noshaq.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 1985
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: noshaq-be

Noshaq is a venture capital investment fund based in Belgium, founded in 1985. It specializes in providing financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege. Noshaq focuses on funding, project structuring, and business development, particularly in sectors such as biotech and sustainable development. The firm aims to foster growth and innovation by actively engaging with its clients and offering tailored financial assistance. Notably, Noshaq has been involved in significant transactions in the medical technology space, including investments in Miracor Medical, which raised substantial funding in Series D and E rounds to support the development of its medical devices. Additionally, Noshaq participated in a financing round for Intressa Vascular, a clinical-stage MedTech company, which raised €18 million to support its clinical development and product registration activities. These investments highlight Noshaq's commitment to advancing healthcare technologies that could be relevant to the medical tourism industry.


8. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has made significant investments in the healthcare sector, including the acquisition of a 70% stake in Bergman Clinics, an international group of independent clinics, for over €1 billion. This acquisition aims to expand Bergman Clinics' geographical footprint and invest in technological innovation, highlighting Triton's commitment to enhancing healthcare services. Additionally, Triton has acquired Aleris Healthcare AB, further solidifying its presence in the healthcare industry. While Triton also invests in travel-related companies like Sunweb Group, their healthcare investments align with the interests of medical tourism agencies.


9. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, specializing in early-stage investments in innovative technology companies. They provide financial support and strategic guidance to entrepreneurs, particularly in sectors like digital health and education tech. Their operations are focused on Europe and Israel, where they actively seek to empower startups and foster growth in the tech ecosystem. Notably, Mangrove has invested in Wellster Healthtech Group, which aims to expand its healthcare services, and K Health, an AI-driven personalized care startup. Additionally, their investment in Exoticca, a tour operator, highlights their engagement in travel-related services, which is relevant to the medical tourism industry. These transactions reflect their broader interest in health and travel, positioning them as a potential investor in medical tourism agencies.


10. Capricorn Partners


Capricorn Partners is an investment management firm based in Leuven, Flanders, Belgium, specializing in venture capital, growth capital, and quoted equity funds. Founded in 1993, the firm focuses on innovative companies across various sectors, including digital technologies, health, and clean technologies. They are committed to responsible investing, aiming to create both financial returns and strategic value for their clients. Notably, Capricorn Partners has invested in health-related companies such as Bingli, which raised €5.4 million to enhance its AI-powered medical consultation platform, indicating a strong belief in the potential of technology to improve healthcare delivery. Additionally, their involvement with Sequana Medical, which develops innovative medical devices for fluid management, further underscores their engagement in the health sector. These transactions highlight Capricorn Partners' active role in supporting advancements in healthcare, making them a relevant player in the medical tourism agencies industry.


11. Barco

  • Website: barco.com
  • Type: Corporate
  • Headquarters: Kortrijk, Flanders, Belgium
  • Founded year: 1934
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: barco

Barco NV is a corporate investor based in Kortrijk, Flanders, Belgium, founded in 1934. The company specializes in digital projection and imaging solutions across various sectors, including healthcare, entertainment, and enterprise. Barco's product offerings include medical displays, projection systems, and collaboration technology, which are crucial for enhancing visualization and communication in healthcare settings. Notably, Barco has made strategic acquisitions to bolster its healthcare technology portfolio, including the acquisition of Dermicus Teledermatology in September 2022, which focuses on teledermatology solutions. This acquisition aligns with the growing trend of telemedicine, which is integral to medical tourism. Additionally, Barco's other acquisitions, such as MTT Innovation and Awind, further demonstrate their commitment to advancing imaging technologies that can support healthcare services. Overall, Barco's investments and focus on healthcare technology position them as a relevant player in the medical tourism sector.


12. Holland Capital

  • Website: hollandcapital.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1981
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: holland-venture

Holland Capital is a venture capital and private equity investment firm based in Amsterdam, Netherlands, founded in 1981. The firm specializes in providing growth financing and buy-out capital to small and medium-sized enterprises across various sectors, including technology, healthcare, and agrifood. With over 40 years of experience, Holland Capital actively supports its portfolio companies to achieve optimal growth. Notably, Holland Capital has made significant investments in the healthcare sector, including multiple funding rounds for Sirius Medical, a company that has raised substantial amounts for its innovative surgical tumor location software. This involvement in healthcare technology positions Holland Capital as a relevant player in the medical tourism space, as advancements in healthcare technology can enhance the services offered by medical tourism agencies.


13. 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 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 made significant investments in the healthcare sector, such as leading a seed funding round for Kismet, a healthcare startup aimed at improving global health engagement. Additionally, their acquisition of Despegar, a Latin American online travel agency, highlights their interest in travel services, which can intersect with medical tourism. These transactions reflect Prosus's strategic approach to investing in high-growth sectors that can enhance health and travel experiences.


14. Cascara Ventures


Cascara Ventures is a venture capital firm based in Brussels, Belgium, founded in 2016. The firm specializes in investments in early-stage life sciences companies, focusing on areas such as medical devices, pharmaceuticals, and healthcare services. Cascara Ventures aims to provide capital and strategic support to startups, leveraging their expertise and network to accelerate the development of innovative healthcare solutions. Notable transactions include investments in SurgicEye and Fiagon, both of which are involved in medical technology and healthcare services. Additionally, Cascara Ventures participated in a financing round for ATRO Medical, which is focused on clinical studies in the medical field. These transactions highlight their commitment to advancing healthcare innovations, which is relevant to the medical tourism sector.



Medical Tourism Agencies Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
GimvAntwerp, Flanders, Belgium51-20019808
HOWZAT PartnersLuxembourg1-1020062
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
RockstartAmsterdam, North Holland, Netherlands11-50201116
NoshaqBelgium11-50198511
Triton PartnersLuxembourg201-50019976
Mangrove Capital PartnersLuxembourg11-5020005
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
BarcoKortrijk, Flanders, Belgium1001-500019341
Holland CapitalAmsterdam, North Holland, Netherlands11-5019813
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
Cascara VenturesBrussels, Brussels, Belgium1-1020160


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